Billionaire investors and economists warn of recession risks amidst strong job gains and inflation.
Hedge-fund billionaire Paul Singer of Elliott Management warns that financial markets may only be getting started a year into the Federal Reserve's rate hikes and thinks a deep recession and credit collapse will be necessary to purge excesses created by more than a decade of easy-money policies. Singer is not a fan of sweeping banking regulations from the Dodd-Frank Act of 2010, or prolonged market interventions by global central banks in the wake of the 2008 global financial crisis, or cryptocurrencies. He called crypto, "completely lacking in any value," in his WSJ interview. Singer said there may be only a few places for investors to ride out the storm that he sees brewing, such as relatively short-term U.S. government debt and having some gold in portfolios.