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US economist predicts 2024 will bring ‘biggest crash of our lifetime’

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US economist predicts 2024 will bring 'biggest crash of our lifetime'



Looking at the Federal Reserve’s rate trajectory, Dent argued there’s "no chance" of a soft landing. He believes continued disinflation will turn into deflation for the first time since the 1930s, and that the central bank has a "weak" economy in its hands.

"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," Harry Dent told Fox News Digital. "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. We need to get back down to normal, and we need to send a message to central banks," he continued. "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."

Dent, who spent the majority of his career analyzing proprietary research, credited his against-the-grain prediction to overvalued markets and excessive stimulus spending.



The economist noted that this bubble actually started in late 2021 after the height of the COVID pandemic, with the first signs showing in 2022 when Nasdaq was down 38%. The new year will bring the "B wave" of the crash.

"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."

"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 added. "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. 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. 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."

"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."



Looking at the Federal Reserve’s rate trajectory, Dent argued there’s "no chance" of a soft landing. He believes continued disinflation will turn into deflation for the first time since the 1930s, and that the central bank has a "weak" economy in its hands.

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