World heading toward another financial depression: Bill Gates

Microsoft co-founder Bill Gates has made a cynical economic prediction, saying the world is heading toward another financial depression like the one in 2008.

The billionaire made the prediction in an “Ask Me Anything” session on social news aggregation Reddit this week. Users can ask celebrities on any topics in this session.

One user asked the Bill Gates, “Do you think in the near future, we will have another financial crisis similar to the one in 2008?”

Gates replied, “Yes. It is hard to say when but this is a certainty. Fortunately we got through that one reasonably well.”

Gates said his friend, Berkshire Hathaway founder Warren Buffett, had talked about this and he understands this area far better than I do.

“Despite this prediction of bumps ahead, I am quite optimistic about how innovation and capitalism will improve the situation for humans everywhere,” Gates said.

A growing number of experts also sounded alarm bells for the global economy, including former Coalition adviser John Adams, according to news.com.au.

The 2008 financial crisis, which began in the United States mortgage market and quickly spread across the globe, was the worst economic downturn since the Great Depression, resulting in 8.7 million jobs being lost in the US and about 250,000 in Australia.