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Top economist predicts ‘crash of a lifetime’ worse than 2008 recession

Top economist predicts ‘crash of a lifetime’ worse than 2008 recession
Elmaz Sabovic

Financial author and economist Harry Dent maintains his stark outlook, warning that the ‘everything’ bubble has yet to burst and may result in a crash even more severe than the Great Recession.

Dent highlighted the unprecedented nature of the current bubble, fueled by years of artificial stimulus. Comparing it to treating a hangover with more alcohol, the forecaster suggested that this prolonged economic manipulation will eventually lead to a significant downturn in a June 10 Fox Business interview. 

Dent predicts that this bubble, sustained over 14 years instead of the usual five to six years, will result in a larger crash than the one experienced in 2008-2009.

‘And again, this bubble has been going for 14 years. Instead of most bubbles five to six, it’s been stretched higher, longer. So you’d have to expect a bigger crash than we got in 2008 to ’09,’ he said.

Real Estate market as an omen of things to come

Despite recent gains in U.S. stocks, with the Nasdaq up 6.9%, the S&P 500 up 4.8%, and the Dow Jones up 2.3% in May, Dent remains bearish and forecasts an 86% drop in the S&P 500 and a 92% decline in the Nasdaq, with major stocks like Nvidia (NASDAQ: NVDA), which recently hit a new all-time high, potentially falling by 98%. 

Central to Dent’s concern is the real estate market, which he believes is vastly overvalued, in a manner that housing prices have doubled or more from what he anticipates will be worth soon, drawing parallels to speculative buying trends in China and Japan. 

Furthermore, the author of the finance book The Great Depression Ahead advises against purchasing homes at their current high prices, citing historical cycles of market downturns.

The future outlook for the stock market

Dent addresses critics who label him a fearmonger, insisting that his predictions are based on historical trends and economic principles while emphasizing that the unprecedented stimulus measures have artificially inflated markets and a significant correction is inevitable for the stock market.

The renowned economist suggests that government bonds are the safest investment option. He predicts that the U.S. will endure the downturn and eventually stabilize, while the upcoming crash will be a necessary correction to enable a healthier economic boom for future generations.

In line with his December advice, Dent urges investors to exit the stock market and consider Bitcoin (BTC) as a potential investment near the market bottom due to its high volatility and crash potential.

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