Renowned economist and author Harry Dent has warned that the biggest crash in our lifetime is expected to hit between now and mid-June. Dent predicts that the crash will be more significant than the 2008-2009 crash, which saw the S&P 500 down 57%. Dent is predicting as much as an 86% decline for the S&P 500 in this crash and 92% on the Nasdaq. The economist expects Bitcoin to fall from $69,000 to about three to four thousand, going down more like 95% to 96%. Dent warns that this crash will not be a big correction, but a major one that people have never seen in their lifetime.
Dent explained that the reason for the delay in the recent crash is that central banks declared war on the recession. He noted that even with all the unprecedented money printing, the economy underneath is really weak and needs to get rid of a lot of bad debt and zombie companies. Dent cautions that the Federal Reserve will not be able to stop the third wave of the crash, and the economy has not cleaned up the massive debts and overvaluations of the biggest financial assets bubble in everything.
Dent further explained that the third wave is usually the strongest and hardest wave and he thinks most of that’s going to happen between now and the end of the year, and the biggest part of that third wave of the third wave. It’s going to hit between now and mid-June. While timing the market is not easy, Dent believes that it is essential to do so as this is a significant crash that has not been seen in our lifetime.
