Economist Harry Dent predicts a major market crash in 2024 due to overvalued markets and excessive stimulus spending, leading to what he calls an “everything bubble.”
He warns of significant crashes in stocks, real estate, and cryptocurrencies, and advises investors to get out of the market to avoid massive losses.
Dent criticizes the year-end market rally and believes that the Federal Reserve’s tightening measures will lead to a depression and deflation. (Trending: Assault Weapons Ban Set To Take Effect, Here’s What To Know)
“Since 2009, this has been 100% artificial, unprecedented money printing and deficits; $27 trillion over 15 years, to be exact,” said Harvey Dent.
“This is off the charts, 100% artificial, which means we’re in a dangerous state,” he continued.
Adding, “I think 2024 is going to be the biggest single crash year we’ll see in our lifetimes.”
“I’m the guy that’s praying for a crash while everybody else is not,” he explained.
“We need to get back down to normal, and we need to send a message to central banks,” continued Dent.
“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,” predicted the economist.
“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,” recommended Dent.
“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 economist said.
“And real estate, by the way, is only projected, by me, to go back to its 2012 lows… but that’s a 50% crash for the average house, which went down 34% in the last crash, more than the Great Depression, more than any time in history.”
Adding, “That is what’s going to hurt people the most.”
“If I’m right, it is going to be the biggest crash of our lifetime, most of it happening in 2024,” anticipates Dent.
“You’re going to see it start and be more obvious by May,” the analyst stressed.
“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,” charged Dent.
“We’re still up there. We’re still near the highs, and that shouldn’t have happened. So you’ve gotten a gift… you’ve gotten this rebound where you get a second chance to get out near where you could have before. Boy, [that’s] lucky, lucky, lucky,” he admitted.
He anticipates a lasting impact for 12 to 14 years, widening the wealth gap and affecting both the rich and the average person.
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