First, in August, after the US stock market tanked in the matter of days, he predicted that "Only "Helicopter Money" Can Save The World Now" the reason for which being that just a few days later, Citi made a "global recession in 2016" its base case scenario.

Then today, Buiter released another forecast, where while backtracking somewhat on his global recession call, he does cut Citi's global economic growth forecast for 2016 for the fifth consecutive month, now expecting just 2.8% growth, down from 2.9% a month ago.  Buiters said that "if we adjust for the probable mis-measurement of China's GDP growth in official data, "true" global growth is probably around 2¼% this year and also is likely to be below 2½% in 2016 (i.e. well below the 3% long-run norm). EM growth on this measurement-adjusted basis probably is about 2½% YoY this year, the lowest since the late 1990s. Even after these downgrades, risks to our global forecasts probably lie to the downside."