What will cause the next recession – Gary Shilling thinks it's the Fed

Financial Analyst Gary Shilling discusses key risks for the US economy, including emerging market debt contagion, rising Federal Reserve rates, and potential shocks that could cause stocks to plummet.

Gary Shilling has made a career predicting bubbles. So what are the big risks he sees in the global economy?

This is not necessarily a major shock that could immediately lead the US to a recession, he says; he is concerned about emerging market debt.

He also explains that when the Federal Reserve raises interest rates, historically this usually hurts the economy. This is one of the reasons why there are not enough actions right now.

He is also a little Bitcoin, whom he calls "a sort of big ponzi scheme.
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Why the Fed could cause the next recession: Gary Shilling