The legendary billionaire George Soros fears that another "major financial crisis" could lurk around the corner.
Soros, at the annual meeting of the European Council for Foreign Relations Paris on Tuesday, said that rising anti-EU sentiment, the interruption of the Iran deal, a high-growth dollar and investors who take money from emerging markets are bad News for the world economy.
"We could be heading for another major financial crisis," he said.
Soros said the rise of populism in Europe is a major problem.
"The European Union is in an existential crisis, everything that could go wrong went awry," Soros said in his prepared remarks.
And he regrets that the European Union's austerity programs have contributed to the euro crisis since 2008. And that led to anti-EU movements, some of which are responsible for Brexit and the recent political unrest in Italy.
"Many young people today regard the European Union as an enemy that has deprived them of jobs and a secure and promising future, populist politicians taking advantage of resentment and forming anti-European parties and movements," said Soros.
Soros argued that the refugee crisis in Europe, "territorial disintegrations using the example of Brexit" and austerity measures are the three biggest challenges facing Europe. He warned that Brexit's divorce will be a long process that is likely to take more than five years.
However, Soros is also worried that there is a growing gap between Europe and the United States in Iran.
Soros said President Trump's decision to unilaterally withdraw from the nuclear arms deal with Iran "destroys the transatlantic alliance."
Related: Soros has given his pro-democracy foundation $ 1
"The whole world was shocked by President Trump's actions." Soros said.
"This development will put additional pressure of unpredictable force on an already besieged Europe and it is no longer a saying to say that Europe is in existential danger, it is the harsh reality," he added.
Soros predicts that ending the deal with Iran "will inevitably have a negative impact on the European economy and cause other upheavals" and stated that "the strength of the dollar is already triggering an exit from emerging market currencies." 19659005] But Soros hoped that another global market and economic catastrophe could be avoided.
For example, he called for the EU, as opposed to individual nations, to raise more money to finance a "Marshall Plan." Africa should fight the refugee problem: according to the original Marshall Plan, the United States has helped Europe after the Second World War Reconstruction helped
"The European Union has a high credit rating and its credit capacities are largely untapped. When should this capability be used, if not in an existential crisis?" He asked.
Soros acknowledged that it would not be easy to agree on such a plan for the many nations in the EU, "he added." The harsh reality may force Member States to defend their national interests in the interest of preserving the European Union Abandon Union. "
But he added that "the stimulus of a Marshall Plan should spring in at exactly the right time"  and he further emphasized that "the economic arguments for staying a member of the EU are strong, but it will It will take time for them to break in, "adding that the EU needs to transform itself into a federation that would be supported by countries like Britain. I want to get involved. "
Soros is right, and that's pretty clear why the market was worried on Tuesday.
The day comes when global financial markets wallowed over worries about the future of the EU after this weekend Elections in Italy: populists have failed to form a government, which means that new elections must take place.
Europe has already dealt with Brexit, and now italexit is starting to grow again in the social media good sign.
CNNMoney (New York) First published May 29, 2018: 11:05 ET