Economist warns of ‘ONCE IN A LIFETIME’ crash to send markets into CATACLYSMIC freefall

Economist warns of ‘ONCE IN A LIFETIME’ crash to send markets into CATACLYSMIC freefall

AN ECONOMIST has warned American citizens to prepare for a “once in a generation” economic collapse, similar to the Great Depression of the 1930s.

Harry Dent, an economics forecaster and writer, said the rise in investment since Donald Trump’s presidential election win was setting America up for a fall.He said he expected the country’s economy to grow sharply over the next few months before crashing in scenes not witnessed since the inter-war period.Mr Dent predicted: “I think this is going to be a stock market peak of a lifetime followed by a crash very similar to the early 1930s. This happens once in a lifetime.

Harry Dent has warned the US is heading for a huge economic collapse

“I think this is the last rally in this bull market. You can’t have stocks keep going up at this rate when earnings are going nowhere.”He said Mr Trump’s many election pledges, primarily creating millions of jobs in the country and kick-starting dying industrial towns, would prove to be his downfall.

“I think this is the last rally in this bull market. You can’t have stocks keep going up at this rate when earnings are going nowhere.”He said Mr Trump’s many election pledges, primarily creating millions of jobs in the country and kick-starting dying industrial towns, would prove to be his downfall.

Donald Trump will cause a huge economic collapse in America, a financial forecaster has predicted

Once his promises go unfulfilled, Mr Dent explained, investors would panic, withdrawing their funds and creating a devastating economic collapse.The top finance expert also said economic instability in Europe, particularly Italy, could have a knock-on effect in America.

he collapse would be on a scale not seen since the Great Depression

 

He said: “I think the trigger is people seeing sometime early next year that Donald will not be able to do everything that he said, and the economy may be slowing by then.“The biggest trigger, kind of like the subprime crisis in 2008, is going to be Italy.

Harry Dent warned Donald Trump would cause a huge financial crash in America

“Italy is bankrupt. Its bonds are trading at lower rates than ours which is ridiculous.”Mr Dent concluded his warning by conceding his prediction could be way off target – but claimed he felt he had to warn the public of what may lie ahead.

He concluded: “I make bold forecasts, and especially with things like … massive government intervention.“Yes, I’m going to miss some things. But, I have the guts to make these bold calls.”