Paul Singer estimates 30-40% market correction when downturn hits

Bloomberg/Scott Deveau

“The global economy is likely heading toward a “significant market downturn,” according to billionaire Paul Singer. ‘The global financial system is very much toward the risky end of the spectrum,’ Singer said during a panel Thursday at the Aspen Ideas Festival. ‘Global debt is at an all-time high. Derivatives are at an all-time high.’ The co-founder and chief executive officer of Elliott Management Corp. estimated that there will be a market correction of 30% to 40% when the downturn hits. He said he couldn’t predict the timing.”

USAGOLD note:  With all the talk about the many dangers lurking in the financial markets, we forget the presence of derivatives’ risk – the one risk that could amplify all else.  Singer, for one, does not overlook it.

Repost from 6-30-2019

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