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Harry Dent, economist and author of several best-selling books, has warned that the biggest crash of our lifetime “is going to hit between now and around mid-June.” He stressed: “People are going to know that this is not a big correction – it’s a big crash, one that you haven’t seen … in your life.”
The founder of HS Dent Investment Management and author of several best-selling books, Harry Dent, warned in an interview with David Lin, published on Friday, that the biggest crash of our lifetime is likely to happen in mid-June. Dent stressed:
We don’t want to see this again. We won’t see a bubble economy, our children probably won’t even see a bubble economy decades and decades from now… It happens once in a lifetime at most.
He explained that the biggest crash he predicts is what the 2008-2009 crash would have been, noting that the S&P 500 was down 57% at the time. “About a year and a half into that crash, the central banks just went in and started printing money at unprecedented rates … So that recession didn’t really do its job of flushing out the biggest debt bubble in history,” Dent described, adding. :
I predict as much as 86% [decline] for the S&P 500 in this crash and 92% on the Nasdaq … Bitcoin will go down more like 95%, 96%.
Dent expects the crypto market to crash along with stocks, with BTC falling 95%-96% from its November 2021 high. “Bitcoin will drop from $69,000 to about three to four thousand,” he said, adding that “that’s exactly what Amazon and the dot-coms did.”
The economist has repeatedly warned of the biggest crash in a lifetime. He pointed out that after his previous warning, the Nasdaq fell 38% last October. “It’s just the first wave down. There are two to follow… We have already started the next wave down which could take the Nasdaq down to $8000 in this next wave only, not the end of it. It’s going to go down a little over 50%, he detailed.
“That’s when people are going to know that this isn’t a big correction — it’s a big crash, one that you haven’t seen … in your life, and that even millennials won’t see a bigger crash than this, Dent thought.
Addressing why the recent crash occurred later than he previously predicted, the economist clarified that the cause was due to central banks declaring war on recession. “Never before … have central banks declared war, literal war, on recession, saying, ‘We will not let the economy fall.'” However, Dent noted that even with all the unprecedented money printing, “we keep falling back into recession.” He emphasized: “The economy below is really very weak and really needs to get rid of a lot of bad debt and zombie companies, and the central banks will not let the economy do its thing… The central banks have declared war on the free market. That’s the problem.”
The economist warned, “We’re about to hit this third wave,” stressing that he doesn’t think the Federal Reserve will be able to stop it. “I think it’s going to creep up on them before they can reverse the tightening,” he predicted, adding:
We have not cleaned up the massive debt and overvaluation of the biggest financial asset bubble of all. We have never had a financial asset bubble in anything like this. This bubble has not been allowed to burst and clear out its excesses, which we must do. And I think we are in that process now.
Noting that the Federal Reserve overstimulated the economy and now needs to “tighten up a lot,” Dent emphasized that the Fed has been “pushing up interest rates and tightening” more recently than they have ever done since the early 1980s. “So this is a serious austerity,” he exclaimed. “Now they are tightening up and they think the economy below can handle it.” However, Dent argued: “No, the economy below has been weak since 2008 and won’t be strong for a few years.”
Dent further explained that what looks like a correction will turn into “a crash more like 1929 to 1932, down 86% on the S&P 500,” emphasizing that it is his “best forecast at this point.” The economist explained: “You get a first wave down, a second wave bounce that we’ve seen, we’re already in the third wave that’s just starting.” He elaborated:
The third wave is usually the strongest and hardest wave, and I think most of it is going to happen between now and the end of the year. And the largest part of the third wave of the third wave. It will hit between now and mid-June.
“It’s not easy to time the market as most people know, but this is so important that I time the market,” Dent said.
What do you think of Harry Dent’s predictions? Let us know in the comments section below.
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