Well-Known Economists that Say an Economic Crash Is Coming as Soon as This Year

If you have been paying close attention to the news, you might have caught wind of the many dire economic forecasts issued by respected financial gurus. The fact that a growing number of economists are predicting an economic crash does not bode well for the remainder of the year and beyond. Let’s take a look at some of the most poignant quotes from well-known economists regarding the possibility of a pending economic depression.

The greatest stock market collapse since the great depression.”

These words were spoken by the same man who predicted the majority of economic trends across the past three decades. His name is Harry Dent. Dent gained prominence after predicting the recession of 1991, the 2001 tech bubble’s burst, the housing market’s boom and ensuing crash and plenty of other economic happenings.

Dent has quite the morbid prediction for the stock market: “The DOW is going to crash to a degree we haven’t seen since the Great Depression.” Dent predicts the DOW will drop all the way to 6,000, stagnate at that level and further plummet to 3,300. He is also predicting a real estate collapse and a drop in the price of gold to $750 per ounce.

Dent believes an economic crash will transpire as a result of what he calls the “perfect storm” of events. Nearly 100 million working-age Americans are out of a job. Students in search of entry-level work have little luck finding employment. They won’t be able to pay back their student loans, depriving lenders of anticipated revenue. As a result, the housing market will suffer. Add in the fact that the federal deficit is ballooning and it is easy to see why economists like Dent have such a gloomy outlook.

Developments in the global economy will push the US back into recession.  The financial crisis will reawaken. It will be every bit as bad as in 2008-09…”

The top strategist at Société Générale, Albert Edwards, is making no secret of the fact that he believes a massive recession is looming. As noted above, Edwards believes the west will succumb to another economic recession. Unfortunately, Edwards is adamant that this financial crisis will occur at some point in 2016.

If its voters choose to leave the European Union, powerful speculative forces could cause the pound to crash by more than 20%.”

These are the words of one of the world’s sharpest investors, George Soros. If Britain votes to exit the EU, it might have a nasty domino effect across Europe and the rest of the world. The bottom line is that the world economy is interlinked like never before. A monumental event like Britain’s departure from the EU really can affect the finances of hundreds of millions of people.

One of the world’s most respected economists, Nouriel Roubini, has offered similar sentiments regarding the potential effects of a so-called “Brexit”: “Brexit would cause significant damage to the U.K. economy & to the employment & well being of Britons.”

Roubini’s words are worth paying close attention to as he successfully predicted the US housing crisis and the resulting economic crash of 2008. The NYU professor, commonly referred to as “Dr. Doom”, is sounding the alarm once again. Roubini is predicting a massive recession resulting from a Brexit. According to Dr. Doom, the effects of a Brexit are being drastically underestimated by his fellow economists.

China has set off a major correction and it is going to snowball. Equities and credit have become very dangerous, and we have hardly even begun to retrace the ‘Goldilocks love-in’ of the last two years.”

RBS credit chief, Andrew Roberts, spoke the words quoted above. When Roberts speaks, investors listen. China’s considerable economic slowdown has the potential to shake up economies across the globe. The dropping value of the yuan is certainly not helping matters. Add in the fact that the Chinese stock market has suffered a severe dip and it is easy to see why economic gurus like Roberts have expressed concern for the future.

It seems as though the majority of the media goes out of its way to hide the fact that the global markets have been artificially propped up with low interest rates for years. Central banks are running out of ways to stimulate the economy. Some countries’ banks are even offering negative interest rates. This means that some qualified borrowers will actually be paid to take out loans.

According to Roberts, these events could result in a 10 to 20 percent market decline in Europe and the United States. Roberts believes London could be ground zero for an economic crash: “London is vulnerable to a negative shock. All these people who are long [buyers of] oil and mining companies thinking that the dividends are safe are going to discover that they’re not at all safe.

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