Harry Dent Says Greatest Stock Market Crash Coming in Q1 2022

Fed beginning to raise interest rates will promulgate the topping of this market

Harry Dent: Greatest Stock Market Crash of Our Time is Coming, First Plummet in Q1

289,927 viewsDec 21, 2021

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The economy is in a bubble, and “you will see a 40-50% crash in the first two and a half months,” following that bubble bursting, says Harry Dent, founder of HS Dent and editor of HS Dent Forecast. The initiation of the Fed beginning to raise interest rates will promulgate the topping of this market, he tells our Daniela Cambone in this edition of Outlook 2022: The Tipping Point. Dent believes we are near peak inflation levels, and says, “as soon as we come out of this downturn, you will not see inflation over a couple percent for the rest of my lifetime.” Dent examines all of the leading indicators of what he calls building towards a crash, and “would be extremely surprised if we don’t get that first crash starting in Q1.”

Harry Dent Says Greatest Stock Market Crash Coming in Q1 2022

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FULL VIDEO TRANSCRIPT

00:02[Music]00:11[Music]00:14hi this is danielle cabone and welcome00:16back to stansberryinvestor.com00:18last year when most investors were00:20watching their stocks plummet00:22one wall street legend had an unfair00:24advantage that was identifying winning00:26stocks with massive upside like riot00:28blockchain before it shot up ten00:30thousand percent digital turbine before00:32it shot up 789 percent overstock before00:35it shot up over a thousand percent00:38this power gauge comes from the00:39legendary mark jacob and right now you00:42can get a free in-depth look at how his00:45power gauge system works00:46a way to type in any of the 4 00000:48different tickers and exactly where the00:50stock is most likely to go next than in00:53any type of market simply go00:55to power powergatetrial.com00:58for your free look again that’s01:01powergage trial.com for your free look01:04all right let’s get to our segment today01:06hi this is daniela cambone and welcome01:08back to01:09stansberryinvestor.com and to our01:10outlook 2022 the tipping point our01:13series continues with more incredible01:15guests and joining me today is a man01:18who’s known as being the contrarian’s01:20contrarian and he does not come with01:23very good news for 2022 saying that we01:26will experience the biggest stock market01:29crash of our lifetime please welcome01:31back to the show harry dent he is the01:33founder of hs dan he’s also the editor01:36of ahrefs dent forecast harry uh good to01:38see you again welcome back01:40yeah nice to be back01:42we got a lot of ground to cover and you01:44know where i’m gonna go first uh you01:46don’t come with a lot of good news for01:482022 saying that we will see the biggest01:51stock market crash of our lifetime we’re01:53going to talk cryptos you also don’t01:55have good news for those for the crypto01:57space but first the stock market harry02:00my question to you is02:02look you’ve been calling for this crash02:04for for quite a long time in 2021 you02:06were looking for it to happen in april02:08then in june so i have to start with02:10this02:11you’ve been wrong on those calls why are02:13you certain now02:14okay02:15it’s as simple as this there we’re in a02:17in what i call the orgasmic phase of02:19this bubble that’s just been building02:21and building people have to realize02:23since 2007 and i called that one 2002:25years before it happened late 2007 baby02:28boomers peaked in their spending we had02:30a peak in the stock market in late 200702:32and we went into the first deep02:34recession since the early 80s in the02:36early 30s okay the great depression and02:38that’s when the the federal reserve and02:40central bank just went nuts we had02:43printed more money in the last year and02:45a half or so than all of the printing02:47before this and even you know since 200802:50and nine i mean just years and years of02:52this so they keep doing exponentially02:54more so they’re just desperately keeping02:56this bubble going and when you get in02:58this phase there’s no way to say oh it’s03:00gonna happen this day or this month i03:02mean i was able to predict the 2007 top03:04because i could precisely determine03:07within several months when the baby boom03:09was going to peak and momentum was going03:10to turn out but this this is just a03:13bubble’s going to go until it burst i’m03:15now looking literally at more at chart03:18patterns and things like that to see03:21when this bubble looks like it’s going03:22to pop and this looks like one of the03:24times right here in december where at03:26the top if not that it’ll be early next03:29year after that i’m going gonna be03:31shocked if we do not see a downturn so03:34it’s at the point where to me this is03:36such an extreme bubble if you’re hanging03:39in there to say well well maybe it goes03:41another three or four or five months i’m03:43like get out03:44what my research does show a hundred03:47percent is that when a bubble like this03:49burst you’re gonna see 40 to 50 percent03:52crash in the first two two and a half03:54months and and if you sit and wait for03:56that it’ll happen before you’re ready03:58and then you’ll panic when that happens04:00and then it’ll bounce and then you’ll04:02look like a double idiot so this is very04:04tricky04:05and i think baron rothschild the late04:07the richest man of the 1800s in europe04:09said what is the secret to my success i04:12always got out a bit early okay that’s04:15what i say be be on the early side and04:19and this is already way later than this04:22thing should have gone but the04:23governments are exponentially somewhat04:25now for the first time with the economy04:28only coming back in recent months it was04:30declining in the second third quarter04:32okay after all that stimulus it was04:34declining well it finally came back uh04:37with this you know04:38recent stimulus okay04:40this has put them in a bind they now04:43have almost seven percent inflation and04:45the next report’s probably going to be04:46higher in december we’re going to get04:47that january 12th04:49and the economy is suddenly gotten04:51strong it was weak now so they have to04:54tighten i what i’m telling people04:56danielle when you have an economy that’s04:58now been stimulated for 12 years against05:01fundamental demographics against slowing05:03even technology all my cycles are05:05slowing at this point and most of them05:07for years it will not take much to prick05:10this bubble that’s what i’m saying so05:12just them saying we’re going to have to05:14taper and just starting they’re already05:16cutting 30 billion a month in in buying05:19bonds and they’re supposed to finish05:21tapering that and then raise interest05:23rates by march you’re going to get a top05:25in here by early next year i say it05:28looks like it’s happening now that’s all05:29but but i cannot i cannot be accurate at05:32this stage on it precisely05:35so05:36and just to go back to the timing i get05:38it you know i’ve said the same thing to05:39robert kiyosaki05:41you know it takes it’s hard to stick05:43your neck out with a certain call05:46but why do you think the mark was missed05:48on your original forecast of april and05:51june what happens i think they just they05:53just keep pumping it up and the markets05:56keep buying i mean at this stage05:58the market will only go down when06:00something triggers that’s big enough or06:02the last person gets in the stock market06:05and and06:06you know it’s hard to tell which of06:07those06:08uh but i i think what what typically06:11happens danielle and this has been every06:12top in this you know boom since the06:15early 80s when the stocks markets go up06:17for about a decade usually they usually06:19get pricked when the interest rates06:21inflation starts to rise late in the06:23boom and the bond range that you know06:25the bond rates go up now the big thing06:26right now which is extremely unusual we06:30have 6.8 percent inflation and rising06:32and the 10-year treasury bond is06:34yielding 1.4 percent06:37you know that’s like a negative yield of06:39six seven percent so06:40that i think the treasury bond may what06:43may be if it keeps edging up that that06:45could be the trigger but but we’re just06:47way beyond uh this thing harry let me06:50ask you because that that is the concern06:52right that when the fed would start06:54tightening what impact would that have06:56on the stock market but the fed knows06:58this right so07:00won’t they do everything in their power07:02to avoid a stock market correction that07:04this is what they’ve been working so07:06hard to avoid they’ve been pumping07:08pumping pumping07:09why would they just put their guard down07:11why would they got a number gotta07:12remember there’s a lagging everything07:14monetary policy lags about eight and now07:16it starts but it lags about 18 months in07:19its real effect and so they’ve been07:21forced to to start to taper off what i’m07:24keep telling people you gotta understand07:26addictions you gotta understand bubbles07:27they’re both the same thing something07:29blows up it takes exponentially more07:31keeping a bubble or an addiction going07:34and all it takes is just just pulling07:36back you don’t have to stop the stimulus07:39just less stimulus and then no stimulus07:41is all it takes at some point so it’s07:43just a matter07:44and so so now they’re forced to get a07:46little more tight well if they’re going07:48to decide if they pull back and07:50immediately get easing quickly it’s07:51going to look like they’re panicking so07:53now that they’re in a tightening mode07:55slowly it’s going to take them a little07:57while to respond and go the other way07:59and in that time again remember what i08:01said at the beginning two to three08:03months every major bubble burst has08:05happened within three years and it’s08:06been from 4208:08to 50 percent in my calculations on this08:11one that’s been so stretched is it’s08:13going to be 5408:15the first crash if that first crash08:17happens if they just slip that long08:19people will lose confidence in this08:21market imagine if the s p dropped you08:24know 5408:26in two months you think anybody believe08:28oh well they’ll just print money again08:29it’ll come back you will not see the08:31market come back if it crashes that much08:33i will almost guarantee you that are08:35there certain sectors that will be saved08:38or where do you see the ones getting hit08:39hardest08:41well yeah yeah obviously it’s the small08:44caps are already the small caps are08:45about if they break 2100 that’s gonna be08:47my first signal this really is a top and08:50we’re about 50 points from that today08:52okay a couple percent uh the small caps08:55lead and of course the tech stocks08:57follow those would be the ones hit the08:59most if you get you know health care and09:01defensive nations and and consumer09:03staples of course those are going to09:04hold up better but in a stock crash like09:07this after a major bubble everything09:10will go down including utilities it’s09:12just those sectors will go down 40 or 5009:16and then the leading sectors will go09:18down 70 80 90. so so that’s the09:20difference there is no safe place to09:22hide the only place to hide which was09:25proven in 2008 and it wasn’t gold gold09:27went down 40 50 in the worst of that09:30crash it was the u.s 10 and 30-year09:33treasury bonds and the u.s dollar that09:36bounced in that crash in late 2008 when09:39is that at worst that was the safe haven09:41that’s what i’m telling people to do09:42getting treasury bonds i’d even wait09:44here to let inflation get a little09:45higher maybe wait until early january09:48then get in these treasury bonds and09:50just sit there and whether the crash09:52happens now or a couple months from now09:54when it does it’s going to come like a09:56freight train that’s what history says09:59two things i really want to bring up you10:00mentioned inflation let’s go there first10:02i just had jim records on who thinks10:04we’ve already hit peak inflation the10:06worst is behind us of course i’ve had10:08other experts on who think it’s just10:09going to keep uh running uh where do you10:12where do you sit with it10:14well i’m in between on that one i have10:16the best inflation indicator in the10:18world workforce growth nobody no10:20economist would think about that10:22incorporating young people in the10:24workforce takes things you know10:25investment in computers and trainings10:27and offices all this sort of stuff10:28that’s the biggest correlated with10:30inflation over time inflation has been10:33falling since 1980 right with my10:34indicator it should be two percent today10:37and what’s it at 6.8 we’ll count call10:40that 4.8 percent inflation created10:42entirely out of the recent stimulus so10:44that’s what the stimulus has done10:46as soon as we have a slowdown in the10:48economy or they stop stimulating i agree10:50inflation’s going to fall off we could10:52be at peak now or soon would i be i10:55guess more like with jim but it’s going10:57to take a drop in the economy to stop if10:59the economy does not slow down we do not11:02have this downturn then inflation is11:04likely to edge up at least for a little11:06while so but but inflation’s already up11:09way more than it should be because of11:12stimulus so11:13uh and then and the stimulus is no11:15longer escalating they’re looking at11:16tapering it so i say yeah we’re probably11:18near peak inflation and it should go11:21down to zero or negative and then when11:23it when we come out of this downturn you11:26are not going to see inflation over a11:27couple percent for the rest of my11:30lifetime and most of the people11:31listening this almost guaranteed11:33workforce growth is going to be damn11:35near zero as we go into the future for11:37the u.s and in europe in japan and and11:41the eastern asian countries developed11:43are worse so inflation is gone forever11:46stagnation11:48well no no the 70s was stagflation11:50because the baby boomers were ending the11:52workforce you have to remember we11:54weren’t printing money in the 70s we11:56were running deficits but governments11:58are going to run deficits when costs are11:59going up and you’re having recessions so12:01from the late 60s to the early 80s it12:04was an inflationary recessionary economy12:07that’s called the the uh the summer12:10season okay in in my long-term thing12:13that’s what would you expect to happen12:14this is not that this is temporary12:18inflation that is not going to last past12:20as soon as the economy slows down and12:22it’s not going to come back when we get12:24out of it so you won’t see inflation at12:26seven percent a couple years from now12:28we’ll know will a recession be triggered12:31yeah well again what tends to trigger12:34recessions and stock market crashes12:36after a really good boom like this is12:39that inflation starts rising from over12:41capacity and overstimulation all this12:43stuff and then that triggers you know12:45slowing the economy that triggered stock12:47markets to crash and then that builds12:49and that’s what and then that washes out12:52inflation brings high unemployment lower12:54spending and that brings inflation down12:58yeah to this point let’s let’s talk13:00politics a second here joe manchin um13:02you know putting a dent no pun intended13:05and uh13:06in biden’s uh buildback better plan your13:08thoughts there13:10yeah well i mean again look at what they13:14i’ve got 4.9 trillion in monetary13:17standards now they’re talking trillions13:18of dollars in infrastructure13:20this is the biggest overreaction in13:23history they’ve been stimulating now for13:25a decade 12 years which would also tell13:28you if an economy takes non-stop money13:30printing and now endless fiscal stimulus13:33just to grow at a couple percent then13:35the economy without it would be in a13:37recession so that that should be obvious13:39to people people don’t think that way13:41why has the economy see when we went and13:44came out of the you know in late 200813:45early 2009 they printed the first13:47trillion13:48if that would have just been a normal13:50little monetary correction a little13:52rebalancing and it hadn’t been a big13:54demographic downturn and all that sort13:56of stuff we would have come out of it it13:58wouldn’t take 12 years of non-stop14:00stimulus to keep a dead14:03name dead economy going that’s what14:05we’ve been living in a dead economy14:08when we have this recession we’ll wipe14:10out all the excess money and all the14:12excess debt that’s what recessions do14:14make everything more productive and by14:17the time we get out of this recession we14:19will have fundamental uptrends again14:21because the millennial generation is14:22going to have their boom from 2024 to14:262037 something i’ve been predicting14:28forever that’s right in the demographics14:30that’s not something that changes so we14:33have to clear this out otherwise we’re14:35dooming the baby boomers are dooming the14:37millennials with our debt bubble and our14:40financial asset bubbles which are all14:42have to get washed out because they’re14:44not real14:46in your forecast um14:49how much is the new variant weighing on14:52uh the stock market correction did you14:54calculate that into your forecast here14:57well again that’s another short-term14:58thing just like coba yes that i’d say15:00that’s one of the triggers that that’s15:03that’s you know hurting this endless15:05stock market advancing with printing15:07ever more money okay but it’s also15:09the government the fed sees this and15:11says oh my god we got through coven now15:13we got this new variant so that’s you15:15know that’s what’s keeping them from15:16saying well we were going to taper but15:18you know they’re going to keep back15:20pedaling here but but again i’m just15:22waiting for that first crash the only15:24thing you can do if that first crash i15:27say will be so violent that that people15:30will finally get what they’ve already15:32thought in the back of their head oh you15:34really can’t live on just printing money15:37we’ve been living on printed money since15:39late 2007 when we went to 2008 downturn15:43why for very good reason because the15:45biggest generation of history finally15:47peaked in spending and the end the down15:49and the trends have been low since we15:52have been living a hundred and twenty15:54percent on money going in the economy15:57ultra low interest rate rates a third16:00ten year treasury bond of one point four16:02percent with seven percent inflation you16:04think we would have that without all16:06this manipulation and money bring this16:07is a totally artificial economy which16:10means when it blows it’s going to blow16:12even harder it’s not even real i16:14understand you don’t want to pin16:15yourself to another month16:17but if i had to say when does the first16:20tranche of the crash happen is it q1 q216:22q3 any indication i i think q1 is that i16:26think between now and january uh is the16:29most likely time for the i think it may16:31have peaked in november 22nd okay16:33because i’ve been tracing stock markets16:35different sectors here and around the16:37world you know almost everything is16:39already peaked except for the nasdaq and16:41the s p that’s the only thing small caps16:43are down 13 1416:45a lot of countries have been down for16:47months16:48emerging markets have been down for over16:50a year the bond market peaked a year and16:52a half again the corporate bond market16:54these are all leading indicators that16:56say we’re building towards a crash and16:58like i say16:59it it’s hard to predict when does happen17:01it’s possible november 22nd was the peak17:04we could also get a peak sometime in the17:06first quarter i’d be extremely surprised17:08at this point if we don’t peak and get17:10that first crash starting in the first17:13quarter if it goes past then i’m just17:15gonna be like i don’t know what to say i17:17mean literally there’s a point where you17:18have to say i don’t know what to say17:19because this has never happened no17:22governments have never fought17:24a bubble like this or boom which they17:27created this bubble would not have17:28happened without government the 200717:312000 2007 bubbles those were more17:33natural this is totally artificial so17:37you have that17:38you would retire if the crash didn’t17:40happen i know i i yeah i am considering17:43uh retiring i wouldn’t retire from my17:45research but i would consider saying you17:47know i don’t know if i’m going to write17:48a newsletter anymore you know i’d have17:50to go at least a year if i did that but17:52yeah i have considered that17:54well i’ve said if we can go all the way17:56through the end of 2022 and not see this17:59crash start then i would say yes i don’t18:02have much to say about the economy18:03anymore it’s still a bubble still got to18:05blow but then i have like i have no idea18:07if it can last that long i say the odds18:10are 90 it does not make it that long18:12without this first crash setting let’s18:15talk more bad news before there are18:17there is good news coming from harry18:18dent so stay tuned folks hold on oh yeah18:20hold on hold on we’ll get there18:22but first cryptos18:23you actually think cryptos you know18:26should we have the stock market crash18:27will get hit even harder18:30than the stocks18:31yes and and let me tell you something18:32that’s a good sign you know what i’m18:35parroting the cryptos on today on the18:37dot-coms amazon came at the end of that18:40bubble that wasn’t the bubble the18:42amazon.com bubble it was an internet it18:44was a broad internet and tech bubble18:46the dot-coms came in the last few years18:49and started to roar just like the18:50cryptos here the end of this bubble and18:53then burst amazon went down 95 and the18:57internet index went down 9618:59i call it the baby bubble new sectors19:02emerge the smart people say oh this is19:05the next big thing and i am on that19:06train i am a crypto i call it pc’s19:10internet crypto the three big stages of19:13technology this is the next big thing19:16but i’ve studied these big things they19:18have a baby bubble the most extreme19:20crash then they have the daddy bubble19:23okay it lasts much longer so i’m saying19:25crypto will crash more than the stock19:27market 95 96 something like that stock19:31market 8719:33and guess what will be the best buy out19:35of this i’m not going to buy a t and t19:37or ibm i’m gonna buy freaking bitcoin19:40and ethereum and cardano whoever solana19:42whoever survives this thing you know19:44there’s nine thousand coins some people19:45say there’s 14 this is crazy19:48typical of a baby bug you would step in19:51and buy oh19:52this i’d say it’d be the buy of a19:55lifetime not just to buy this next crash19:57which will be the largest in our19:58lifetime if i’m right but to20:00particularly buy the crypto sector20:03because it is the leading edge better20:05than biotech better than other sectors20:06and that’s all part of it too and20:08nanotechnology buy the crypto sector20:11will be the best buy20:13roaring in how long should a crash20:15happen on the cryptos yeah okay so so20:18they’ll probably be the first to bottom20:20maybe you know 2021 and i mean 22 it’s a20:23late 22 instead of 23 for most stock and20:26i say the next boom will come from 202420:30to20:322036.37 and that’s right about20:35parallel to 20-year lag uh the cryptos20:38may go a little longer than that but it20:40i call the crypto movement a 20-year lag20:42on the internet and the internet did the20:44same thing remember baby bubble crashed20:469620:48and then internet went to 30 went up 60020:51times up 600 times in 12 years that’s20:54what i’m talking about so that’s bullish20:57you couldn’t get more bullish than that20:59help me understand this from an21:00economist point of view okay really help21:02me here because i’ve heard this21:03narrative before oh the comparisons to21:06dot com but they’re not built the same21:09way so why is there this conviction that21:12the crypto will have the same historical21:15patterns as the dot-com okay okay what21:18what the internet did before in the21:20dot-com it allowed reta it allowed um21:23information to become mass uh you know21:26accessible and it allowed retail to21:28expand online okay21:30what what crypto does what the next boom21:32is is finance crypto is the digitization21:36here’s the best definition in one21:38sentence the digitization of all21:41financial assets and money21:44that’s what this rebels so the reason21:46that it’s the next big thing if it was21:48just internet 2 it wouldn’t be another21:51big thing it is going to do what21:53internet did for everything else for the21:55whole my financial assets and money and21:57wealth sector so that’s what’s different22:00about you got to be different to be the22:02next big thing but you have to build on22:03the last big thing so that’s why i i’ve22:06been sold on crypto from the beginning22:08once i heard a guy spoke at one of our22:10conferences marcusco and he gave that22:13definition and then i got it yeah i like22:16that’s a big deal yeah i i didn’t think22:19you’d buy or ever buy into crypto so i’m22:21interested to hear that22:22oh absolutely i i’m saying that is the22:26number one sector i’m gonna be saying22:28whatever survive and you have to look at22:30what survives in a shakeout okay22:32general motors basically came out of22:35that shakeout and kicked ford’s ass who22:36came in leading so something else made22:38but you see who shakes out and does the22:41best and holds up the best and starts to22:43lead the crypto sector should be the22:45number one high return sector to invest22:48in coming out of this and guess what22:50that’s the opposite of what you’d expect22:52that it crashes the hardest you buy22:54whatever crashes the hardest that still22:56has the fundamentals because again i’m22:58putting it on a 20-year lag to the23:01internet stock so if you’d have bought23:02ammo i’m saying buying crypto in 202323:06would be like buying amazon for six23:09dollars a share in late 2021 in the last23:13crash23:14after going down 95 percent that’s what23:17i’m saying it’s that cliff went on23:19that’s also bearish on bitcoin on last23:22week and i think it’s you know23:23interesting if we if we if we listen to23:25you guys for those who have bitcoin23:27holdings or ethereum whatever they’re23:29probably looking or listening to this23:30now thinking you know what do i do here23:32do i get out now and then come back in23:35but absolutely okay if something you23:38know stock markets and financial23:4020 corrections happen all the time in23:42bull markets occasionally put 50 if you23:45have a cobit or something this is not23:47that you do not sit through a 9623:50correction okay if you if you do if23:52you’re listening to me if you see what i23:53see you wouldn’t even think of sitting23:55this out you do get out now and i think23:58that i thought bitcoin would have one23:59more run to 100 grand at the end of this24:01year very clear four year cycle by the24:03way in crypto 2013 17 and 21. we’re at24:07the end of the year i say bitcoin now24:09peaked at 68 000. it’s still holding up24:12pretty good i would be getting out of24:14bitcoin and looking to buy my target for24:16bitcoin and some things may be better24:19four to seven thousand you see that type24:21of number a couple years from now that’s24:23when you buy back24:25i do not don’t lose 90 of your profits24:29take them24:30if you all you got to do is get out24:32about six months and see if i’m right24:34and if i am you’re gonna be very very24:36glad you sold out and you’re gonna buy24:37so cheap you’re gonna kiss the ground24:40let me ask you this let’s get to some24:42good news some good news you say by 202424:45we should be out of this so this is the24:47opportunity you speak of bitcoin by the24:49really um diluted sectors here so we we24:52come out of this24:54there is24:56a pot of gold at the end of the rainbow24:58for you24:59well yeah i mean what did i say i mean25:02amazon went i mean25:03the internet stocks went up 600 times25:05after they bought them in the last crash25:07so in those sectors it’s a lot but i25:09mean just the stock market now the thing25:11is i do not this is something i’ve been25:13saying back for decades25:16after this baby boom boom peeks and the25:18millennials come along the millennials25:20have a shorter boom and it only takes us25:23back to where we were at the peak of the25:24baby boom in the demographic sector25:26which is the most fundamental thing so25:28this is not going to go you know i i25:30think stocks would be doing the best i25:33see is that stocks go back to these25:35recent highs by 2037. but if you buy25:38them when they’re down at 5 000 and it25:40goes back to 30 or 40 000 then that’s25:42incredible that’s an incredible return25:45but it won’t be as strong a boom as the25:4780s and 90s was because this25:49generation’s not as big now where you25:51will get that is you could go to25:54southeast asia asian india25:56china led this last boom in asia25:58southeast asia and india because china’s26:01already peaked in their demographics26:03those if you want to get astounding26:05returns26:06crypto southeast asia and india those26:08are the three sectors to be in let’s26:10let’s wrap with this i need to ask you26:12about you mentioned gold briefly before26:14why26:17will gold not weather the storm for you26:19harry okay gold26:22correlates with inflation26:24okay26:25gold had its best boom ever26:28in26:28the 60s late 60s and 70s and then26:31crashed big time after that okay now it26:34came back in this recent period because26:37we’ve never seen money printing like26:38gold likes to see money printing because26:40gold thinks money printing equals26:42inflation well we’re getting a little26:44inflation at the end of this boom here26:45but we haven’t gotten that effect what26:47what money printing did was inflate26:49financial assets and guess what’s in26:51financial assets gold gold had a bubble26:54just as big as the stock market it just26:56peaked in 2011 instead of 2007 or now27:00okay so gold typically will do well if27:04i’m right we start to see weakness27:05they’re gonna say ah the economy’s27:07leaking again they’re gonna print more27:08money but when things go down like in27:102008 gold went up in the early stages of27:13the 2008 crash and then went down 5027:17in in the second half of 2008 when it27:19went hit back so gold is not the safe27:22haven because we’re going into a27:24deflationary27:25couple of years not inflation and that’s27:27when gold does not be the safe haven so27:31gold is not the place to be but i tell27:32you if you have a little in your27:33portfolio diverse life gold will hold up27:36better than most commodities because of27:38that27:38that at least that image that it’s27:40somehow a safe haven27:42we have so many different viewpoints on27:44this show that’s why i love it um27:47okay bring it home for us harry for all27:49the folks watching like i said it’s an27:50outlook 2022. um you’ve made your case27:53for 2022. to get more specific27:56yeah i see 2022 from the highest point27:58in the stock market early on if not28:00already peaking here in late december28:02from top the highest point to the lowest28:04point will be the worst single year for28:07the stock market in all of history now28:10that the crash will not be quite as bad28:12as 89 but that next year since we’ve28:15held this back so long and bubbled it up28:17and pushed it so far when it finally28:19breaks i think 2022 will be the worst28:21single year so28:23i just say give me give me like three to28:25six months okay28:27just just give up a little gains now the28:29market’s so stretched and they’re going28:30to have to taper you know the market’s28:32not going to do great when they’re28:33tapering28:34just28:35be out be safe for several months and if28:38it doesn’t start by then okay you can28:39jump back in but i’m just telling you if28:41you miss this it will happen so fast you28:44will not be able to react enough and28:46you’ll react just at the wrong point28:48when it’s bottoming and then it’ll get28:50back past the gains and then it’ll go28:52down for a couple years that’s the28:53scenario crash 50 or so28:56retrace about 40 to 50 of that and then28:58go dribble down for a couple years that29:01was the same thing happened in the great29:02depression and the 2000 to 2002 crash29:06led by technology like this29:08harry dan thank you so much why do i29:10have a feeling that at the holiday29:12parties you are the life of it29:15i have that as long as i don’t talk29:17about the crash i am yeah yeah you’re29:19that guy but hey look free newsletter at29:21hsn.com29:23just listen to me for the next three to29:24six months you know if you know you know29:27if things don’t pan out at all then you29:28can listen to somebody else but i i say29:30i’m the guy to listen to here i’m just29:31sorry i am and i was introduced to like29:34you said at a conference as the29:35contrarians contrarian because i was at29:38a gold bug conference where everybody29:40thinks they’re contrary and i was29:41contrary to them29:43hilarious harry dent happy holidays29:45happy new year come back on soon okay29:48okay29:49i’ll come find you actually i’ll come29:50back29:52and thank you all for watching we’ll29:53have much more for you so keep staying29:56tuned to our outlook 2022 only here on29:59stansberryinvestor.com and sign up for30:00premiere access at30:02danielacamboni.com that’s it for me30:04thanks for watching30:08[Music]30:16[Music]30:27you English (auto-generated)