Murdoch: We are facing a big crisis

Influential media magnate, Rupert Murdoch, has warned that the world is on the brink of a major global crisis.

He stated that the markets were agitated in the previous few days. The S&P 500 fell five percent, although it has not fallen below four percent for three years, and the main index of the Shanghai Stock Exchange fell 4,3 percent, reports SEEbiz.

Markets across Europe continue to tumble. Traders, it seems, are now so worried that buyers have been found for gold, which has raised its value to 1,15 thousand dollars per ounce.

Concerns about China and Greece rattled stock markets around the world, which suffered big falls amid uncertainty about the state of China's economy.

Murdoch summed up market volatility and concerns about the economy in two tweets.

He warned that not only share prices are falling, but also that prices are falling in general. He wonders if this is a temporary correction or a sign that a major global crisis is approaching.

According to him, some nations will have the instruments to deal with what is coming, but he notes that there is cash everywhere, but no one is investing.