A 90% Economic Collapse is Coming | Confronting Harry Dent

welcome back to another episode of the

me Kevin show today we have the honor of

being here in Puerto Rico with Harry de

it has been over 2 and a half years

since we last talked oh it's been that

long it's been so long and you predicted

a large market crash coming large market

crash came with substantial drops in

indices of over 20% you predicted

certain stocks would be down over 90%

you're spoton the spack bubble you

called these things

are we up from here or is it getting

worse no we've seen the beginning of the

bubble okay the the 22 2022 NASDAQ down

38% now that was important because I've

studied bubbles throughout history they

start with a first crash of at least 28%

and normally as high as 50 so 38 was

right in that sweet spot okay so that

says that's the first wave down it at

least confirms that the bubble momentum

is finally ended now what do they do

they you know they do and stimulate

thinking everybody oh the government

will save it well we bounce back and oh

the S&P makes a new high and the NASDAQ

100 but not the NASDAQ not the Russell

2000 small cap that's called a major

Divergence which means we're likely to

go back down and then we the next wave

will prove that we're in a crash and not

a correction and I say that will end up

like 80 some per down S&P and 90 some

per on the NASDAQ the indices down and

again that sound SS like a lot but if

you look every bubble in history has

burst on that range 29 to 32 is 89% in

the Dow the Dow is like the NASDAQ now

it's like Tech stock so uh some people

say that the reason small caps are

diverging is because they're paying the

higher interest rates of the FED whereas

the large magnificent five and six seven

whatever you want to call them they're

the ones receiving the higher interest

because they have so much excess cash

Microsoft making twice as much money on

cash as they are uh you know paying in

higher interest rates is there a chance

that that's why there's a Divergence or

is this much more ominous that that

that's more more minor and when there's

a downturn the small cap smaller

companies always feel it they always go

down more at first and more in the end

the large caps go down slower at first

and then catch up with the small caps

they all end up down nearly the same but

the small caps go first so again the

small caps are down even even recently

okay had this bounced small Cap's

already down 7 8% bitcoin's down 20%

I've told all my subscribers over and

over bitcoin's the leading indicator

here that's what you watch if bitcoin's

crashing now again stocks will follow

usually in about two weeks which is

about now wow so so that some say the

Bitcoin 20% sort of Correction was this

buy the rumors sell the news on the ETFs

do you think it's more than that that

yeah and that is typical I I had a

newsletter subscri say oh my gosh Harry

you're saying Bitcoin is going to Peak

here at 48 and and and pull back and and

and go lower he says it's going to go to

the

moon no that was confirmation to me that

I was right oh that's what you expect to

happen I mean the market always is is

leading things and then it also turns

around I mean so so so bigk Crash from

69,000 to 16 okay and people would say

well that's enough no I'm comparing it

to the Amazon and.com crash in 2000 to

2022 that's the only bubble that's

similar and and and that means it's got

to go down 95 to

96% for a real bubble like this to burst

and the only good news is we won't have

any bubbles after this this will end the

bubbles this we've had two now there's

never been two Tech bubbles in a row

what what do you mean it'll end all is

it like a great reset new currency or

what happen okay bubbles only come um

there's these 45e technology Cycles okay

they only come every other one about 90

years so you go back 29 Super Bubble top

you go back before that you know 1836

crashed into 1842 42 low and the 32 low

were 90 years apart in this 2022 low so

so that's a 90e cycle that's the only

time you see bubbles bubbles aren't

normal they're only when things are so

good so so long that people just go well

we've died and gone to heaven that's

when you get a bubble and that needs to

correct to go back to normal so to speak

yes and one but once it crashes that bad

I mean 29 to 32 was an 89% crash okay

and that's in the Dow and and so I'm

saying right in between 8 S&P 86 perish

NASDAQ 92 you average those two that'll

be like 89% when it crashes that much

then people are so bared up that you

there's no way you're going to have a

bubble for a long people are going to

remember that bubble and crash for

decades do you think people will feel

that way let's say in China for example

where they've destroyed that real estate

market will they ever trust real estate

in China again never never real and and

one of my slogos is real estate will

never be the same normally real estate

doesn't bubble right but this low

interest rate easy mortgage era and then

China coming along the government just

pretty much told developers build the

stuff and we'll just keep it going we

won't let it fall for long well now it's

crashing there so they won't trust the

government yeah well and they're the

lead bubble there so so so so that the

whole real estate bubble Peak globally

and has a lot of momentum down and now

the US is following for the second time

the second time around people are going

to get even more bearish because people

have been told and feel real estate's

the one thing that can never go down

that much because they ain't making no

more of it baloney anything can bubble

wow wow so are you what are you more

bearish on stocks or real estate or both

okay stocks will always go down more

than real estate but for real estate 34%

was more than it went in the Great

Depression that was 26 real estate

doesn't bubble as much as stock or crash

as much but this time it went more and

it crashed more but stocks this Bubble

Burst would be comparable to 1929 to 32

and that's why I'm expecting 80% plus

and then we'll finally have deflation I

guess but everybody will be out of a job

I'm guessing yeah and and and that's

when you'll see deflation and and

deflation won't last long because we're

in a longer term mild inflationary area

I mean that that's been the whole last

century but 32 we got depression 3 32 to

33 and and the whole 30s was I think

this will be deflationary for the next

couple years and then then not but the

other thing is though we'll also we will

not see inflation again we're not going

to see inflation come back and go to 9

or 10 or 20% again that this this will

wipe it out for good because there are a

lot of folks who say well you know

things are going to get a little tougher

in the economy the FED will cut print

money again back to QE that'll lead to

more demand therefore more inflation you

don't think so where's the break there

printing money is temporary okay that's

not the major cause of inflation the

biggest inflation in history was 68 to

1980 that was one thing and one thing

only they didn't even print money back

then and they only ran minor deficits

okay it was the Baby Boomers entering

the workforce at Great cumulative

expense before they started to become

productive and pay off that that thing

so it was in it was totally de Workforce

growth is the one and only thing that

correlates with inflation and that was

the highest Workforce growth in history

we will never see that repeat we're

we're older now more mature growing

slower having less and less babies we'll

never see the 70s again I mean that's a

good point uh I mean back in the 1950s

our population was 150 million we're at

like 340 now we're not going to and that

happened around the world this was a

global phenomenon the US just had kind

of the biggest most visible one and

actually we measure we have statistics

on births and all this stuff and

immigration a lot better than a lot of

countries so it was more visible here

but this and and again that happens and

I I'll get it even even weirder every

250 years you see a population explosion

like this you will never see this again

either not for a long time so until you

see that there won't be an inflationary

boom again well the other thing

everything comes from births and

immigration which I I can I can add

immigrants into the birth index it's a

little more complicated but I can do it

accurately okay the birth index will

tell you when you're going to have

inflation not entering the workforce

when you're going to have the greatest

booms 46e peak in spending and now it's

47 and maybe one day'll be 48 but that

doesn't change that much and when you'll

see kind of deflationary as these people

exit and retire that's defl so young

people are inflationary middle-age are

productive as hell and old people are

deflationary and then they die that's

the ultimate ultimate deflation is dying

oh wow that's morbid yikes okay so is

the Fed Gonna Save Us Janny El says no

recession no because they already

overreacted you know what their mistake

was they were getting by with this just

keep stimulating more they did that

since 2009 13 years straight escalating

but they did it just enough that they

could get away with Co happened bam yeah

they over panicked this was a twoyear

this was a a predictable two-year

influence a light crisis why and it's a

natural one why not let the economy take

a break okay because it needed to anyway

they and they nobody would have blamed

them for it nope they had to stimulate

harder than ever and they blew inflation

to 9% overnight and then they had a slam

on the brakes and that's why we've got

this so so after that they've tightened

so much they can't just turn around and

say oh oops we were wrong to over

stimulate now we're wrong to overtighten

and now we're just going to over

stimulate again they're going to look

like even worse fools than they already

are oh so they won't save the day

because they don't want to screw up

their credibility even more yeah yeah

first of all they've already blown it

and I've been predicting the FED will

overdo this like a teenager steering on

the road learning and going off the road

and that's what they've done twice now

over stimulate over over over tighten

yeah and and they are not going to have

credibility after this and that's a good

thing they shouldn't be telling what the

economy should be doing they should be

responding to the economy if the economy

needs a little more liquidity because of

a war or a crisis or something that's

what they were invented to do not tell

the economy that you have to grow every

year and if you don't we're going to

just grow for you wow wow that's the

most arrogant thing in history for a

bunch of academic that me one guy in the

fed that's ever run a business academic

people with phds deciding whether the

economy should grow or not wow that that

is a crime so where do we put our money

in gold and treasuries what what do we

do not go early stages of this like 2008

gold kind of holds up and Trends up when

you see the real deflationary crash

which is what's I think's coming in 2024

cash and and it's just crash okay that's

when gold even gold goes down cuz if

gold is gold is saying if they keep

printing more money we're getting

inflation and that's what Peter shiff

preaches and that's right but once it

turns down and goes to recession you go

quickly to deflation and that does not

favor gold that favors cash and

something much much more treasury bonds

wow the longer the duration 10 is good

30 is great because you're you're

locking in higher rates at the top of a

mildly inflationary boom before you go

into a deflationary crack and those

rates fall and so the long that 30-year

Bond I'm I'm telling you a 30-year

treasury bond could double or more in

the next year or two you'll never see

any investment do that wow so that's the

that's the deflationary crisis hedge if

we were going to have an a runaway

inflation like Germany in 23 that's when

you buy gold wow that's really

interesting so your investment is

predicated on whether you believe

there's inflation or deflation and since

you believe there'll be deflation well

number one just in history out of 10

downturns are deflationary when you go

into recessions good only that

hyperinflation in Germany was was a

difference so that that's more much more

rare what indicators are you seeing

right now that are saying the recession

is

near well you know um Bitcoin Bitcoin

already PE Bitcoin is is is not just

some funny coin in fact that the coin is

just a mirage okay it's about

restructuring all Financial Services and

financial assets and we're digitizing

them which is a huge thing okay but it

has already um started crashing okay it

was a 69 it went down to 16 it bounced

and then went to 48 and I've been

telling people this is it folks this is

a bare Market rally and it's already

turned down to 39 I think it's going to

go to three to five and that's when I'll

buy Bitcoin 3 to 5,000 3 to 5,000 you

know what that was only the low back in

late 2018 early 2019 just a couple years

ago so we're back to that level and you

would go from treasuries to bitcoin at

that point yeah that's right if you had

to do one thing and one thing only I'd

be in 30-year treasury bonds now and

then after this crash and things start

to settle down then I would go into

Bitcoin only because it's the leading

risk assets I could also buy tech stocks

you know and and other things when rates

are down yeah yeah yeah and when we're

getting ready to Boom again ah okay okay

so so when rates come down we're getting

ready to Boom again that's when you want

to be long tech stocks Bitcoin real

estate maybe and real estate again yes

but now real estate uh I I have a phrase

real estate will never be the same

because because this is the second

bubble when of something that rarely

Bubbles and the demographics in real

estate just go down forever okay what do

you mean by that well well well

because it's like are we going to no it

goes with it you know we're all

developed countries are peing upon this

is the last great generation the baby

boom and the Millennials the the

generate the demographic Cycles just

keep going down and without new larger

Generations you don't even need real

estate you know what's the difference in

real estate stocks and anything else It

Last Forever you build a house now it's

there 300 years from now ask people in

Europe they got a ton of three 400 year

old house they might build theirs a

little more uh robust sometimes they

might pick them up but they don't have

to rebuild any houses and we're never

going to have to build a house again

unless there's some new area in Arizona

growing do you think that people are

going to concentrate into coastal

regions and maybe Central areas in the

United States will become less valuable

where people just going to go where the

jobs are or what real estate markets

will do better than others well you know

it so far it's just a the same Trend

people have been moving into the

southeast and in the southwest for

warmer climates warmer War yes okay and

and so no is going to go back uh uh Cole

and and I I literally see on the East

Coast it's been a long time because New

York is the financial center not to us

globally I'm seeing that move to Miami

wow and I'm seeing crypto I think crypto

has you know started in California now

they're in Puerto Rico and they're in

Miami I think Miami is going to be the

center for crypto and crypto is really

the Leading Edge of financial services

is San Francisco done

for

yes in that sense yes I mean California

was so strong well the only strength

there we're we're also moving a

long-term Trend east to west so it's

gone from Europe to Northeast to the to

uh in the automobile age the Midwest and

now in the computer age West Coast and

it's moving on to Asia so so the

California stays strong because of that

but this crypto thing is not going to be

centered in California wow wow okay so

go long treasuries now if you're a home

buyer do you go long 30-year mortgage or

just don't buy right

now well the good thing about a 30-y

year you can lock it in before before it

gets too hard to get a mortgage ah

because the rates will come down but but

a lot of people won't be able to qualify

if the economy gets as ugly as I'm

seeing for the next few years do you

think we'll have mass layoffs yes how

can you not how soon um I think that

starts in 2024 I think okay first of all

this tightening it takes a year year and

a half to hit so it was from early 2022

into July of 23 so far and they may

still do a little more that's going to

we're going to feel that the most in the

second half of 24 early 25 that's when

we see are we really going and when they

say soft Landing I'm like not a chance

in hell okay if we're going to see a re

is we're going to see it by the second

half of this year and then it'll take

early 2025 before realize how deep it is

I think it's going to be deeper than

2008 and N do you think they'll

substantially cut as soon as the first

signs of that come to mitigate that they

will but they're going to look like

really big idiots by then wow uh what

about the election is Trump going to

win you know what the what Trump should

be rooting for is me if I'm right about

2024 that's his biggest Advantage

because the incumbent never wins in a

down economy now if it's just slow then

it's kind of like could go either way

and it depends on how Donald's legal

troubles go if this economy goes down

sooner than later like I'm thinking I

don't see how Biden has a chance so

that's so so if if Haley doesn't knock

him out he's in do you think she be in

in that in my scenario okay does she

have a

chance I think she does okay okay but

but but not Li I mean he's it's too it's

it's too much to overcome at this point

he's going to have to have a legal blow

up that's even worse and and I wouldn't

bet on that one is what so far it seems

like he's been a little Teflon Donnie

huh yeah yeah I mean and and there is a

lot but but in this time frame I mean he

can hold it off that's what good lawyers

can always do yeah I I think it'd be

hard could also be 100% innocent yeah

okay so I mean here's the good thing I

don't look at politics when I make

predictions okay you know why they don't

matter that much nobody can do that much

when they get in but everybody's worried

about and everything's and in the econom

these underlying technology and

demographic Trends are so strong that

that if I was advising a politician I

would simply tell him when to run Bill

Clinton W walked into the best decade

and I predicted this advance I said not

only great boom all the way to 2007 the

90s will be the best decade better than

the Roaring 20s so wouldn't you want to

walk into that that's what Bill Clinton

did by accident of course was he going

to not be reelected there not a chance

every sex scandal wouldn't matter

wow so what can you say that again you

would you would not advise politicians

what to run on you would advise them

when when to run yeah you want to walk

into like Reagan did and and and Clinton

did only first into a weak economy

that's going to turn around Reagan

walked into the early 80s that was the

biggest downturn since the Great

Depression and it was coming back 83 84

you know when he came back re-election

that's the golden scenario or at least

you walk in into a good economy and it

and you're and it's better when you get

out but but no better than coming out of

a bad to good then you look like a a

hero Obama Obama came in at a great time

timing yeah couldn't have done better

wow wow okay yeah Obama and Reagan where

and Clinton all came in where you

probably could do no

wrong okay that's interesting what and

Clinton tried his best fa what what do

you think about folks who compare us

today to uh

1982 83 where basically we had our Paul

vulker ring of rates up now we've got 20

30 years of just straight up in the

market no but well well okay this one is

complicated because the real down period

more like the 30s and even the 70s and

early 80s both of these long down

recessionary or depression period came

in between generational spending booms

okay so so 30 to 42 was the last down

demographic era and then it was 60 69 to

82 so the difference is we were just

coming out into a long boom in 82 we

should have been in a long downturn and

so what's complicated now well what we

never had all the debt restructuring and

wash out and and and and and knocking

out of zombie companies did you do in a

downturn like that which is very

productive by the way it's one of the

things the economy does very well and

needs to do recession are NE is

necessary is sleep to human beings is

what I call it okay if we didn't sleep

you know how long it takes for somebody

to turn into a crazy person they don't

sleep three nights three to four nights

okay well that's what I'm saying we

haven't had this the longest period

without having a recession 14 going on

15 years and and we need we we need a

recession real bad is that just to kill

the spaxs or the profitless companies or

whatever or is it also does it have

anything to do with the US debt at 33 34

TR now well the problem is the downturn

is only going to increase the government

debt but it's private debt what what

people Miss if there's a 100 trillion in

total debt 25 to 30% of it's government

and and and 70 to 75% is private private

is three to one typically so it's the

private sector that detoxes and and and

and restructures debt massively so in

any boom people are going to invest and

borrow and and and a lot of investment

is going to be good but there's always

going to be bad Investments it takes the

downturns to wash out those bad

Investments and redirect Capital back

into good again so so that's why we need

recessions we wouldn't have one honest

business left one honest politician left

if we never had a recession wow because

it brings people back to reality okay

and and I knew that because I was I was

coming into small businesses in the 80s

about a lot of new Ventures emerging and

they all had to go through some major

shakeouts before they they they got

strong enough to then go mainstream

shakeouts are part of the business cycle

they're not oh my gosh that's so that's

a flu that you got to avoid that's the

way autonomous teach oh this is a flu we

got to avoid this flu no sorry go

through it in other words get stronger

by going through the sickness okay okay

sick coals are good for the body flues

are an attack from the outside coals are

natural normal things when people get

overly toxic that you have to flush it

out that's what most coals are wow okay

and they shouldn't be stopped by you

know what they take to stop them heroin

coding coding is just a derivative

heroin every painkiller in suppressant

in history wow so wow that's that's an

interesting comparison okay can you

invest in China at all right now I know

we said no real estate but what about

the stocks alibaba's cheap yeah well

it's going to get

cheaper um and when we come out of this

it will be better to invest in the stock

market than real estate I'm telling you

real estate's going to be a four-letter

word okay wow but but but the thing

people don't get about China in the

emerging world they're urbanized they're

not just have a lot of young people

spending they're Urban no China is

already 65% Urban has built enough empty

real estate to house the other

87% Past full Urban so they don't need

to ever build they're come out of this

they're not going to be able to go in

another building spree because they're

going to be filling up empty 22% houses

for the next couple decades wow so

China's never going to have the type of

Boom they did again and the next great

boom without question in my view India

is the next big thing they're going to

see four decades from from coming out of

this Global downturn into 2065 or so

that'll look like China from the early

80s to 2021 four decade China went from

20 to 60 5% Urban and 10 times their

standard of living in that time period

imagine if India with even more people

that are going to Peak and grow later

while China is already on its shrinking

curve like Japan India is unquestioning

be the next big thing and you know what

even India and economists don't agree

with me on that yeah a lot of folks I

hear they say India doesn't have the

infrastructure it's too fragmented

exactly well that's how you become a

great country you invest in

infrastructure fix it you urbanize and

and India's 35% Urban

and and all they got to do is go from

half a perc Urban per year increase to

1% more like China and they're going to

be on a tear and they're going to build

those infrastructure that's the

opportunity not the limitation no

emerging country has good

infrastructures go to Kenya go to any of

them it's the ones that start to

urbanize and put in those

infrastructures they're going to have

the greatest game India is the only

large country that can still do this and

be the next China and learn from China's

mistakes Fair would you start a business

now or wait for the crash no I would

good time to start a business small

businesses do well when when large

larger b or more established business

often large are basically going through

a downturn and restructuring you so oh

we don't need that but shedding business

they can move into those areas that are

opening up in the downturn and focus on

it and then come out the boom and and

and the old the larger companies will

just get out of those in and never be

nimble enough to get back in so this is

a good time to start a business just

look for uh you know a lot of the

demographic areas and stuff everything

from aging I mean nursing homes would I

want to get in the nursing home business

now oh my God that's going to be the

last thing baby boomers drive into a

giant bubble Peak there'll never be

enough nursing homes in the next 20 30

years nursing home hack we got to start

our startup any advice for people who

take your advice from starting a

business when it comes to employees or

running companies or what what you take

see secret to to early stage businesses

don't think you're going to knock the

world over and the world's going to come

running to you even though you got the

best thing okay you're delusional you

may have the best thing but it doesn't

happen overnight you have to test test

test test you go for Niche markets first

you go for the early adopters or the

more fluent markets whichever is most

obvious first you don't try to get to

Homer Simpson laugh okay and and then

you keep going with that and you have to

keep testing things and keep pulling

back when something you're you're

finding what's going to work okay you

you don't know what the consumer these

newer consumers and they don't even know

what they want until it gets tested so

too many small businesses think oh I got

the holy gra I got the great they over

invest overproduce over Market the

product and then by the time it finally

really catches on they're broke and

they're out of business wow wow so test

test test and and know that you've got a

big winner but know you're going to have

to prove it and you're going to have to

learn a lot and go through a lot small

iterate if you feel resistance or

something's not working don't be afraid

to flip flop as people say right reeval

and again your advantage is you can be

in Nimble that's why large companies

don't do well entering Young new

business they're not experimenters

they're just about building scale and

making it more efficient more efficient

lower cost yeah no you're about finding

a new market and testing testing testing

until you nail it get that killer app

with the killer people and then they

prove it for you the people everybody

looks at the movie stars the affluent

the rich the people in Dorado here in

Puerto Rico whatever you know and then

that gives it The credibility then

everybody mainstream wants it it's just

a matter of the cost coming down till

they can get it and they but they jump

on easy wow wow okay uh what about Elon

Musk Twitter X should he have bought it

do you like him yeah I do I think you

know he may he's a little bit naive at

times and stuff but I think he is like a

a Henry Ford T you know he's an early

stage innovator and believe me you know

what Innovation do they make tons of

mistakes you know why they're good

they're willing to fail the the the

capacity for failure is more important

than the vision of success for

successful entrepreneurs wow tons of

people have Vision everybody's got a

vision in a dream but if you're going to

make a big Vision as I said earlier

you're going to have to fail fail fail

and learn from those failures and cut

your losses quick and go with the games

that's what you do so I think Elon is

that type of long-term Visionary and and

and he is going to come out of this he's

going to survive it and and he's got big

visions and electric cards are going to

be fully mainstream within just a couple

of decades and and his big worry is that

other more efficient companies copy him

and do it cheaper he's got to be keep

ahead of that he's got to keep his and

he is pricing ahead of it which is good

but but he's got to be able to back it

up with his cost actually coming down ah

so you think he's purposefully engaging

in maybe these vehicle price cuts to

squeeze out the others from being able

to innovate whether Chinese to keep them

from taking too much market share from

him they're going to get some so so it

and that's the right thing to do even if

it costs you even if your profits go

down you can't because if they get too

much market share quick then their costs

come down and you got to remember these

larger automobile come let them they

have cost and scale in other automobiles

that that feed into this so they have

the advantage so he's got to keep

running with this winning hand and and

and keep them from coming in too quick

be defensive about that what about

Andrew Tate you ever hear much about him

no I don't as much okay all right and uh

is Gavin Newsome going to replace Joe

Biden I have no idea I don't I don't

follow politics and I don't really care

all I can tell you is if this economy

keeps weakening in 2024 which looks like

the most likelihood it' be very very

hard for Jo Biden to get reelected and

he's not a Dynamo in the first place

what are the odds drone Powell comes out

of this a

hero extremely

low he's already gone from one extreme

over stimulating okay then the the

forced into the another extreme of

overtightening this tightening is going

to continue to hit until late 2024 early

2025 and nobody's going to know how much

it's going to damage but there's going

to be more damage even if he changes now

starts to stimulate again which will

look very foolish after flip-flopping

extreme twice so he's he's going to he's

not going to do that too fast there's

going to have to be literally a threat

of a recession even then it's going to

take a year year and a half for that

stimulus to hit and the and the old

tightening still going to be hitting so

he is doomed from my point of view wow

wow okay and you know what's good it's

good for me he shouldn't be playing this

role they should not be in charge of

whether the economy grows or not they

should be providing liquidity in crisis

Okay so don't name your child after

Jerome Powell uh what about other

leading indicators people should look at

other than

Bitcoin well I mean the small caps are

also leading they're down ahead of the

large cap

um I mean I mean I guess it's lagging no

no jobs are lagging too no I mean um

that that's really the best thing that's

what I'm focusing on and Bitcoin just

keeps falling here okay okay what else

what am I missing what should I be

asking you what do we need to tell the

viewer well I would look at everything

this is this is a a total financial

asset bubble that we've never The

Roaring 20s was mostly stocks okay and

things like that and business it wasn't

it wasn't real estate was not that was

much of a bubble Commodities had Peak

before that in 1920 Commodities weren't

in a bubble okay it was a majorly a

stock and business bubble this is the

everything bubble of all all time

there's a more to Bubble now it's more

Global now so this is everything stocks

real estate bonds bonds have been you

pushed down by stimulus pushes down bond

yields they push down the risk-free

bonds and then that pushes down even the

risk bonds and so everything's in a

bubble and everything has to burst

together and and the secret is when

there is an everything Bubble Burst

there's only one thing that can survive

it and that is either cash as you said

earlier

or the highest quality long-term bonds

the US Treasury bonds even even a a AAA

corporate would be would do good but not

as great anything else even a a a minus

a or a B+ bond is going to go down in

value and stocks are going to crash and

junk bonds are going to crash wow junk

bonds act just like stocks pretty much

how do people follow you harrydent.com

I've got a free newsletter I'll talk to

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we'll have a link in the description

down below uh I guess if I had a final

question it would

be because they're so different who is

going to be more correct Peter Schiff or

Kathy Wood so Kathy Wood is you know

deflationary everything's going to the

moon bitcoin's going to uh you know a

million Peter shiff is gold is going to

go to

100,000 uh because we'll see inflation

but both you know one sees a crash one

doesn't Okay well well they're looking

at different things I see both going I

see gold has seen its best and it may go

a little higher I've always had like 22

2300 to Target on the upside for gold in

the early stages of this and then into

maybe late this year early next year

goal will go down and not horribly about

50% it'll go back down 1,100 okay and

that that's that's where it's strong

supported so that that will look good

when everything else is down a lot more

but it's not going to be the sav oh so

wait gold will be relatively stronger

Peter will be right because everything

will be down 90% it better yes it'll be

down 50 when stocks are down 80 to 90

yikes okay so but but that's not the

place I want to be okay but but it's not

the worst place to be all right um and

and and Kathy Woods is saying what what

she what are you saying so horic thing

uh technological innovation will lead to

Rapid deflation the FED will ease with

lower rates and then uh tech stocks will

will rally without a recession

so boy that yeah that's a pipe tree the

deflation is going to come from the econ

from the the second Tech bubble bursting

not from Innovation yeah well well

innovation's always happening okay and

this is massive Innovation and there's

more coming than that but Innovation

goes in Cycles too we we've already seen

two Tech bubbles here and this Tech

bubble has to unravel to make way for

good Innovation again this this bubble

stuff people are no longer investing in

Innovation they're just buying into

bubbles and that's the problem with

bubbles they suck good money into

speculation so you have to knock the

speculation out until the economy can

get back to a normal Innovation and

generational demographic driven

boom bubbles are bubbles are tempor and

actually work against the long term wow

Harry thank you so much really

appreciate this harrydent.com

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