An economist who focuses on consumer spending has issued a dire warning about the U.S. economy in the coming year.
“Since 2009, this has been 100 percent artificial, unprecedented money printing and deficits: $27 trillion over 15 years, to be exact,” economist Harry Dent told Fox Business on Dec. 19. “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 lifetime.
“We need to get back down to normal, and we need to send a message to central banks,” he said. “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.”
As Jack Phillips reports at The Epoch Times, Mr. Dent, who owns the HS Dent Investment Management firm, told the outlet that U.S. markets are currently in a bubble that started in late 2021 amid the COVID-19 pandemic.
“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,” he said.
“It’s going to be more in the ’29 to ’32 level. And anybody who sat through that would have shot their stockbroker,” Mr. Dent said, making references to the stock market crash in 1929 that led to the Great Depression throughout the 1930s.
“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.
“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.”
Mr. Dent’s predictions of a market crash are nothing new. In 2009, he wrote “The Great Depression Ahead,” a book that forecasted a significant market crash.
In the past few weeks, several analysts have been making similar predictions of a significant stock market crash in the near future.
“Based on prevailing market valuations, we estimate that poor total returns are likely for the S&P 500 in the coming 10–12 years, that equity market returns, relative to bonds, are likely to be among the worst in history, and that a market loss on the order of [minus] 63 percent over the completion of this cycle would be consistent with prevailing valuations and a century of market history,” Hussman Investment Trust President John Hussman, who called the 2008 crash, wrote in a note in October.
Wrong Prediction?
However, in a recent note, investment banking firm Goldman Sachs raised its 2024 S&P 500 target by 8 percent, to 5,100, forecasting a tailwind for U.S. stocks from falling inflation and declining interest rates.
“Looking forward, the new regime of both improving growth and falling rates should support stocks with weaker balance sheets, particularly those that are sensitive to economic growth,” the firm wrote late last week.
Federal Reserve Chairman Jerome Powell said last week that the U.S. central bank’s consequential tightening of monetary policy is likely over as inflation falls faster than expected, and that a discussion of cuts in benchmark rates is coming “into view.”
The shift from the Fed helped to push the S&P 500 near a record high and sent bond yields tumbling. Goldman strategists expect the Fed to cut rates by 25 basis points at each of its policy meetings in March, April, and May, followed by quarterly cuts that will bring down benchmark rates to a range of 4 percent to 4.25 percent by year-end from the current range of 5.25 percent to 5.5 percent.
The bullish outlook from Goldman Sachs comes as other firms have increased their expectations for interest rate cuts by the Federal Reserve. Bank of America Global Research, for example, now sees the Fed cutting rates by 100 basis points next year, beginning with a 25 basis-point cut in March, compared with its previous estimate of 75 basis points.
The U.S. central bank raised rates in a bid to offset decades-high inflation. Data provided by the Bureau of Labor Statistics shows that the Consumer Price Index that measures inflation rose by 0.1 percent in November 2023 on a seasonally adjusted basis and was up by 3.1 percent year over year.
Reuters contributed to this report.
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Like many , the guy has been calling for a crash since forever. Zerohedge , while keeping an eye on things in a not MSM way also thrives on doom headlines. There will be problems no doubt with all those fiat dollars sloshing around, but when does the drain plug get yanked ?
Of note Bo Polny , a Biblical cycle student , is on with USAWatchdog.com and says today is 110 years to the day of the creation of The Fed. Other 50 year timelines are also discussed. He suggests we may be at the start of a major economic shift , esp. away from King Dollar.
Speaking of king dollar , look at the cover art of ” The Economist “
Yup. Dent’s been wrong since at least 2010. Why these clowns keep getting attention is a mystery to me. When the crash finally does come–and it will–all these know-nothing pundits will say, “See, I told you so.” Yeah, but you told us so a hundred times and you were wrong 99 of them. If we’d invested based on your prognostications we’d have died of starvation years ago.
Easy to knock them. Yes they have been wrong. Every one who astutely called the crash of 2008 (there were many) have been proven wrong since then. Why? Because no one knows the full extent to which the central banks are propping up EVERYTHING. But. WOE TO THOSE WHO ARE 1 DAY LATE. That should be the take away. And, It is getting very late in the game. Or not. Place your bets.
If it is as bad as predicted, gold is not the heavy metal you should be investing in….
I will agree, metal for self defense will be needed.
Gonna be an epidemic of lead poisoning… just blame it on old pipes or climate change.
If every year’s end one says there will be a crash in the upcoming year, at some point they will be correct
I’ve used this analogy all along, but just because scientists can’t give the exact date and time and location that the next big earthquake will strike, it doesn’t mean that their understanding of fault lines and plate tectonics is flawed. Likewise, economists who aren’t shills for the corrupt establishment can’t give the date of the next recession, but they understand that our economic “plates” and “tectonics” are well past the due date for a seismic collapse due to out-of-control money printing, galaxies of debt, and over-leveraging of every asset class imaginable.
Wolf! Wolf, wolf, wolf ! Wolf! Wolf, wolf. Woof.
Right there. Mike drop.
Like Bilbo, they’re waiting for their eleventy-first for a big blowout. Something that the Shirefolk will talk about for generations.
For the Jim Willie fans (if any). He makes the same point about the movement away from the dollar, and why. His contention, among others, is that countries are buying gold instead of USTs (no one is buying USTs) in preparation for a gold-backed replacement to the petro-dollar.
Runs a bit long at 1:45:07. As a note, I think there’s something wrong with his mic. He talks about having a new computer and his volume is way too high, so you might want to turn it down….
USTBOND DEFAULT & BANKING CRISIS!
(
willie has been predicting a crash for DECADES
In 2019 (?) Harry Dent said gold would be $750/oz….ouch, missed that by a mile.
Another “biggest crash of our lifetime” article.
Not saying it won’t happen but I’ve been seeing these economic collapse/stock market crash articles for the last 15 years.
You mean since the last one in which Hank Paulson told GWB that if he didn’t bail out the banks, the entire global economy would collapse?
May have been the only time Paulson ever told the truth about anything. And it was still a mistake to bail out the banks.
As the guy in the article says, everything has been smoke and mirrors since. It’s only ever been a matter of time since then.
The question was always how long the money masters could keep up the charade.
Maybe he’s right and it will be sometime this next year. Maybe it will be next week.
Maybe it won’t happen for another five or ten years.
If you plan on living for the next fifteen to twenty years, it’ll happen before you die.
When will it happen?
What will it look like?
What happens first?
What will the future look like?
????
Everyone looked around and couldn’t fathom the ability to amass such a mountain of debt and still keep the music playing.
Muh Hyper-finance Crony-Capitalism will be taking the world on one-hell-of an explosive ride when this all shakes out.
(and as we all know, when the finance/economic system is teetering or failed they take us to war. And with plenty of fuses lit around the playground something could happen from out-of-the-blue, at any time.)
Harry Dent is still around? Well at least he is still saying the same thing.
These are all nominal forecasts measured directly or indirectly in USD, right?
Now tell us how prices can crash nominally, when we have truly exponential money printing a/k/a debt increase going on.
“The only function of economic forecasting is to make astrology look respectable.”
― John Kenneth Galbraith
Say, what’s Dennis Gartman doing these days? Has he predicted his own death?
https://getyarn.io/yarn-clip/ed277ca8-886d-47e7-b0b1-24cce0052fe7
He totally overlooks the enormous wealth transfer from the Boomers to their children. Until that huge pot of wealth is gone, consumers will have plenty of money to spend.
My wealth..ha ha ha ha
How many years have I been hearing “The crash is coming… next year?”
Face it, folks. A crash will come. Be ready for it… ALWAYS… Remember; even a stopped clock is right twice a day…
Just give me some more Jew bucks.
Let’s be honest, the people controlling the West today know a lot more about manifest reality than we do. Most of us have a very grounded world view and tend to incline towards logic, reason, truth, and beauty. While these are vastly superior strategies to understand the natural world, they are often useless in helping to explain the way that humans are able to manipulate emotions, perceptions, and artificial environments in order to create false realities, which despite their tenuous connection to God’s creation, still work as long as man believes in them.
We must here make a clear distinction between belief and faith, because in general practice belief has come to mean a state of mind which is the opposite of faith. Belief is the insistence that truth is what one would wish it to be. The believer will open his mind to the truth on the condition that it fits in with his his preconceived ideas and wishes.
Faith, on the other hand, is is an unreserved opening of the mind to the truth, whatever it may turn out to be. Faith has no preconceptions, it is a plunge into the unknown; belief clings, faith lets go.
-Alan Watts
Trying to use our world view to understand the outcome of theirs is as useless as their hope of transcending human existence via the singularity. The two approaches are doomed to failure because neither addresses the origin of the phenomenon the other seeks.
Tom Campbell (“My Big Toe, A Theory of Everything”) postulates that the only outcome that matters is whether the quality of consciousness rises or not. Entropy lowering is the goal. The implication is that we are faced with “problems” so that we might learn/grow up. The better we are at learning, one life after another, the closer we are to the “larger consciousness” of which we are already a note. In other words our “problems” are an essential feature of our spiritual journey and we shall not run out of them. What we do matters, not what or who causes problems. Let it rain and let’s see what we do about it. Fun!
The people like Dent, who have been calling for a crash for the past decade have not been wrong, they only did not realize the extent to which the Globalists were willing to keep inflating the bubble past its rated bursting point.
In a reasonable world, the banksters would have realized that it was better to let the economy go into recession, and get the bad investments and companies out of the system.
Instead, they continued to loan more and more money into a system that was already insolvent. They have now reached the point where any, and every action they take has a negative reaction. Inflation is already killing the economy, and pumping more money into the system only drives more inflation.
Not pumping more money into the system causes a liquidity crisis that cascades into bankruptcies and loan defaults which causes a feedback loop of deflation that will last a decade or more.
At this point it does not matter what the Fed or the banks do, this ship is going down. Why do you think the PTB are so eager to get us into war?
The author is rather confident this will obviously blow over and we can “get back into the market” at a great price and make lots of money a few years down the road. Zerohedge is a nobody…an unknown. Another unknown spewing shit. Right “Tyler” ? whoever the fuck you are.
This is more than a market correction. Speaking of mindfuckery….maybe start thinking along the lines of life/death, survival, more rules, more work and a lot more death. That’s one thing we can count on Tyler! Many, many deaths.
So yes, get your monopoly dollars (hahaha) out now from the market so you can have another chance to roll the dice and start over. Bahahaha! Mindfuckery after mindfuckery.
Happy days are here again; a chicken in every pot (not just the Illegals and Stimulus Check receivers). Sorry Charlie, that’s Rainbow BS because Unintended Consequences rule. jews are in the process of murdering 2 million Palestinians with bombs and starvation, even women and children; only craven barbarians do that. The rest of the civilized World has turned angry against ZOG and their arms supplier, and intends to get Revenge. The US Navy can’t keep the Suez Canal open , so some prices may soon triple (like 1973 gas went from .29 to 1.25). The Fed has printed more emergency dollars than ever existed before yet M2 Money Supply is below Depression levels (who’s hoarding the dollars?) and US Money Velocity is the lowest in our history; no matter what the Fed does to stimulate now, banks will not lend to people without jobs, so M2 Supply and Money Velocity shall get worse. The Fed caused this by tightening to soon, to fast , to hard, and already for to long; the Economy shot past Recession to Depression and nothing but God can stop this crash & burn probably in 2024. Putin and the Russians didn’t do this; Biden did this.
I have been hearing this every year for at least 20 years. And eventually these “prophets” will be correct. But don’t underestimate the ability of the criminals in power to keep the house of cards standing. As long as there is a public treasury to loot they will keep the charade alive. They want ALL of our wealth. Not just some of it, not just most of it. They want it ALL.
I don’t think it will take much to push things over the edge. Not just the US is wallowing debt? Currently there is more debt world wide than all the current wealth on the planet, something has to give.
Been deleted from ZH so many time I don’t trust the commie anymore. Did not violate any known policy of his. Do you have to violate his policies to stay printed? Anyone experienced with this commie?
Such sorts of sites are just psyops. Don’t take it personal.
https://ko-fi.com/post/Commentary-On-Blade-Runner-radio-adaptation-J3J3S3K24
If America really is Babylon, it may burn instead of crash. The Bible specifically says that so great riches are come to nothing in one hour as the ships captains sit at a distance and howl at the smoke of her burning. We’ve got enough foreign troops, (millions) bussed and airplaned all over the country now from our borders that it wouldn’t take much for them to set America on fire.
Bravo Sierra to the max. Just live your lives. Bleib ubrig.
When it becomes evident/understood to the sheep that the COVID vaccines were developed decades ago specifically to murder 7.5 billion innocent people, and that the world governments knowingly participated and facilitated this genocide, you will know the global economic collapse will occur in days. Then WWIII, and/or an attack in the homeland that will shock people to the core. This will be the cover the leftists/globalist will use to escape justice. What’s worse, is that most people will be so desperate they will go to the very same government leadership for help for food, water, power, and medical assistance. And the government will be only too happy to help, with a few conditions. One, you will be required to take the new & improved, safe and effective COVID vaccine. People will line up. Next, you will be required to relocate to designated shelters and give up your possessions. You will also be required to work, likely burying the idiots before you who took the new & improved COVID vaccine.
I don’t listen to prophets and I sure as heck don’t believe the fake statistics put out by our joke gov’t.
I observe things with my senses – wow, new concept.
And I’ll tell you one thing, it’s real bad and getting worse fast… insane number of businesses dying and jobs lost this month alone.