If you’ve been paying attention to the increasingly fragile United States economy, then you may be aware of the looming economic storm, which The Economist has now predicted.
For almost three years now, inflation has been soaring, gas prices are rising, and average Americans’ overall cost of living is causing untold economic suffering.
Since November 2022, inflation increased 3.1%, according to the Bureau of Labor Statistics.
Economist Harry Dent recently told Fox Business that “unprecedented” money printing has the U.S. teetering on the brink of a total economic collapse.
“Since 2009, this has been 100 percent artificial, unprecedented money printing and deficits: $27 trillion over 15 years, to be exact,” Dent said.
“This is off the charts, 100 percent artificial, which means we’re in a dangerous state.
“I think 2024 is going to be the biggest single crash year we’ll see in our lifetime.
“We need to get back down to normal, and we need to send a message to central banks,” he said.
“This should be a lesson I don’t think we’ll ever revisit. I don’t think we’ll ever see a bubble for any of our lifetimes again.”
While the White House claims their “Bidenomics” agenda is working, expert opinions and data indicate this could be the furthest from the truth.
Another worrying economic indicator has not been seen since the Great Depression in the 1930s.
The U.S. is hurtling towards a crash not seen in generations, and if the White House, Congress, and banks don’t hit the breaks soon, the results will be catastrophic.
According to a report from The Epoch Times’ Jack Phillips, Dent’s crash prediction comes from the COVID-19 pandemic bubble, which began in 2020.
“Things are not going to come back to normal in a few years. We may never see these levels again. And this crash is not going to be a correction,” he said.
“It’s going to be more in the ’29 to ’32 level. And anybody who sat through that would have shot their stockbroker,” Mr. Dent added, noting how the crash of 1929 led to the Great Depression.
“If I’m right, it is going to be the biggest crash of our lifetime, most of it happening in 2024. You’re going to see it start and be more obvious by May.”
“So, if you just get out for six to 12 months and stuff stays at the highest valuation history, maybe you miss a little more gains if I’m wrong,” Dent added.
“If I’m right, you’re going to save massive losses and be able to reinvest a year or year-and-a-half from now at unbelievably low prices and magnify your gains beyond compare.”
The New York Post reported that the Federal Reserve hinted it would end its campaign to bring down inflation.
The outlet noted:
In their annual projections, policymakers priced in the potential of three rate cuts, with the federal funds rate falling to a range of 4.4% to 4.9%, down from the current 5.25% to 5.50%.
However, Dent argued that due to the Fed’s rate trajectory, there is “no chance” of a soft landing.
“The only reason they had to tighten so much is because they stimulated too much over COVID. But that tightening is now going to hit way more in 2024,” Dent said.
“And when you stop that gravy train and reverse the tightening, you’re going to be in a depression within a year, not a mile. All this talk about, ‘Oh, yeah, now we’re going to have a mild recession’ — not a chance in Hades.”
Rich getting richer and poor getting poorer
Due to the Fed’s policies and the Biden administration’s inflationary spending, the reduced availability of money is causing a grim situation for American workers.
More and more people are eating into their savings while plunging themselves into debt to cover basic living costs.
According to Federal Reserve data, the bottom 80% of income earners now have less real household savings than during the pandemic.
