'Dangerous territory': Prominent economist issues ominous prediction
(Image by Engin Akyurt from Pixabay)
A prominent economist has predicted in an interview with Fox News Digital that a big bust is coming in the economy.
Harry Dent did, in fact, suggest there was a silver lining:
"When this asset bubble bursts and the price of everything, especially housing, comes back down to reality, imagine, not only can you buy the house you want at half-off... you can buy twice as nice a house here for the same mortgage you were going to get before. How's that for a Christmas present?" he suggested.
The rest of his opinion, however, was dark and foreboding.
He said, "Since 2009, this has been 100% artificial, unprecedented money printing and deficits; $27 trillion over 15 years, to be exact. This is off the charts, 100% artificial, which means we're in a dangerous state. I think 2024 is going to be the biggest single crash year we'll see in our lifetimes."
He added, "I'm the guy that's praying for a crash while everybody else is not. We need to get back down to normal, and we need to send a message to central banks. This should be a lesson I don't think we'll ever revisit. I don't think we'll ever see a bubble for any of our lifetimes again."
The report explained Dent, whose career has included analyzing proprietary research, warned that markets are overvalued and stimulus spending has run amok.
He suggested the bubble of "everything" is looming. Bubbles typically happen when there's a rapid rise in stock prices, following by a sharp fall.
He said the current threat started developing in 2021 as the COVID pandemic was diminishing and the first sign was a 38% plunge in the Nasdaq in 2022.
He got blunt: "The Roaring 20s bubble was not an everything bubble. [A] real estate barely bubble [in 2008], it was stocks and urban real estate that bubbled," Dent said. "This is the one time I'm telling you, do not listen to your financial adviser. Things are not going to come back to normal in a few years. We may never see these levels again. And this crash is not going to be a correction. It's going to be more in the '29 to '32 level. And anybody who sat through that would have shot their stockbroker."
What will hurt people most, he said, is the expected "50% crash for the average house."
Other factors?
"That's an 86% crash in the S&P and a 92% crash in the NASDAQ. And crypto, it's going to be 96%. So that is a big deal."
The stock market under Joe Biden's inflationary practices and policies, in fact, recently reached 37,000.
"If I'm right, it is going to be the biggest crash of our lifetime, most of it happening in 2024. You're going to see it start and be more obvious by May," Dent charged. "So if you just get out for six to 12 months and stuff stays at the highest valuation history, maybe you miss a little more gains if I'm wrong. If I'm right, you're going to save massive losses and be able to reinvest a year or year-and-a-half from now at unbelievably low prices and magnify your gains beyond compare."
Dent cautioned that the impact of the scenario will live for up to 12 or 14 years.
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