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

Contact Your Elected Officials
Fox Business Header

Harry Dent warns an ‘everything bubble’ will burst in the new year

As the clock ticks closer to 2024, one outspoken economist is making a dire predicationย about the marketsย in the new year.ย 

“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. While recent rallies have overwhelmingly provided investors with mild recession expectations, Dent remained firm that an “everything bubble” will burst next year.

Historically, market bubbles are characterized by a rapid rise in stock prices, before being met by a sharp fall.

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.ย “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.ย 

Byย Kristen Altus

Read Full Article on FoxBusiness.com

Fox News
Fox Newshttps://www.foxnews.com/
FOXNews.com brings readers breaking news, latest stories and videos covering the world, entertainment, health, business, technology, politics, sports and more.

Sweeney Swoon

Sydney Sweeney donned American Eagle jeans and hawked them as part the "Sydney's got great jeans" campaign, and the Left acted like she'd committed an atrocity.

Lay Democrats to Waste, Post Truths in Copy and Paste!

Senator John Kennedy (R-LA) humorously stated, โ€œOur secret plan for dealing with the Democrats is called, โ€˜Operation: Let them speak.โ€™โ€

Congress doesnโ€™t Care What the Average Person Thinks

In researching voting rights issues, a study provides a foundation for the statement โ€œgovernment officials donโ€™t care what people like them think.โ€

Domestic Terrorists Rain Adult Toys on WNBA Courts in Multiple Aerial Assaults

In what might be described as the worst terrorist attack on American soil since 9/11, multiple WNBA courts have been pelted with brutal flying missiles.

Democrats Are In Disastrous Shape As Midterms Loom

According to CNN's Harry Enten, โ€œThe Democratic brand is in the basement. It is total and complete garbage in the mind of the American public.โ€

What to Know About Texasโ€™s Redistricting Showdown

TX Democrats defied Gov. Abbottโ€™s call to return to state for a hearing on redrawing Congressional lines, setting up a showdown between the two sides.

Texas House Votes to Arrest Democratic Lawmakers Who Left State

TX House of Reps voted 85โ€“6 to arrest Democrat lawmakers who werenโ€™t present when House went into session, due to fight over congressional districts.

Agriculture Secretary Clears 6 More States to Ban Purchasing Soda With Food Stamps

Ag. Sec. Rollins signed waivers filed by Colorado and five other states allowing them to ban use of food stamps to buy soda and other sugary drinks.

Harley-Davidson Names Topgolf Chief Artie Starrs as New CEO

Harley-Davidson named Artie Starrs, chief executive of Topgolf, as its new president and CEO, as motorcycle maker seeks to reinvigorate growth.

Trump Vows to โ€˜Substantially Raise Tariffโ€™ on India Over Russian Oil Imports

Trump said he would โ€œsubstantiallyโ€ raise tariffs on goods from India, citing countryโ€™s continued purchase of Russian oil despite his demand that it stop.

European Union Suspends US Tariff Countermeasures for 6 Months

The EU will suspend its two packages of countermeasures to U.S. tariffs for six months, a European Commission spokesman said on Monday.

Trump Says Americans Could Get Dividends From Tariff Revenues

President Donald Trump suggested on Sunday that his administration could distribute dividends from tariff revenues to Americans with certain income levels.

Tariff Rates โ€˜Pretty Much Set,โ€™ Says US Trade Representative

President Trumpโ€™s trade representative, Jamieson Greer, said that Americans should expect the administrationโ€™s tariff levels to remain where they are.
spot_img

Related Articles