Billionaire Warns of 'Economic Tsunami'

Newsmax | December 20 2005

One of America’s richest billionaires, Richard Rainwater, warns in a major Fortune magazine piece that an "economic tsunami” is about to strike the global economy.

Rainwater believes the main worry for the U.S. economy is that the world is running out of oil.

Rainwater is so worried about dwindling oil supplies in the near future that he now has some $500 million of his $2.5 billion fortune in cash – and he advises that the time is coming to invest in oil and gas companies to take advantage of the looming crisis.

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