2024 is the year of ‘biggest crash of our lifetime', economist Harry Dent warns

As the countdown to 2024 advances, economist Harry Dent delivers a stark prediction about the impending market conditions in the coming year, anticipating a colossal crash in 2024.

Dent asserts it to be the most significant in our lifetimes. Citing unprecedented money printing and deficits, he underscores the perilous state of the current financial environment.

Dent, who stands out for his contrarian views, attributes his forecast to overvalued markets and excessive stimulus spending. Despite recent market rallies suggesting mild recession expectations, Dent contends that an "everything bubble" will burst in the upcoming year.

The economist identifies the bubble's inception in late 2021, with the first signs manifesting in 2022, leading to the anticipated "B wave" of the crash in 2024.

Drawing parallels with historical market bubbles, Dent asserts that this crash won't be a mere correction but more akin to the severe downturn experienced from 1929 to 1932.

Predicting an 86% crash in the S&P, a 92% crash in the NASDAQ, and a substantial 96% downturn in crypto, Dent also forecasts real estate to plummet, reaching its 2012 lows, translating to a 50% crash for the average house.

Critical of investors participating in a year-end market rally, Dent urges Americans to "get out of the way." Emphasising the potential magnitude of the impending crash, he advises taking a temporary exit to avoid substantial losses and positions the crash's visibility to be more apparent by May 2024.

Dent scrutinises the Federal Reserve's rate trajectory, dismissing the possibility of a soft landing. He anticipates that continued disinflation will lead to deflation, predicting a depression within a year, contrary to discussions of a mild recession.

Highlighting the lasting impact of the "everything" bubble, Dent foresees a slowdown lasting 12 to 14 years, exacerbating America's wealth gap.

In his cautionary outlook, Dent projects a significant downturn for the rich, who stand to lose a substantial portion of their accumulated net worth, while the middle class may face challenges.

Despite the impending economic challenges, Dent sees a silver lining with a subsequent millennial boom extending into 2037.