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Here at our next guest has been warning that the US economy is a quote ticking time bomb.
So did it go off today or is more to follow Harry's dad is founder of H as debt and author of the upcoming -- The great crash -- strategies for world turned upside down we'll -- is this but crash.
You know it's the beginning of the end we -- we warned.
Way back in 2008 that weather this crisis setting and the government what's gonna stimulate big time and it was going to ultimately fail because 92 million baby boomers have past their peak in spending in 2007.
We'll be saving more in the future even more so from 2012 on.
And we had the greatest debt bubble in history in the private sector not just in government 42 trillion dollars in debt that is deleveraging so.
This is the beginning of the end but we actually think the surprises gonna be this crash bottoms in the next week or so and then we see one more rally.
Just as we saw in the late stages of the 2000 bubble in the 2000 -- bubble.
One more rally this like new highs before we get the big crash.
In 2012 and thirteen and let's just be specific as you get a whole bunch of predictions about what's gonna have you think unemployment eventually.
Will rise to 15%.
Or even higher.
Yeah that's the standard unemployment of course the long term unemployed brings that up.
All like a -- just like it is today it's 17% the day long term unemployed when you count everybody got and I could go to 25%.
-- -- -- After that big crash we you say we're gonna have a little uptick after this small crashes over then the big crash comes.
And you think the Dow could fall as low as 3300.
Yeah 3300 -- He.
On the optimistic side 5600 but we've got a range about three to 6000.
In other words.
After this this financial system started to melt down big time after the greatest debt bubble in history.
If this stimulus does fail as we've been predicting you're only gonna see -- deeper downturn not gonna see a double dip you're going to see a depression.
A lot 42 trillion dollars of private debt deleveraging.
Like it did in the 193 well unlike a lot of doomsayers who say the market's going down that's why have to get into gold you think commodities are gonna -- well you see gold going down -- -- -- between 250.
And 400 dollars an oil.
Going down -- range of ten to twenty bucks.
Yeah an even worse -- Around afford -- five dollars -- -- nine at bath.
Com commodities peak -- point nine at thirty -- cycles like 1980 and now.
And this is a worldwide.
Downturn something we have not seen in our lifetime and only happen in the 1930 -- happens once in a lifetime.
Everything goes down and deflation is not like the inflationary crisis seventies.
That's stock's real estate commodities gold and silver all go down.
-- -- well one thing that doesn't go down and and -- I got said the same thing just a moment ago as the US dollar you think it's been beaten down enough then all the commodities going down -- Help raise a dollar -- how much.
Yes it's been beaten down 60%.
Since the peak in 1985.
We debase the dollar in the boom by creating massive amounts of credit which means more dollars.
We're gonna do you leverage that credit and the downturn and that's gonna restore the dollar the -- I think the dollar's gonna go up thirty to 50%.
In the next five years and most of that in the next few years.
Harry dead boy you've got a lot -- a little time thank you very much Terry Dennis -- of HS that he's author of the book.
The great crash -- strategies.
For world turned upside down Harry please come back and see us again great.
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