Investor George Soros foretold doom in a recent speech in front of the International Senior Lawyers Project, according to the WSJ.
The financial system is collapsing, and the developed world is fast falling into a "deflationary debt trap."
"The consequences could be quite disastrous," he said. "You have to do what you can to stop it developing in that direction."
Soros has been an outspoken advocate of taking more radical action to stem the European debt crisis, endorsing intervention by the European Central Bank and even eurobonds. He doesn't think too highly about the rest of the world either, speculating that global economic imbalances are continuing to destabilize the global economy.
But it's not all bad. "A lot of positive things are happening," Soros said. "I see Africa together with the Arab Spring as areas of progress. The Arab Spring was a revolutionary development."