Harry Dent, the founder of HS Dent Publishing, is warning of a historic market crash. “This is going to be the biggest crash and the biggest downturn of your lifetime, and most of it is going to happen probably in 2022,” Dent told Kitco News. “The whole crash is going to be 80% to 90%.” He believes the crash will happen largely due to the fact that financial assets are in what Dent calls the “greatest bubble in history” from over-stimulus by the Fed. In other news, the U.S. added 199,000 jobs in December, which was far less than the expected  422,000.

 

Kitco News
U.S. stock markets to crash by 90% this year, followed by the best buying opportunity in your lifetime – Harry Dent

The greatest financial downturn ever will happen this year, and investors will be taking the “biggest risk of [their] life” if they don’t sell now ahead of a complete market wipeout, said Harry Dent, founder of HS Dent Publishing.

Dent is an economist and the author of “Zero Hour: Turn the Greatest Political and Financial Upheaval in Modern History to Your Advantage” and his latest book “What to Do When the Bubble Pops: Personal and Business Strategies For The Coming Economic Winter.” He bases his economic forecasts on demographic changes.

Speaking to Michelle Makori, editor-in-chief of Kitco News, Dent said that risk assets will sell-off in waves, with the first wave seeing U.S. equity markets drop as much as 40% and the entire bear market phase totaling up to a loss of 90% for the S&P 500, not unlike what happened to tech stocks during the Dot Com Bubble bust of 1999.

“This is going to be the biggest crash and the biggest downturn of your lifetime, and most of it is going to happen probably in 2022,” Dent said. “The whole crash is going to be 80% to 90%.”

You can read the entire article, here.

 

NBC News/Martha C. White
Economy gained just 199,000 jobs in December, far below expectations

The U.S. economy added just 199,000 jobs in December and the unemployment rate fell to 3.9 percent from 4.2 percent, capping a year of volatility in the labor force that matched the contours of Covid-19 case loads.

The December data, released Friday by the Bureau of Labor Statistics, fell far short of economists’ expectations of 422,000 job gains.

“It is not at all surprising that this month’s jobs report fell short given the current turbulence and potential impact from the Covid-19 omicron variant,” said Steve Rick, chief economist at CUNA Mutual Group. “Rising inflation and the ongoing supply chain crisis could have major implications for the economy as the winter progresses.”

Read the full story, here.

 

Reuters via Yahoo News
White House says COVID stimulus talks ongoing but economy strong

The White House is in constant ongoing dialogue with U.S. lawmakers and others on COVID-19 stimulus funding but the current economy appears strong, the White House spokeswoman said on Wednesday.

“We are in a very different place than we were a year ago or six months ago,” Jen Psaki told reporters at the White House, citing job creation, economic growth, low unemployment levels and higher vaccination rates.

“We’re in constant conversations,” Psaki said, adding she had no specific comment on any potential new actions.

You can read the full story, here.

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