Economist Makes Huge Prediction
Economist Harry Dent is sounding the alarm for investors as he predicts a devastating crash in the markets in the year 2024. In an interview with Fox News Digital, Dent shared his concerns about the current artificial state of the economy, citing unprecedented money printing and deficits of $27 trillion over the last 15 years.
Dent firmly believes that 2024 will see the biggest crash in our lifetimes, as the “everything bubble” created by overvalued markets and excessive stimulus spending finally bursts. He warns that this crash will not be a mere correction, but will be more severe than the Great Depression of the 1930s.
The economist points to the recent rallies in the stock market as evidence of the inflated state of the economy. While many investors may have been lulled into a false sense of security by these rallies, Dent cautions that this bubble actually started in late 2021, and the first signs were seen in 2022 when the Nasdaq experienced a drop of 38%.
According to Dent, the crash is inevitable and will begin in 2024, with the “B wave” of the crash. He advises investors to get out of the market and “get out of the way,” as the crash will wipe out a significant portion of their investments.
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Dent also criticizes the recent year-end market rally, in which the Dow Jones Industrial Average reached a record high of over 37,000 points. He encourages Americans to take advantage of this rebound and sell their assets before they lose even more of their value.
The Federal Reserve has also hinted at an end to its efforts to bring down inflation, which has fueled the market bubble. Dent believes that this will have a severe impact on the economy and will lead to a depression, not just a mild recession, as some experts have predicted.
According to Dent, the unwinding of the Fed’s policies, combined with the bursting of the everything bubble, will lead to deflation for the first time since the 1930s. This will result in a deep and lasting economic slowdown, with Dent predicting that it will take 12 to 14 years for the economy to fully recover.
The economist also predicts that the wealth gap will only widen during this time, with the rich getting richer and the poor getting poorer. He warns that the crash will hit the wealthy particularly hard, with many of them losing up to 80% of their accumulated net worth. However, Dent also believes that there is hope for a rebound in the form of a millennial boom, which will see the middle class catching up to the wealthy.
In conclusion, Dent’s dire prediction serves as a warning to investors to be cautious and to prepare for the impending crash in 2024. With the current state of the economy, it is crucial for individuals to consider their investment strategies and protect their assets in the face of this potential financial crisis.