Billionaire financial guru George Soros recently dusted off his crystal ball, peered deep inside its dark interior and predicted it looked like 2008 all over again. In his view, global markets are facing a renewed crisis similar to the financial collapse of 2008, and investors need to be very cautious. In other words, it’s déjà vu all over again.

Soros was speaking at an economic forum in Sri Lanka last week when he made his dire prediction. The first week of 2016 mirrored his words as global currency, stock and commodity markets were all trending downward. China especially was showing weakness in any sustained growth looking forward. Its sinking yuan currency only added to the concern about the strength of the world’s second largest economy.

To those who have forgotten, on April 11, 2008, Soros was quoted in the New York Times as saying. “I consider this the biggest financial crisis of my lifetime, a ‘superbubble’ that has been swelling for a quarter of a century is finally bursting.” He proved correct when the global economy did collapse later that year, triggering years of depressions and the loss of jobs among the world’s most developed countries.

Now, nearly 8 years later, Soros is warning the world that the bubble could burst again as Chinas shifts away from investment and manufacturing toward consumption and services. On Wednesday, Jan 6 of this year, nearly $2.5 trillion was wiped from the slate of global equities. Loses deepened the next day across the Asia and China was forced to halt stock trading in the middle of the day.

This isn’t the first time since the 2008 call that Soros has voiced his concern about the global economy. Speaking to a panel in Washington D.C. on September 2011, he warned the Greece-born European debt crunch was even more serious than the crisis of 2008. Only drastic action by Greece and the EU members averted a total collapse of the Greek economy.

The World Bank has taken note of the problem and cuts its forecast for 2016 global growth from 3.3%t to 2.9%. The US manufacturing ISM indicator is below the crucial 50 level at 48.2. A fall below the 45 would indicate a pending recession. China’s manufacturing PMI has fallen to the same U.S. level over the past year as the result of sluggish world trade. In short, as China turns inward as a consumer nation, the world can no longer look to the Asian economic powerhouse to fund and support their economies.

China’s Communist Party has pledged to gradually dismantle the capital controls that artificially oversee their markets and cause wide fluctuations and panic in their stock markets. Even after the People’s Bank of China cut interest rates to record lows, Chinese authorities continued to pump hundreds of billions of dollars into the economy.
Soros is not the only one forecasting a rocky road ahead for 2016 but his record of spot-on predictions that went against conventional thinking in the past has the world listening to him with a much sharper ear.

Brian Mulligan is an American business management executive, a philanthropist, and a sports writer. He is Brooknol Advisors’ current Chief Executive Officer. Mulligan has worked with many media and entertainment companies in various positions such as Chief Operating Officer, Chief Executive Officer, Chief Finance Officer, and also as Chairman. He has been in this field for 30 years. He was Universal Pictures’ Co-Chairman, FOX Broadcasting and Cable’s Chairman, Chief executive Officer at Universal Television, and Executive Vice President at Strategic Planning and Corporate Development Universal. He has also worked for Money Center Bank as the Vice Chairman. In his career, Brian Mulligan has actively participated in entertainment and media transactions valued at over $175 billion.
Mulligan attended the University of Southern California where he graduated with a bachelor’s degree in Business Administration. He later joined the University of California to further his education in the field. He graduated from the university’s John E. Anderson graduate School of Management with an MBA.
Mulligan is an expert in structuring companies to achieve long term growth. His expertise has enabled many media and entertainment firms to grow. The companies which have benefited from his advice in are in Sports, recorded Music, Film, Cable, Broadcast, TV, Video games, and International Entertainments fields. He has also been involved in the fields of DBS, Theme Parks, and Cable Channels.
He is a member of several organizations such as Digital Roundtable from Los Angeles, International Entertainment and Media Roundtable, and Sports Business Institute. He has been featured by many entertainment sports outlets such as Aspen Sports Institute as an industry speaker. Brian Mulligan is a respected leader who has earned several honors. Premiere Magazine named him ‘one of the 50 Most Powerful people in Hollywood’; TMT Quarterly named him ‘One of the Leading Investment Bankers on Emerging Business Models’, and Los Angeles Business Journal named him in the list of ‘Ten Most Prominent Bankers in Hollywood. These honors accurately show his commitment at his work.
He has also been involves in a number of charity causes. He is associated with ‘A Better LA’, an organization involved in raising funds for schools in Los Angeles. The organization has managed to raise over $90 million through its campaigns. Mulligan also writes about sports.