Harry Dent first warned last December that an ‘everything’ stock market bubble would burst – prompting the ‘biggest crash in our lifetimes’.
‘If I’m right, it is going to be the biggest crash of our lifetime, most of it happening in 2024,’ he previously told Fox Digital.
Given he predicted the crash was due to hit by May, critics who accused him of being ‘crazy’ appear to be correct.
But in a new interview, the Harvard Business School alum said he stands by his claims. He says the benchmark S&P 500, for example, will plummet 86 per cent.
However, he does admit the market bottoms are now more likely to be seen between early and mid-2025.
Dent is an economics analyst and a bestselling financial author.
He reportedly accurately predicted the asset price bubble in Japan – which burst in 1991 – and also the long recession which followed. He also warned of the the US housing bubble, which burst in 2007.
Dent claims the crash will be sparked by overvalued markets and excessive stimulus spending, which he says will create a far worse recession than other economists have predicted. Tens of millions would lose their jobs.
A crash would also affect American’s retirement accounts. Most have at least some of their 401(K) and Individual Retirement Account invested in the Dow Jones, the S&P 500 and the Nasdaq.