End-of-the-world doomsday predictions are a dime a dozen these days, but Harry Dent of the HS Dent Investment Management firm is pretty sure that 2024 will finally be the year that the over-inflated United States bubble markets collapse.
According to Dent, who appeared on Fox Business this week to discuss his predictions for 2024, the money printing madness that has been occurring since 2009 will eventually take its toll like never before in history.
"Since 2009, this has been 100 percent artificial, unprecedented money printing and deficits: $27 trillion over 15 years, to be exact," Dent said. "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. 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."
(Related: To make housing more affordable for everyday Americans, some Democrats want to ban hedge funds from the housing market since the wealthy are using houses as stock holdings, which is driving up prices and increasing homelessness.)
Great Depression 2.0, here we come
The current bubble really started to take flight in late 2021 as the Wuhan coronavirus (COVID-19) "pandemic" was starting to come to an end. Once that bubble pops, it will more than likely dwarf the Great Depression.
"Things are not going to come back to normal in a few years," Dent explained. "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."
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By next May, Dent predicts that the general public will be able to clearly see that something is very wrong. Until then, Dent recommends that people pull out of the markets and wait because what is soon to come will be a whole lot worse than a simple correction.
"If I'm right, it is going to be the biggest crash of our lifetime, most of it happening in 2024," Dent said. "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 [sic] 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."
In 2009, Dent wrote a book called "The Great Depression Ahead" that forecasted a significant market crash of the kind he now says will start in 2024. Numerous other analysts have made similar predictions in recent years, including Hussman Investment Trust President John Hussman, who accurately predicted the 2008 crash.
"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 is quoted as saying.
Goldman Sachs, meanwhile, is predicting new all-time highs for the markets next year. The banking giant's 2024 predictions for the S&P 500 are an eight percent increase to 5,100.
What do you think will happen to the markets in 2024 and beyond? Find out more at Collapse.news.
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