Retail exec warns a global economic crisis is looming: 'This bubble… will explode'
Bernard Arnault, CEO and chairman of the world's largest luxury goods conglomerate LVMH, has a dire warning for the global economy.
"For the economic climate, the present situation is ... mid-term scary," Bernard Arnault said on CNBC on June 15.
Arnault justified his outlook on high stock prices, low interest rates, and "the amounts of money flowing into the world."
"I think a bubble is building and this bubble, one day, will explode," Arnault said.
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Arnault didn't specify timing, but insisted that it could be soon, because the last major crisis was in 2008, and these tend to happen every 10 years.
Arnault remained optimistic about the long term, however, pointing to advances in tech that will ultimately help the global economy recover.
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