US economist makes chilling prediction for 2024 – warning of ‘biggest crash in our lifetimes’ as ‘everything bubble’ bursts
- Harry Dent said that in 2024 the worst catastrophe in our lives will occur, the consequences of which will last more than ten years.
- The collapse will be caused by overvalued markets and excessive stimulus spending.
- Dent urged Americans to ‘get out of the way’
An economist has warned that the “everything bubble” will burst next year, leading to “the biggest crash of our lifetimes.”
Harry Dent says the impact of the crash will be “obvious” by May and will slow the economy for more than a decade.
He told Fox Digital: “If I’m right, this will be the biggest crash of our lifetime, most of which will happen in 2024.”
‘Since 2009 it has been 100 percent artificial, unprecedented money printing and deficits; To be exact, $27 trillion over 15 years. This is off the scale, 100 percent artificial, which means we are in a dangerous state.”
He says the crash will be caused by overvalued markets and excessive stimulus spending, which he says will lead to a much worse recession than other economists have predicted.
The worst crash of many people’s lives will mean it will have to overcome the hardships experienced after the Great Recession of 2008, which was the worst economic downturn since the Great Depression.
Harry Dent said he was ‘praying’ for a crash as it would send a signal to big banks
Dent said the accident wasn’t that bad:I’m the guy who prays for collapse and everyone else doesn’t. We need to get back to normal and send a signal to central banks.
“This should be a lesson that I don’t think we ever go back to. I don’t think we’ll ever see a bubble again.”
He added: “When this asset bubble bursts and prices of everything, especially housing, return to reality, imagine not only being able to buy the house you want for half the price… you’ll be able to buy a house twice as nice.” here on the same mortgage you were going to get before. How do you like your Christmas present?
Market bubbles are characterized by a rapid rise in stock prices before a sharp decline, and Dent says sky-high prices will fall next year.
Dent predicts that the current bubble burst will be similar to the Great Depression of the 1920s.
He said: “The Roaring ’20s bubble wasn’t a bubble of everything.
“This crash will not be a correction. This will be more at the level from 29 to 32 years. And anyone who could stand it would shoot their stockbroker.”
Dent says crash will be as bad as Great Depression
He added: “This is the only time I tell you: don’t listen to your financial advisor. In a few years the situation will not return to normal. We may never see these levels again.”
Dent urged Americans to “get out of the way” of the crash, warning that while they could miss out on “a little more profit” by selling now, they could also “save themselves a huge loss.”
He said people “will be able to reinvest in a year or year and a half at incredibly low prices and significantly increase their returns.”
He said: “We’re still there. We are still close to the maximum and this should not have happened. So, you got a gift… you got this rebound where you have a second chance to go where you could have done it earlier.”
People will suffer “the most” from the property crash, which he said will see house prices fall to 2012 prices.
He said: “That’s a 50% drop in the average home, which fell 34% in the last crash, more than during the Great Depression, more than at any time in history.” This is what will hurt people the most.”
The Dow Jones Industrial Average closed at 37,385 on Friday due to the holiday. This is up from 33,203 on December 26 last year.