Economist Harry Dent expects the biggest crash of our lifetime to happen between now and mid-June Cryptocurrencies and ICOs

Harry Dent, an economist and author of several best-selling books, has warned that the biggest crash of our lifetimes “will come between now and mid-June.” He emphasized: “People are going to know that this is not a big correction, it’s a major accident, one you haven’t seen…in your life.”

Harry Dent’s ‘biggest accident’ warning

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 lives will probably happen in mid-June. Dent noted:

We will not see this again. We won’t see a bubble economy, our kids probably won’t even see a bubble economy for decades and decades… It happens once in a lifetime at the most.

He explained that the biggest crash he predicts is the one that should have been in 2008-2009, noting that the S&P 500 was down 57% at that time. “About a year and a half after that collapse, the central banks just stepped in and started printing money at unprecedented rates… So the recession didn’t really do its job of removing the biggest debt bubble in history.” , Dent described, adding. :

I’m forecasting as much as 86% (down) for the S&P 500 in this crash and 92% for the Nasdaq…Bitcoin will drop more like 95%, 96%.

Dent expects the crypto market to crash along with stocks, with BTC falling between 95% and 96% from its November 2021 high. “Bitcoin will drop from $69,000 to around three to four thousand,” he said, adding that “it’s exactly what Amazon and the dotcoms did.”

The economist has repeatedly warned of the biggest crash of his life. He noted that following his earlier warning, the Nasdaq was down 38% in October last year. “That’s just the first wave down. There are two more to watch… We have already started the next bearish wave that could take the Nasdaq to $8,000 only in this next wave, not at the end. That is going to go down a little more than 50%,” he detailed.

“That’s when people are going to know that this isn’t a big correction: it’s a major drop, one you haven’t seen … in your lifetime, and even millennials won’t see a bigger drop than this,” Dent said. he opined

Addressing why the recent slump happened later than he previously predicted, the economist clarified that the reason was due to central banks declaring war on recession. “Never before… have central banks declared war, literal war, on the recession and said, ‘We won’t let the economy crash.'” However, Dent noted that, even with all the unprecedented money printing, “we continue to slide into recession.” He stressed: “The underlying economy is really very weak and it really needs to get rid of a lot of zombie companies and really bad debt, and the central banks won’t let the economy do their thing… The central banks have declared war on freedom . market. That’s the problem.”

The economist warned: “We are about to hit this third wave,” stressing that he does not think the Federal Reserve can stop it. “I think it will sneak up on them before they can reverse the adjustment,” he predicted, adding:

We haven’t cleaned up the massive debts and overvaluations of the biggest financial asset bubble around. We have never had a financial asset bubble in all of this. This bubble has not been allowed to burst and weed out its excesses, which we must do. And I think we’re in that process now.

Noting that the Fed overstimulated the economy, and now they have to “tighten hard,” Dent emphasized that the Fed has “raised interest rates and tightened” more recently than it has ever since the early 1980s. “So this is a serious adjustment,” he exclaimed. “Now they are adjusting and thinking well that the underlying economy can handle it.” However, Dent argued: “No, the underlying economy has been weak since 2008 and doesn’t get stronger for a few years.”

Dent further explained that what looks like a correction will turn into “a slump more like 1929 to 1932, with an 86% drop in the S&P 500,” stressing that it’s his “best forecast at this point.” The economist clarified: “You have a first wave down, a second wave of rebound that we have seen, we are already in the third wave that is just beginning.” He elaborated:

The third wave is usually the strongest and hardest wave, and I think most of that will happen between now and the end of the year. And most of that third wave of the third wave. It will arrive between now and mid-June.

“It’s not easy to time the market as most people know, but this is so important that I’m timing the market,” Dent said.

What do you think of Harry Dent’s predictions? Let us know in the comments section.

kevin helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.