Yet another economist has expressed his concern of the current market situation unfolding on Wall Street. According to David Dredge of global hedge fund Fortress, who has built a career studying, predicting and protecting against the world’s major financial crises. The recent convulsions in global sharemarkets are “just the beginning” of a painful adjustment as money drains from the emerging market economies, he says.

 “August 2015 will go down in the record books, much like July 2007 or July 1997, as the beginning of the coming contractionary cycle,” says Dredge who is the co-chief investment officer of Fortress Convex Asia Fund. He’s a believer that markets move in long cycles, which “despite all efforts to the contrary, central bankers have not by any means gotten anywhere close to eliminating”. FULL REPORT