Crispin Odey on debt, deflation and downturn predictions

After reaping the benefits of world trade we are about to harvest some of the pain, argues one of the UK's most experienced hedge fund managers

Demand is slowing. Recession is coming. Central bankers won't be able to prevent it. Currency wars will intensify. Share prices will be devastated - it will be a downturn that will be remembered in 100 years.

When Crispin Odey made his gloomy views known it caught the market's attention - not only because of his apocalyptic tone. He is one of London's most experienced (and highly paid) hedge fund managers. His record of calling big turns in markets is not perfect but his recent form is good: he anticipated the credit crunch and rode the post-2009 bull market.