“Don’t listen to your financial advisor!”: 2024 will be the year of the biggest crash of our lives, warns an economist

Several Quebec economists are optimistic that inflation will recover somewhat in 2024 and interest rates will stabilize; However, since Quebec’s – and Canada’s – economy is closely linked to that of the United States, the forecasts of American economists can serve as an indicator, and one of them paints a particularly worrying picture for next year.

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Economist Harry Dent predicts, contrary to the grain of many of his colleagues, that 2024 will be particularly difficult for the economy.

“Since 2009, money printing and deficits have been 100% artificial and unprecedented; $27 trillion over 15 years to be exact. This is unprecedented and 100% artificial, which means we are in a dangerous situation,” he told Fox News Digital.

“I think 2024 will be the biggest crisis year of our lifetime,” he added bluntly.

Mr. Dent based his prediction by arguing that markets are overvalued and stimulus spending is overdone.

“I’m the one who prays for a crash when everyone else doesn’t. We need to return to normality and send a message to central banks,” he continued.

While recent increases have investors anticipating a mild recession, Mr Dent remains convinced an “everything bubble” will burst next year.

Historically, stock market bubbles are characterized by a rapid rise in stock prices followed by a sharp decline.

The economist notes that this bubble actually began in late 2021, after the peak of the COVID pandemic, and that the first signs appeared in 2022 when the Nasdaq fell 38%.

“Don’t listen to your advisor”

According to the analyst, the new year will bring the “B wave” of the crash.

“This is the only time I will tell you not to listen to your financial advisor. Things won’t return to normal in a few years. We may never see these values ​​again. And this crash will not be a correction. It will be more like the crash of 29 and 32.”

“That’s a drop of 86% for the S&P and 92% for the NASDAQ. And for cryptocurrencies it will be 96%. So it’s a big deal,” explained the economist.

“Furthermore, according to my forecasts, real estate is only expected to return to its lowest level in 2012… but that represents a 50% drop for the average home, which fell 34% in the last crash, more than ever before during the Great Depression.” in the history. That will do the most harm to people,” he concluded.

According to Dent, the crash will be “evident in May” and will be the largest in our lifetime.


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