• News
  • Film and TV
  • Music
  • Tech
  • Features
  • Celebrity
  • Politics
  • Weird
  • Community
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
TikTok
YouTube
Submit Your Content
Top economist makes harrowing prediction set to happen within months

Home> News> Money

Updated 16:59 16 Jun 2024 GMT+1Published 17:00 16 Jun 2024 GMT+1

Top economist makes harrowing prediction set to happen within months

Harry Dent, a financial author and economist, has grave predictions for the future of our economy

Callum Jones

Callum Jones

With the ongoing cost of living crisis, millions of Americans are still impacted by financial woes.

And while you'd like to think the economy may be turning the corner, a top economist has some pretty bleak predictions.

Economist Harry Dent has some grave predictions. (Fox Business)
Economist Harry Dent has some grave predictions. (Fox Business)

Advert

Speaking in an interview with Fox News Digital, Harry Dent, a financial author and economist, has warned we could be in for a bigger financial crash than the Great Recession.

He said: "In 1925 to ‘29, it was a natural bubble. There was no stimulus behind that, artificial stimulus per se. So this is new. This has never happened.

"What do you do if you want to cure a hangover? You drink more. And that’s what they’ve been doing."

The financial expert added: "Flooding the economy with extra money forever might actually enhance the overall economy long-term. But we’ll only see when we see this bubble burst.

Advert

The economist warned we could be in for a bigger financial crash than the Great Recession. (Getty Stock Image)
The economist warned we could be in for a bigger financial crash than the Great Recession. (Getty Stock Image)

"And again, this bubble has been going 14 years. Instead of most bubbles [going] 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."

While US stocks ended the month of May with gains, Dent worries about what might be on the horizon.

He added: "I think we’re going to see the S&P [Standard & Poor] go down 86 percent from the top, and the Nasdaq 92 percent. A hero stock like Nvidia, as good as it is, and it is a great company, [goes] down 98 percent. Boy, this is over."

Advert

Another financial crash?! (Getty Stock Image)
Another financial crash?! (Getty Stock Image)

"We have never seen [the] government sustain a totally artificial bubble for a decade and a half, and see what happens after that," Dent continued. "But I can tell you, there has not been one bubble, and this is far larger and longer, one major bubble in history that has not ended badly, period."

At the center of this supposed crash would be the real estate market, with Dent predicting that this year housing would see 2012 lows.

"No time in history has housing been so widely owned and so many people having second and sometimes third homes just for speculation," he added.

Advert

"If you understand what the real cycles are, you don’t have to buy the most expensive home in history right at the top of the market and then moan for 14 years while it goes through the next downturn, like ’29 to ’42 or ’68 to ’82."

Dent has previously received backlash for his hypothesis, with some people accusing him of fear mongering and calling it 'crazy'.

In response, he argued that he is just saying 'what I see'.

Featured Image Credit: NurPhoto/Yuichiro Chino/Getty Images

Topics: Money, US News

Callum Jones
Callum Jones

Advert

Advert

Advert

Choose your content:

6 hours ago
7 hours ago
8 hours ago
  • 6 hours ago

    Donald Trump issues surprising statement after Iran strikes US air base

    The president has issued a statement after Iran fired missiles at US air bases in Qatar and Iraq

    News
  • 6 hours ago

    'Lion whisperer' left fighting for his life after attack from same cat that killed his colleague last year

    Oleg Zubkov, the owner of the park, is said to be in a critical condition in hospital

    News
  • 7 hours ago

    Single mother, 48, diagnosed with Early-Onset Alzheimer's disease reveals first symptoms she noticed

    Rebecca Luna has also launched a fundraiser, knowing her condition will worsen

    News
  • 8 hours ago

    Shocking reason why Ben Affleck is banned from playing Blackjack at certain casinos

    It all stems back to an incident in 2014

    Film & TV
  • Financial Nobel Prize winner has harrowing prediction for the future of Bitcoin
  • Japan's 'Baba Vanga' issues eerie warning on disaster that is set to happen in 3 months' time
  • Terrifying moment CNN anchor forced to evacuate set while reporting live on-air from Israel
  • Eye-opening new Trump approval ratings show what US really thinks of him 5 months into presidency