1. Create a new doc, 400 x 400
2. make the background and foreground colors to your preference, mine were C62B2B and 492525, respectively (make sure they contrast...)
3. render some clouds (filter > render > clouds)
4. apply the mezzotint filter (filter > pixialate > mezzotint) with short strokes
5. apply the radial blur filter (filter > blur > radial blur) twice, with the settings of 100; zoom; good quality
6. apply the polar coordinates filter (filter > distort > polar coordinates), with the settings of polar to rectangular.
7. apply the wave filter (filter > distort > wave), with default settings.
8. Duplicate the layer, and rotate it 90 degrees. (image > transform > 90 degrees CW OR 90 degrees CCW)
9. Dupicate the NEW layer, and rotate it 90 degrees in the same direction you rotated the 1st one in.
10. Dupicate the NEW layer, and rotate it 90 degrees in the same direction you rotated the previous ones in.
11. Set the blending options for the top layer as overlay, for the one under that as overlay, for the one under that as multiply.
12. Merge everything together.