The following report was originally published by Michael Snyder at The Economic Collapse Blog
Financial experts Robert Kiyosaki and Harry Dent are both warning that the next major economic crash is in our very near future. Dent is projecting that the Dow will fall to “5,500 to 6,000 by late 2017″, and Kiyosaki actually originally projected that a great crash was coming in 2016 all the way back in 2002. Of course we don’t exactly have to wait for things to get bad. The truth is that things are not really very good at the moment by any stretch of the imagination. Approximately one-third of all Americans don’t make enough money to even cover the basic necessities, 23 percent of adults in their prime working years are not employed, and corporate debt defaults have exploded to the highest level that we have seen since the last financial crisis. But if Kiyosaki and Dent are correct, economic conditions in this country will soon get much, much worse than this.
During a recent interview, Harry Dent really went out on a limb by staking his entire reputation on a prediction that we would experience “the biggest global bubble burst in history” within the next four years…
There will be… and I will stake my entire reputation on this… we are going to see the biggest global bubble burst in history in the next four years…
There’s only one way out of this bubble and that is for it to burst… all this stuff is going to reset back to where it should be without all this endless debt, endless printed money, stimulus and zero interest rate policy.
And of course he is far from alone. Without a doubt, we are currently in the terminal phases of the greatest financial bubble the world has ever known, and it is exceedingly difficult to see any way that it will not end very, very badly.
Ultimately, Dent believes that we could see U.S. stocks lose two-thirds of their value by late next year…
The Dow, I’m projecting, will hit 5,500 to 6,000 by late 2017… just in the next year and a half or so.
That’ll be most of the damage… then it will rally and there’ll be some aftershocks into 2020… my four cycles point down into early 2020 and then they start one after the other to turn up… I think the worst will be over by 2020, but the worst of that will be by the end of 2017.
If that does happen, it will be a far worse crash than what we experienced back in 2008, and the economic consequences will be absolutely terrifying.
Another highly respected financial expert that is making similar claims is Robert Kiyosaki. My wife is a big fan of his books, and I have always held him in high regard.
But what I didn’t realize is that he had actually predicted that there would be a major financial crash all the way back in 2002…
Fourteen years ago, the author of a series of popular personal-finance books predicted that 2016 would bring about the worst market crash in history, damaging the financial dreams of millions of baby boomers just as they started to depend on that money to fund retirement.
Broader U.S. stock markets are recovering from the worst 10-day start to a year on record. But Robert Kiyosaki — who made that 2016 forecast in the 2002 book “Rich Dad’s Prophecy” — says the meltdown is under way, and there’s little investors can do but buy gold or silver and hope the Federal Reserve slows the slide.
I agree with Kiyosaki that one way that investors can shield their wealth is by getting gold and silver. In a recent article, I explained exactly why I believe that silver in particular is ridiculously undervalued right now.
Kiyosaki also believes that the coming crash could be delayed a bit if the Federal Reserve decided to embark on another round of quantitative easing. But even if that happens, Kiyosaki is absolutely convinced that eventually “it’s all going to come down”…
Kiyosaki told MarketWatch that the combination of demographics and global economic weakness makes the next crash inevitable — but the Fed could stave it off with another round of quantitative easing, which might stimulate the economy.
The Fed turned more dovish at its March meeting, with the central bank penciling in fewer interest-rate hikes this year than were previously part of its implied framework. The Fed signaled those hikes would happen more slowly than had been anticipated earlier, owing to a weak global economic environment and a volatile stock market.
“The big question [whether] we do ‘QE4,’” said Kiyosaki. “If we do, the stock market will come roaring back, but it’s not rocket science. If we stop printing money, it crashes; if we print money, it goes up. But, eventually, it’s all going to come down.”
Another voice that I have come to respect is Jim Rickards. He is not quite as apocalyptic as Kiyosaki or Dent, but without a doubt he is deeply concerned about where the global economy is headed…
Global growth is slowing both because of weakness in developed economies like Europe and Japan, and weakness in some of the emerging markets champions such as China, Brazil and Russia. The limits of monetary policy have been reached.
The evidence is now clear that negative interest rates don’t stimulate spending; they are only good for devaluation in the ongoing currency wars. World trade is shrinking; a rare phenomenon usually associated with recession or depression.
And he is exactly right. The economic downturn that we are witnessing is truly global in scope. Brazil has plunged into an economic depression, the Italian banking system is in the process of completely melting down, and Japan has implemented negative interest rates in a desperate attempt to keep their Ponzi scheme going but it really isn’t working. In fact, Japanese industrial production just crashed by the most that we have seen since the tsunami of 2011.
Here in the United States, investors are generally feeling pretty good right now because stocks have rebounded substantially in recent weeks. However, Rickards is warning that this rebound is very temporary…
Stocks are clearly in a bubble. The stock market is ignoring the strong dollar, which in turn hurts exports and devalues overseas earnings. It is also ignoring declining corporate earnings,imminent defaults in the energy sector, and declining global growth in general.
Never mind. As long as money is cheap and leverage is plentiful, there’s no reason not to bid up stock prices, and wait for the greater fool to bid them up some more.
There is so much that we could learn from all these three men.
Sadly, just like we saw in 2008, most Americans are ignoring the warnings.
The mainstream media has conditioned the public to trust them, and right now the mainstream media is insisting that everything is going to be just fine.
So will everything be just fine as the months roll along?
We will just have to wait and see…
Michael T. Snyder is a graduate of the University of Florida law school and he worked as an attorney in the heart of Washington D.C. for a number of years.
Today, Michael is best known for his work as the publisher of The Economic Collapse Blog and The American Dream.
If you want to know what is coming and what you can do to prepare, read his latest book [amazon text=Get Prepared Now!: Why A Great Crisis Is Coming & How You Can Survive It&asin=150522599X].
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I would hope most all out there are ready for this to happen.
Been waiting for quite a while…
“he biggest global bubble burst in history in the next four years”
He is being generous on the timeline. The CRASH began in 2015 with China and will likely overtake the USA in the Fall of 2016, if not before; to coincide with the Election as it ALWAYS does and as planned.
Summer riots are likely, the likes of which have not been seen since the sixties. Invest in gold. Speculate with silver and hoard your lead. They won’t be making anymore of it after the Changes. Never let a crisis go to waste.
The aftermath is likely to be long and drawn out, not unlike the thirties. Hunker down. This is just the beginning. It is not SHTF.
Create a Freedom Cell where you live. Engage your local political class. They respond to the BIGGEST, LOUDEST, voice. Be vocal. Be loud.
Before it’s all over, Americans may be voting from the rooftops. The next 12 months look to be quite violent. 🙁
The next twelve months and people will be voting with their stomachs. From chicken wings to supreme pizza’s and you will not hear a word from them. Trust me. Have you heard any significant clamor. No. And you won’t. Your fire teams will have the attention span of a gnat and be too busy texting on social media to be effective. Some here may have the means and ability to put up a fight and the stamina to withstand pain, but the majority do not.
You have a good perspective. The predictions for shtf are endless. Me, I know it’s a comin, I just don’t know when, so just sit back and let it ride. It’ll get here folks and when it does, you’ll wish it didn’t. Everyday is an opportunity so take advantage of it.
Stay quiet Be smart
DK
those pull levers will be replaced with triggers to do your voting with!
He’s sure going out on a limb by suggesting the collapse in progress will happen in the next four years. I’m impressed. Perhaps when forecasting, it would be wise to ensure you’re not in the collapse you predict.
DK
Deflationary then inflationary or just the spiral down W/O helicopter money induced inflation?
The riots going to be “Da Brothers” or are white folks joining the party? If you credit white folks in masse its real bad as it takes a lot for them to go criminal. Da Brothers will riot just for something to do.
Damn auto spell……beats me?
If you credit
If you get
As long as they can manipulate the markets none can predict the time ?
As long as they can manipulate the markets none can predict the time ?
K2: Inflation is occurring (which is why I believe an additional rate increase will happen in a few months) but not enough to stem the global deflationary spiral, which will manifest when the bottom drops out.
And it will. It always does.
Global monetary easing has not been able to jump the fence to spark global inflation. Massive as it has been, it has barely managed to propel consumption to “stable” levels for now, and despite sub prime home and auto loans, corporate earnings continue to decline.
This earnings decline reveals underlying lackluster demand, since there is not yet wage push inflation eating away at corporate profits. The $15 minimum wage has not been implemented long enough, across enough States to affect prices.
Free Trade has smothered real wages with no increase in American wage purchasing power since the early 70’s, while household debt is up, in an attempt to maintain lifestyle.
That is not sustainable as businesses close their doors.
Helicopter money might slow, but would not stem the giant sucking sensation that is taking the American and global economies down the drain. I still believe that China or Europe will provide the catalyst(s) for the unraveling; especially China. The population there is NOT prepared for a DEPRESSION. Not at all.
(The stories I could tell you about China ….. !!!) 🙂
With respect to the violence that I believe will occur, it will be both multicultural and inter-cultural.IE The recent conflict in Dallas was between opposing black groups.
The nation is a powder keg and as times get worse economically, frustrations will intensify, tempers will flare, and differences between groups will be magnified … as intended.
THE PTB are employing the classic problem, solution, synthesis equation to implement their NWO GOALS for US. Just consider how the NWO LEFT has sent many thugs and violent demonstrators to TRUMP political rallies to create havoc, while the media blames TRUMP for the violence.
Classic communist actions. 🙁
DK
In the end what occurs? Far less consumer demand, less use of resources, maybe less people too.
I smell Agenda 21.
“In the end what occurs?”
That’s hard to say. Life is plastic. The current “cycle” is pregnant with possibilities; which is why I argue for people to get involved and take the initiative, politically. There are possibilities that will not come again.
Life would be much the same and getting worse on the same trajectory under Hillary or Cruz, both NWO Stooges. Sanders would be a disaster for the NWO Fascists, who would never let him come to power: yet the internet meme is the assassination of TRUMP.
TRUMP is a businessman. He is a builder. A money maker. That is acceptable to Wall Street and the Bankers even if some Hedge Fund Managers have to take a haircut and some global government plans delayed.
A TRUMP Presidency falls in line with Washington’s Vision, and the State of global affairs outlined by Revelation, as I read them. My money is on TRUMP. 🙂
DK
You have been damn accurate, I tip my hat to you. Wish you weren’t.
Many focus on the domestic impact of this decline; I look at the international. Regardless from what angle I look from I see strong motivations for war, little and maybe big. Lets face it, the Great Depression was both the underlying cause and catalyst for WWII; Ideology is the ostensible excuse.
I believe a TRUMP Presidency puts the NWO Global War Plans on hold for awhile; if he makes it to the oval office.
I think he will. 🙂
“If you credit white folks in masse it’s real bad as it takes a lot for them to go criminal.”
YEA, like losing a baseball game. That all it took for white people to go “criminal.” But don’t believe me just let Alex Jones tell the story: http://www.infowars.com/americans-riot-over-baseball-how-about-an-election-or-a-hurricane/.
Also, would that group whites include the MILLIONS that are on welfare? Or the MILLIONS of whiteswho are employed by the miitary industrial complex who are going to be sitting around “quietly” when the checks stop coming in?
Is this the one that was suppose to happen in 2010, then 2011, the 2012, and well, you get my drift? How far into the future are these sellers of books and DVDs going to push this. I know; until the next books and DVDs come out with new and improved predictions.
Eppe
Like you I have been waiting and waiting and waiting.
Sgt.
You may be waiting …..forever…
Being prepared is good and all , but man…. the use of fear porn to continue to sell gold…..has to get old sooner or later..!!
Maybe…maybe not. I could have sworn it was over in 2008. “They” seem to have an infinite number of rabbits they can pull out of a hat….or someplace…..
Bullwinkle: Hey, Rocky! Watch me pull a rabbit out of my hat.
Rocky: Again?
Bullwinkle: Nothing up my sleeve. Presto!
Bullwinkle: I gotta get another hat.
Bullwinkle: Guess I don’t know my own strength.
Rocky: Now here’s something you’ll really like!
TnAndy
I agree about the rabbits out of a hat. I call it kicking the can down the road. Common sense tells me this can’t go on indefinitely but I never dreamed that they could forestall the inevitable this long. I therefore have decided to take the specific time predictions with a grain of salt but 17,000 DOW and 43 million on food assistance spells, “Danger Will Robinson, danger”.
One would think that can would be tuckered out by now…..
Why can’t they give everyone a million dollars? We would all buy new houses and new cars . The economy would boom ? I guess it dose t work like that? We will sone find out?
Loan wolverine
All you would get is inflation. Too many dollars chasing too few goods. If it was only that easy. Slower wealth transfer of wealth, returning to “normal” 1950s type levels might work as long as those obtaining the wealth manufacture the goods.
The reality a lot of this has to do with concentration of wealth. Massive numbers of people manufacture goods that they can’t afford to buy. The globalization of labor was in effect a self defeating cycle. In the course of its implementation labor in the developed world lost its bargaining power. No longer did compensation track productivity. The increase in value added profit from virtual slave labor was skimmed off. That wealth, at one time in consumer hands, created more demand.
Trickle Down Economics was a failure. It literally killed, “The Goose That Laid The Golden Egg”.
Chaos is our friend. Pay back time.
Would be nice if all these predictions turned out to be wrong. There could be something no one is anticipating. Jesus might return and straighten out this mess. Or we could just find the courage to confront our problems ourselves and save The Messiah from making the trip a second time. Last time he visited, people were pretty nasty.
Define imminent. Thank you.
I’m standing right behind you.
Ok.. That was creepy.
LOL.
I grow weary of waiting for imminent events to actually happen.
It seems to be taking them forever to get here.
Idiots.Harry dent says gold is going to 350 an ounce.
No the collapse will happen before feb 2017. Obama has no plans on giving up the power to anyone else. Come on can anyone actually see Obama as a public powerless citizen again? LOL neither can he..many factors to consider in the game. One is hillary winning the election then being indicted shortly after but before being sworn in. Therefore the fight will go to the the supreme court to see if she can take office and is exempt from prosecution. That scenario has Obama staying in office for an unknown time after Jan 2017..The other scenario is a financial collapse of various major powers in Oct of 2016 thus Obama declaring martial law and suspending the election till further notice..lol The 3rd and final scenario is the ww3 before Nov 2016.
I am debating whether I should sell all my preps on E-Bay or hang on to them for a little longer.
Something Mystical in the air.
You have run some variation of this same story since 2008. Still waiting for that “any time now” crash, that’s always just about to happen.
Ahhhh, and there’s the Snyder article again. If Snyder had any credibility, he would have stopped writing his tired articles after being wrong every year for 9 years. His readers are still waiting for his prediction that the economy is going to collapse before 2015 is over to come to fruition. Guess he trying to crank out a few more fairy tale books before people realize what a total fraud he is.
Who knew that truth and justice had an expiration date? Rich or poor, lying and thieving is how you get ahead in the US today.
Yawn.
speaking of “financial armageddon”
EVERY time there is talk of raising the minimum wage
people from all facets of life start creaming BLOODY MURDER
“it’s gonna wreck the economy,unemployment will rise,businesses will close”
blah blah blah
and somehow the sky NEVER falls
Raising the minimum wage is anathema to Chamber of Commerce. But not to most biz execs, survey says
ht tp://www.dailykos.com/stories/2016/4/4/1510299/-Raising-the-minimum-wage-is-anathema-to-Chamber-of-Commerce-But-not-to-most-biz-execs-survey-says
“CMD has posted video of a closed-door webinar of the polling firm instructing Chamber of Commerce lobbyists to ignore polling showing that Chamber members nationwide support progressive not only workplace policies such as raising the minimum wage, but also providing paid sick days and paid family leave. Lydia DePillis at The Washington Post’s wonkblog reports:
Among the most interesting findings: 80 percent of respondents said they supported raising their state’s minimum wage, while only eight percent opposed it.”
Isn’t this the same Snyder that predicted an economic collapse would happen by the end of 2016. How many more extensions can u people take before u just say forgettaboutit?
If you don’t succeed – with your predictions – try, try again. Eventually, you may get one right . . . or maybe folks will quit reading all of this crap. Snyder and Dent must be making money on their predictions somehow.
Financial Armageddon.
Take three deep breaths, then scream three times rapidly.
What am I going to do?
What am I going to do?
What am I going to do?
PooF! You’re in a FEMA camp.
Both authors are flim flam men. Debt is Dow 40000 and Robert writes basic books on using other people’s money when investing (most call his ideas loans). These two losers don’t have a clue. Listen to them if you want but consider the source.
Ignore Harry Dent, stay focused on the big picture and plan based on it. I have been preparing since 1974. When we peaked as a nation in 1974 we had many things going for us. In 1974 America was the world’s reserve currency with key commodities like oil priced in dollars and Americas debt was a manageable $458 billion with a GDP of $1,437 Trillion or debt to GDP of 30%.
Fast forward 50 years…Total entitlement cost was outlined by Laurence Kotlikoff’s a Professor of Economics at Boston University when he gave testimony before the U.S. senate budget committee on Feburary 25, 2015 (use you search engine). Kotlikoff in his opening remarks states “…I am honored to discuss with you our country’s fiscal condition. Let me get right to the point. Our country is broke. It’s not broke in 75 years or 50 years or 25 years or 10 years. It’s broke today. Indeed, it may well be in worse fiscal shape than any developed country, including Greece. …”
“…The infinite-horizon fiscal gap {or fiscal gap} tells us whether the government has, over time, enough receipts to cover its projected spending. … The U.S. fiscal gap currently stands at $210 trillion. … Our $210 trillion fiscal gap represents 58 percent of the present value of projected future taxes. Hence, eliminating the fiscal gap via tax hikes requires an immediate and permanent 58 percent hike in federal taxes. Stated differently, the overall federal government is 58 percent underfinanced. …”
So how did this happen? The answer is slowly. We first went off the gold standard. The gold standard had previously forced politicians to issue debt in line with gold reserves. The political elite saw the end of the gold standard this as an opening to use debt to bribe the public and get elected. So in the course of 50 years the political elite have driven us from a stable capitalist country to a socialist country with an unstable economy with 61 million immigrants that is totally dependent on government handouts.
So when I read the Harry Dents or other pundits I take their advice with a grain of salt as to its timing. Who knows what our central bank may do to rally the markets through their predictions.
What I do look at is the solid long term down trend of America. These trends include the stagnant or declining wages of the last twenty years, the limited full time employment and growth of part time employment, the growth and the size of government deficits, the years of balance of payments deficits, the slow collapse of the petro dollar, the slow collapse of America’s reserve currency status, the currency wars with Europe and China and policy of the Central bank in propping the economy and markets.
When you take a close look at these trends in aggregate it makes complete sense to many people that they should latch on to a scare monger. The long term trends can be used to show a desperate case that would scare anyone. But to those that look at the nations of the world and their state a case can be made that we are actually “stable” politically and economically compared to other countries that are in collapse. This is why the U.S. dollar index has held up – there are many other countries far worse than us.
So the only rational way to handle this is throw out the worst case and the best case and look at the trend. The trend for America is clearly down and accelerating. That is why we should expect the “blips” will get more radical in the years ahead. That is why it is prudent to hedge against downturns, prep in case of disruptions, prepare for worst case with a disaster recovery plan and pray we come to our senses before the lemmings take us over the cliff…
Rabbitone
Great thoughtful post. Unexpected events could change the trend line dramatically. Everyone complains about Michael Snyder or Harry Dent and sometimes others. My take on it is that they are increasing the numbers of those aware. That is a positive.
I have read Michael for years. He put out a so called red alert last year. Yes I have seen him put out article after article about how bad things really are compared to what the media says.
The truth is he and everyone else is right about collapse. Maybe not the timing but they are right.
People complain on here about certain people. At least they are trying to get the word out. Trying to warn people.
I appreciate your knowledge on the subject. I appreciate pointing out how this could be just a long slow train wreck. I also appreciate the point that the train is picking up speed. Everyone with a gut can feel the wind blowing as we ride the train. They can feel the wind speed picking up as we go down the track to the crash. Everyone wants to know when do we hit the end of the line. To many factors, people, nations, banks, ect to predict that.
I will say I am shocked at the fact it has made it this long. I feel an event will take place soon to cause it. It will cause the trend to change rapidly downward. It will be caused by those in the know according to there time table. How in the world can anyone predict that and know for sure. Impossible. Just a gut feeling.
Same imminent warning of collapse, different year. TPTB have more resources and options than you can imagine, and they have information we would never be allowed to have access to. It is all but pointless to keep waiting except to those who want collapse, and with it suffering and misery. It would not be in the interest of TPTB to let a financial and economic collapse to occur as long as they continue to amass wealth and power. No doubt they can and will outlast the average person who has very limited resources and information. In a collapse they will still have their private armies, world class health care, even their luxuries, indefinitely. I am a prepper, and I know no matter how well prepared, life wiould be difficult in a collapse in ways that even the most advanced prepper cannot know. The dumbasses who write they want to see total collapse right now in reality are only not stupid but to wish it shows a gross moral deficiency and a complacent lack of sound judgement. Contrary to their own beliefs they would not last long.
If you have ever been to a third world country you would see broke. At least people here have a credit card they can run up debt on. The slightest bit of hardship on Americans and they whine. Most of the foreigners I’ve met laugh at us Americans and think we are soft. I can’t disagree with that assesment. Even the poorest American is richer than a third worlder. Look at all the programs here to help people you can still keep you dignity if you want to.
The Soviet Union originally allowed the screening of “The Grapes of Wrath” because they believed it showed the weakness of the capitalist system.
However, they soon withdrew the film when Russian audiences were astonished to see that the poorest people in America drove a car.
Just reading the whiney, self pitying comments here on this site shows that Americans are too soft, physically and emotionally, to cope with the slightest hardship.
Panama Papers
Panama Free Trade Treaty
hillary supports and lobbies FOR this Treaty
Deutsche Bank profits rise ….. They make $$$$$
hillary is paid $485,000 for “speaker fees”
And, what about the Russian billionaire??
I guarantee there will be far more revealed in the coming days/weeks…..
Be ready….in mind and heart and spirit…
Panama Papers will be treated the same way Hillary Clinton’s crimes get swept under the rug.
“Out of sight … out of mind”
Nothing will come about this – just another distraction that is tossed in our general direction.
This is nothing but a normal “business” daily routine to these so-called Elite Individuals. They are above the laws that they hand out to us. They are the New Untouchables … they do what they want.
Only ones who get punished/jailed or die unfortunately from an untimely & uncertain circumstances is because they fucked up along the way with the establishment.
Satan rules for a short time?
Short time for him. Long time for us. I heard he is inter dimensional.
RE: silver being “particularly undervalued right now”- At some point in 2014 I bought a roll of 2014 SAEs for just under $400. Same deal in 2015. And I just got a 2016 roll for $385 (all from JMB btw). Fluctuating yes, but unchanged really for almost three years now…
just sayin.
I think this is the situation that concerns me the most. I remember hearing discussions about national debt back in the 60’s. Sure has not gotten any better.
Now this, the last part of the whole damned article is pretty much all you need to know………
“We will just have to wait and see…”
same as it ever was!…….
hey rabbitone…….the lemmings have already taken us over the cliff. The analogy is: were in an elevator, and the cable breaks. The elevator starts accelerating its fall to the bottom. Problem is most fools think everything is okay, because relative to the elevator they are not falling. An illusion. Then, splat.!!!!!
Meh…boy who cried wolf. Again.
‘Financial armageddon’ or some other EOTWAWKI is constantly being predicted. Problem is…when the prediction fails to come to frution…over and over and over, eventually people stop listening. Even during the great depression, the world/country did not end. Was life hard? Sure. Was it ‘the end of the world’? Only if you were stupid enough to jump off a tall building because without money you saw no reason to continue living.
At this point, I’m not wasting any sleep over it. Prepare for the worst, hope for the best and keep living life normally.
Liza Jean…our country was different place during the Depression . 1st most folks had a better moral compass. My Aunt said that folks who stole food etc were ostracized,if you wanted to eat you worked for it . My Aunt said folks would show up at the family farm to work for a few days in exchange for a few meals . During the Depression you didn’t have 47 million people on food stamps etc like today . Most people wanted to work…not get a hand out.
During the Depression we had a larger agrarian base…people had farms that could be worked in exchange for food by the less fortunate .
During the Depression they didn’t have public assistance for housing etc….when the gooberment teat is removed from the public housing market it’s not going to be pretty.
I could go on but…..when folks lose everything ( we’ve become the the Kingdom Of Thingdom ) they’ll lose it and todays morals won’t stop them .
Also… during the Depression, if someone caught a thief stealing property –especially if that thief was inside the residence– the law was not overly harsh on those defending home and hearth.
Nowadays, heaven help you if you harm one hair on the head of the thief. You’ll be jailed as ‘violent offender’ while the local press denounces you as an “extremist vigilante” and a leftist lawyer offers services ‘pro bono’ to the thief so he can sue you.