"I think we're on the way to something really, really bad-but of course I'd say that," Spitznagel said.
"You don't feel like a fool for making a bearish argument," warned Spitznagel, pointing out that Fed rate cuts signal severe market reversals.
Spitznagel sees the current market as the "greatest bubble in human history," expecting a worse selloff than the dot-com bust due to extreme market conditions.
With U.S. debt at historic levels, Spitznagel predicts a recession by the end of the year, highlighting the economy's limited capacity to respond.
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