Physical Address

304 North Cardinal St.
Dorchester Center, MA 02124

Economic meltdown warning: 2024 will bring ‘biggest financial crash of our lifetime’

The US is set to see the “biggest single crash year” in our lifetimes, a US economist has predicted, in a dire warning about the country’s financial health.
Harry Dent, an outspoken economic expert and best-selling author, told Fox Digital: “Since 2009, this has been 100 percent artificial, unprecedented money printing and deficits; $27 trillion over 15 years, to be exact.
“This is off the charts, 100 percent 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.
“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 added. “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.”
READ MORE: Huge black hole in China’s economic plan threatens global financial crash
Dent has spent most of his career analyzing proprietary research. He said his bold prediction was made due to overvalued markets and what he sees as excessive amounts of stimulus spending.
Though recent rallies have led investors to expect a mild recession, Dent insists that an “everything bubble” is coming.
Market bubbles are generally characterized by a steep increase in stock prices, followed by a sudden and significant drop.
Dent believes that the crash next year will be the “B wave”, as the bubble actually began in late 2021 after the COVID-19 pandemic was at its height.
He says the first indication of this was in the following year when American stock market Nasdaq plunged 38 percent.
“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 explained. “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.
“And real estate, by the way, is only projected, by me, to go back to its 2012 lows… but that’s a 50 percent percent crash for the average house, which went down 34 percent 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.”
Dent says the “everything” bubble he predicts will leave a lasting slowdown impact for 12 to 14 years in its wake.
He agreed that during that time the US’s wealth gap would grow wider, with the the rich geting richer and the poor getting poorer.
“This is going to hurt the rich a lot more than the average person,” he claimed.
“The average person is going to lose their job for six months to two years. The average rich person is going to lose 50 percent to 80 percent of their lifetime accumulated net worth.
“They’re going to see the biggest comedown to reality. And then the next stage of the boom is the millennial boom, which will not be as long as the baby boom, but it’ll go into 2037 before we slow down again.”
He added: “That boom will be less rich-get-richer, it will be more the middle class catching up again.”

en_USEnglish