50% Market Crash By Summer As Tariffs (Uncut) 04-15-2025

50% Market Crash By Summer As Tariffs Pop Biggest Bubble In History | Harry Dent

Don’t throw on tariffs now because it’s going to look like when the economy reacts more than it should just to the tariffs, that it was the tariffs that caused the downturn. The tariffs are the trigger, not the cause. This is obviously bad for workers and then these workers that get laid off take down consumer spending and then the more consumer spending goes down, the more the economies go down, the more everybody gets scared.

This downturn should have happened between late 2019 and late 2022 and been like 29 to 32. And we should have been long over it. And the millennials should and would be bringing us out into a longer term boom again.

But we didn’t get rid of the debts and the bubble. This is bad economics. President Donald Trump has temporarily dropped tariffs to 10 percent in most countries following Liberation Day, which raised tariffs to almost 180 countries worldwide.

However, this reprieve is short-lived. Markets bounced dramatically earlier in the week, but it has lost some of its gains. The White House’s 90-day tariff pause caused markets to rally.

The VIX is still up 60 percent over the last month. Markets have shed trillions of dollars in value prior to Trump’s tariff pause. My next guest says that sell-off perhaps is not over.

He is Harry Dent, founder of HS Dent. And you can revisit some of Harry’s calls on my show in the link down below from last year. Welcome back to the show, Harry.

Good to see you. Last year, we spoke last summer. There was a lot of volatility as well as the yen carry trade unwound and the Asian markets sold off dramatically.

This time is looking like a different scenario, but I’ll let you comment on that. Welcome back. Good to see you.

Look, I mean, the big story here is very simple. We had the greatest boom in history. I was one of the few economists way back in the early to mid 80s to say this isn’t going to be another boom.

We’re not catching up to Japan. Japan’s going to fall in the 90s, and we’re going to surpass them and have the greatest boom in history. It was just the baby boom, the largest generation in history due to go up their spending wave into age 46.

I say I can be that precise, but when the average person spends the most money in their life, and we’d have this great boom, and then it would turn into a great bust from 2008 to about 2022 or 23. With that started to happen in 2008, but then when the recession started to look like a depression, and Ben Bernanke was in charge, and his thesis was the Great Depression, so he knows what a Great Depression looks like. They’ve just been printing money and running huge deficits.

We now have $19 trillion in deficits since the 2008 downturn, and $8 trillion in money printing, although they backed off on that a little bit, but the deficits are still two-thirds of the biggest, longest stimulus program in history. People don’t get this. The economy’s pretty good.

It’s good because they poured $27 trillion in it, which by the way, when I compare that to GDP, would have been enough for us to grow just on the stimulus at 6% to 7% a year. Even though this has worked and avoided a long downturn in between the baby boom and the millennial generations, and we do get these long-term downturns like the 30s and the 70s about every 40 years on this generation cycle. It’s like, oh, well, we avoided a long downturn.

We got the 2008 crash. We ended at that. Well, to me, they’ve created a bubble, which I cannot even compare to past bubbles.

This thing’s now gone 16 years instead of the normal bubble phase being five years. It’s gone to heights nobody’s seen before. I’m telling people, look, finally, these tariffs are the perfect trigger to bring down something that’s already been stretched.

In other words, we should have seen 2008, and that downturn should have lasted longer. They blew us out of that. Then we should have seen another downturn to finish off before the millennials came along, which they’re already starting to turn up now, which is the good trend.

We’ve got this over-debt, over-bubbled economy, which does not allow us to have a millennial boom that this generation deserves. I still say we need to see a crash. We need to get down all the debts and the bubbles because these things stand in the future.

That’s what I think is happening here. I think we’ve started. The signs that I’m right will be if we are down, the first crash out of major bubbles, and I’ve studied everyone in history, tend to be 40% to 50% in just two to four months, the first crash.

I think we may be in that now since late January. We may be starting to go down. We’ve seen as much as 25%.

I expect that in my case, in its worst case, but it’s also my best case, that this first crash takes us down into the summer, 50% from the top on the NASDAQ and QQQ, NASDAQ 100, and 40% on the S&P 500. My message is, folks, it makes sense to sit through most corrections. This is not one of them.

We’ve got a bounce here where you can get out and at least be cautious in the summer. Corrections and crashes like this tend to take at least two years and more like three years to play out, like 29 to 32, 2000 to 2002, the first tech bubble. This is bigger because this time we have a demographic downturn and a bubble burst.

The NASDAQ is currently at 16,600 points, so 40% downturn. I just was running the calculator here would imply roughly 10,000 points. That’s consistent with your call last year on my show.

Last year, you were calling for 10,000 points. That is consistent with the first crashes, especially in the NASDAQ, of major bubbles. The question is, is this bubble bursting or not? I’m going to be wrong if this bubble is not bursting.

If it’s bursting, nobody’s telling you what happens when a bubble bursts. If anybody tells me that this is not a bubble, I can’t even compare this, David, to past bubbles now. It’s been two to three times the length and double the magnitude of any bubble in history.

Nobody can tell me this isn’t a bubble. It’s just a question, can they bring a soft landing or not? I’m just saying there’s never been a soft landing in history to any bubble of this magnitude, period. It seems though that the markets have been whipsawing to Trump’s tariff decisions this week.

First, he applied a lot and then he took some off the table, and then on Wednesday, there was a huge rally when a lot of tariffs were removed. Is it possible that as soon as he takes more tariffs off the table, we’re going to get a huge rally again? He seems to be determined to put on these tariffs. He got elected by what I call the all-star wrestling fans, which is the swing vote.

My father was in politics big time, and it’s the first thing he taught me. 20% of people, 15% to 20% decide elections. He’s promised these people he’s going to bring back business to America.

He’s basically saying we’re going to stop progress. We’ve seen the greatest booms not only since the turn of the last century, early 1900s, but just in the last couple of decades. The greatest boom in history, and it’s because free market capitalism works, and it’s worked for 200 years now, and democracy is just the way that you keep everybody invested in the system so people don’t revolt against it.

This is the greatest thing. What we’re doing here by putting on tariffs, by telling the economy it can’t have a recession, I’m telling you, David, if there’s one thing I know from being a turnaround manager, Fortune 100 down to small new ventures back in the 70s and 80s, is that the economy has to have recessions to clean things out, and we haven’t had one. I don’t count COVID.

It was a few weeks. It was a minor thing. It was artificial.

We haven’t had a recession to do this in 16 years. It’s the longest time in history. The economists are playing God to the economy, and free market capitalism needs to be free.

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This is a comment from Jim Bullard, former president of the St. Louis Fed. The main thing is that this has dramatically raised the risk of a Smoot-Hawley type of outcome. So, Smoot-Hawley was 1930, other countries retaliated, global trade collapsed, and the Great Depression was on.

So, I think that’s really what has people worried about this. Does this make sense to you, what he just said? Absolutely, and that is the last time this has happened. What I’m saying to people is this is a bubble.

It is a longer, bigger bubble. It’s 2X, 3X in time. It’s more than 2X in magnitude of a bubble.

It’s 29, and all it took was those tariffs as a trigger. The tariffs didn’t pause the Great Depression. It’s ridiculous to have a 12-year downturn and stall an economy over a temporary term, but those tariffs were a trigger back then, and these tariffs, I think, are going to be a trigger now.

And if I were advising somebody like Trump, any president, but Trump, with what I know, I’d say, don’t throw on tariffs now because it’s going to look like when the economy reacts more than it should just to the tariffs, that it was the tariffs that caused the downturn. The tariffs are the trigger, not the cause. This downturn should have happened between late 2019 and late 2022 and been like 29 to 32, and we should have been long over it, and the millennials would be bringing us out into a longer-term boom again, but we didn’t get rid of the debts and the bubble, so now we’re going to have to take away from the millennials’ boom to settle out the debts and bubbles from the baby boom boom.

This is bad economics. It’s the opposite of free market capitalism, period, and anybody says otherwise, when governments tell the economy you can’t have a recession, you have to do this, you have to grow, you have to grow this much, that is not free market capitalism, and the markets are a lot smarter than our officials are. Speaking of markets, so markets are down as well on the back of weaker consumer sentiment.

Consumer sentiment tumbled in April. Part of the reason was people surveyed by the University of Michigan said that their inflation expectations are higher. Now, I’ll let you comment on this.

Is this just a self-fulfilling prophecy, Harry, that people are worried about higher inflation, they don’t spend, and so the economy goes down, but should they actually be worried about inflation is my question? Well, yeah. If you look at the bond markets worrying more about inflation, the bond markets are worried about inflation despite these tariffs and stuff that gets low. The stock markets are worried increasingly now, especially with the threat of tariffs, of a recession.

Slowing and higher inflation is the worst of all worlds. Again, that’s what I’m saying. This is a perfect trigger.

This should have happened before. The weakest part of the economy would have been the early 2000, the last two or three years when the baby bust was bringing us to the slowest natural growth. They’re coming out of this.

2024 is their beginning of the next boom, which is very strong, into 2037. How can the economy come out when we never cleared up the debts or the bubbles? How can the stock market go higher when it’s already bubbled beyond any valuations and stuff in all the history, except for 2000, the last tech bubble, when PE ratios got slightly higher than now? Again, it’s government officials and economists saying, we love free market capitalism, but we just don’t ever want a recession. We like mild inflation, but we don’t want high inflation or deflation.

Inflation caused the greatest reinvestment and restructuring of the economy in the 70s in history, and along with set us up for this great boom. You can’t say we like free market capitalism and say, we only want the booms and not the bust. We only want mild inflation, not high inflation or deflation.

Deflation is the quickest way to restructure, clear out bad debts, zombie companies, and we’re at record levels of debt and zombie companies ever. We have to do this to go on, and they’ve already pushed us 5 years thinking, oh, we can escape a major downturn. They did.

I’m saying, I think we’re going to see it now in the next 2 to 3 years instead of 2020 to 22, when it naturally would have occurred. What’s going to happen to the labor market this year, do you think? Well, I mean, it’s bad. I mean, as soon as the economy starts slowing, and then businesses which have way overexpanded or way overextended are going to cut back on capital expenditures and cut back as the economy slows and plays, this is obviously bad for workers, and then these workers that get laid off take down consumer spending, and then the more consumer spending goes down, the more the economies go down, the more everybody gets scared.

So, I mean, that’s the problem. I mean, that’s the problem with bubbles is they go up faster than normal. They’re over leveraged, and then when they collapse, they go down stronger.

I’m saying there’s a point where the government can say, well, we printed 10 trillion last time, and now we’re going down again, so we’re going to print 20 trillion this time, and people just yawn because, oh, isn’t this the third or fourth time you’ve done this? We have a downturn. You print more money than ever, run bigger deficits, and then we end up in a bigger downturn. At some point, people realize, oh, you really don’t get something for nothing.

I think they’re in a box. The big mistake the Fed finally made, which has cheered me up, frankly, because I want an end of this endless bubble, is that they overreacted to COVID. COVID was a short-term crisis, just like the influenza of 1918-20.

It lasted just as long, forgot everybody infected, and then disappeared. They blew the roof off. The biggest stimulus deficits and money printing, 11 trillion out of the 27 trillion total, happened in two years, and that’s what set up this rebound in inflation and then the tightening, and now I think you’re seeing without further escalating stimulus, the economy’s just going to fall, and they’re going to be too late to stimulate strong enough to stop it, because they overreacted to COVID.

So that was the big mistake. If you’re going to keep a bubble going, which I don’t like, bad advice, but if you’re going to, don’t overdo it like you did in COVID, because now they’ve set up to say they would look like really idiots if they went the other way and got extremely easy so quick. So they’re going to be too late to react.

I think it’s going to be summer before they even react. Okay, so that is the counterargument to any bearish sentiment right now, which is the reaction from the Federal Reserve, which you just mentioned. Well, even if they do react in the summertime, wouldn’t that erase any downturns that we’re experiencing now? Yeah, it would, but let me tell you, if they don’t react by then, my analysis, and nobody’s done this in all the history that I’ve seen of first crashes, we’ll already be down 50% on the NASDAQ and 40% on the S&P 500, and in a clear recession, and that’s going to be hard to turn around because consumers will have been, think how much they’ve been whipsawed with all this stimulus and tightening and back and forth and COVID and everything.

That will be, yes, we’ll get a rebound then, but the stock market’s already down 50%. You’re not going to go to new highs after that, David, I’ll promise you that. We go down 50% on the NASDAQ by the summer, you’re not going to bounce back to new highs for a long time, if not a very long time.

That’s enough for consumers to see something’s really wrong, and then they think to themselves, why did we ever not question we’ve been growing just by printing money out of thin air? That’s how we’ve been growing, running deficits, printing money, nobody else has given you this number, I’m giving you $27 trillion, now going towards 30, just since 2008 we went down. This has never happened, this is easy way out, something for nothing, worst economic policy in history, and I think they’re going to pay for it now, and I don’t want, I hate to be the messenger, but hey, I can do it because I was the most bullish guy in history, and find one more in the early to mid 80s when I said we’re going to have this baby boom, greatest boom in history, Dow 10,000 by 2000, people falling off their seats saying that’s impossible, I’m saying don’t underestimate how stretched this economy is, how big this bubble is, how much it could crash in the next few years, and even by summer. I think you’re right, if they do react in summer, it’s already going to be too late, they’re already going to be behind the curve, and how do you get over a 50% four to five month crash in stock? How do you come back and say, oh, that’s no problem, everything will be fine? No, that’s enough to wake up consumers to, oh my God, why did we believe in money printing in the first place? This is a chart of the NASDAQ, you mentioned what happened last, you mentioned a period of low prices, last time the NASDAQ crashed, it didn’t recover until 10 years later.

Look at that first crash, David, it’s going to be about 40%, and then it bounced, and then it kept going down, that’s what I see here, we haven’t even hit that first low yet. Yeah, so this was a dot-com crash, my question is why it took more than 10 years for it to recover to new all-time highs, because you said that if it happens again, we go down 50%, we’re not going to get new all-time highs for a long time, that’s what happened in 2020, or 2000 rather. Well, 2007 was the peak of the baby boom, I would have been surprised if I had said that, I’m saying after 2007, there wasn’t much to drive our economy new highs, except I do have a 45-year technology cycle that actually peaked in 2019.

So one way or the other, I mean, look at that crash, how long did it take to recover? I’m saying we are exactly where you’re pointing, just seeing the peak, going into only the first crash, which will continue for another couple years and take us down 80%, 90% or more, that is not something to sit through regardless of what happens after that for the next year, but we don’t have the demographic strength, the millennials only bring us back to where the baby boomers were in 2037, when they’re at the best of their cycle, they don’t even bring us to new heights, because they’re not as big a wave of people, and waves of people are what drive our economy. I just want to point something out to you and just maybe get your reaction or comment to this. When Trump was in office, his first term, he also implemented tariffs, obviously not on the same scale as now, but in 2019, we had a similar episode of the markets falling by, this is the S&P 500, by the order of about 20%, that was an official bear market back then.

And if you take a look at what happened this past two weeks, it’s also down about 20% before this week. I counted 26 at the worst on the Nasdaq so far, in a short period of time. Oh yeah, the Nasdaq is down more.

Find a time that that’s happened that fast, and you’ll find a bigger downturn. Right, right, the Nasdaq’s down a bit more than the S&P, right? But my question is- It’s not a lot, not a lot, but yes, so maybe 26 versus 20, but yes. Is it just a repeat of the 20, is this just a repeat of 2019 where we got a 20% decline, 26% and then a rebound because the tariffs are price stable or whatever? Hey, David, anything could be.

I’m telling you, this has been a total BS rally since 2008, 100%. No time in history has this ever even close to happened, 100% from stimulus, not from demographics, not from natural fundamental strength in a rising tide, and there’s always a bigger rising tide in the future. And now this bubble is bursting, and if you want to hope that this was it and we’re going to go to new highs, well, okay, stay in the market, or if you got out, get back in.

I’m saying this, everything’s thus far until I see otherwise, is following exactly what you’d expect in the first crash, and we’re only halfway through this first crash, and there’ll be two more to follow that. That’s the truth if you look back at major declines like 2000, 2002, and 1929 to 32, and 1972 to 75. Those are major generational type crashes, and those are, to me, buy and hold for the long term.

Rebalance, yes, but not when crashes of this magnitude where you don’t usually see new highs. I think last time between 68 highs and getting to new highs, it took 23 years. That’s not a time.

That’s a time to get defensive. I’m just saying for the next couple years, and if you don’t want to do it, take your chances. I’m just warning you, this looks like everything I expect, and I’m the guy along with Jeremy Grantham and a few others warning of something of major magnitude, not just another difficult correction here.

I’ve studied bubbles. You find somebody studied bubbles more than me, then bring them on and let them tell me I’m wrong. You’ve been talking about buying treasuries in light of a stock market crash.

It’s just peculiar how the yield has spiked this past week despite markets also going down. Should we still be sticking to treasuries for safety right now? Well, I tell you what. If you really want to play a downturn, the best thing to do, and you can do this mildly or heavily, the stocks react first to a deflationary downturn like I’m talking about, and that’s different from inflationary crashes in the 70s and other major corrections and stuff.

The stocks will react the most first, and again, I’ve analyzed every bubble in history. 40% to 50% is typical in the first two to four months, that first crash, and that’s what I think we’re likely in. Once that happens, it’s the treasury bonds that do the best in the end.

In 2008, it was TLT that rallied 40% in the second half of 2008 when stocks were just finishing their last way down. I tell people to be in treasury bonds instead of cash because they will tend to go up modestly at first in a downturn, but when it really gets bad, as bad as I’m thinking, they do better and nothing else went up there. Even gold went down.

All other safe havens, treasury bonds were the only winner in the end. You can either be in cash to be safe if you’re uncertain, but instead of cash, I’d say, look, treasury bonds are the most conservative long term, highest quality investment. Treasury bonds are the only thing that goes up when everything else goes down, as 2008 proved beyond a doubt.

That’s the place to be, but don’t expect big returns at first. Just expect it to do better than cash. If not, just be in cash.

The point is you don’t want to get killed by the first stock crash of 50% nor a total crash that’s going to be more in the 80%, 90% range because that’s not something you recover from. Even if you were smart and held fully, people don’t hold and then they get out somewhere in that crash and they don’t get back in until long in the rebound. They don’t come out well, even if they play it half smart.

The best thing to do here is be safe. Everything about this screams bubble and biggest bubble in history. Again, bring on somebody to show me a bubble that’s bigger than this and I’ll say, oh, I must have missed that.

There is not a bigger bubble, longer bubble than this. Bubbles only crash drastically. They don’t have soft landings, period.

Here’s a gold price chart, Harry. Harry, is gold overbought at this level? It’s $3,200. Yes, it is.

It’s at all-time highs. Yeah, and people like me, like Peter Schiff, who see the same bubble crash and all this stuff of money printing, living forever, deficits, he thinks gold is going to be the savior in this thing. I say, no, look at 2008.

Gold went up into the early part of the recession and then went down about 40% at the worst in 2008. It wasn’t a bad place to be. It was the treasury bonds that were the ultimate safe haven.

I think gold is closer to peaking here. I think if you like some gold, it’s a good diversifier. It won’t go down as much.

I’d say $1,100 to $1,400 is the downside on that, which is a lot less than stocks. That’s only down 40%, 50%, 60%. But I don’t want to be in something like this.

Yes, if I looked at this chart and I didn’t know what it was, I’d say this looks like the fifth wave peak too. And this is an everything bubble, as people have been smartly calling it. And even the roaring 20s wasn’t an everything bubble.

Real estate didn’t bubble that much. Gold didn’t, et cetera. It’s up in commodities.

So yes, I would not be buying gold here. Gold will be an excellent buy after the crash, because the biggest beneficiary of the entire commodity sector in the next great boom in the coming decades will be when India becomes the next China. Indian consumers spend three times of their income compared to Chinese consumers in gold.

And India is going to be the next China for the next 40 years when we come out of this crash. China is never going to see new highs in anything ever again in our lifetime, because it is a shrinking country following Japan and South Korea and the rest of East Asia. China was the biggest bubble, the worst real estate bubble in history.

22% empty homes coming in. Imagine how many empty come out through a real estate crash. And if you think our real estate crash down 40%, 50%, 60% could be bad.

Think about China’s down 70%, 80% in real estate and people having one or two extra empty homes, everyday people in China that aren’t even a fifth as rich as us. China is going to be the biggest disaster story in history. It’s another reason Donald Trump can’t prevent this downturn.

China falls, the rest of the world goes down. It’s the second largest country and responsible for most of the growth in the last four decades. One country.

You said China is shrinking by what measure? The population you population from 1.4 billion equal to India today, 40 years and 50 years from now, India will be 1.7 billion and China will be 800 million down 40% if the rate is going and just following Japan. Japan has already shown that a country can shrink because of affluence. Affluent people don’t have kids because they want to have one or two and get them into Harvard or Stanford.

That’s what kills a country, affluence. Interesting. You’re seeing these waves.

People build wealth, they become affluent and then what happens? They have less kids. The more affluent they get, the fewer kids they have because everybody’s thinking, well, my kid could go to Harvard or Stanford and you can’t get four or five kids into Harvard or Stanford and the death rates of kids aren’t as bad as they used to be in the good old days. Affluence in general, no question.

We’ve had fewer and fewer kids for decades and decades now and affluence is the biggest cause of fewer kids and David, this is why I’m a cycle guy. Everybody said I’m a demographic guy. I’m a cycle guy at heart.

Every cycle goes up and goes down. The very thing that brings it up eventually brings it down. Affluence brings down births and that’s the Achilles heel of the developed world today.

Everybody’s peaking. The Scandinavia is just last and Japan’s just first and China. Here’s the big insight though.

China’s the only emerging country that has demographics like the rest of East Asia that collapse in the future instead of continuing to go up even though more mildly. China is unique in that and everybody thinks China is going to take over the world and be our biggest competitor. Nobody’s going to be worrying about China 20, 30 years from now after this.

They will get hit twice as much harder than we will by this crash and their top down government has bastardized free market economics more than anybody on earth, building homes for nobody. By the way, the population of most of the developing world is going to be shrinking. The fertility rate of the developed world is going to decline.

That’s where all of us are going. What does that mean for economic growth? Again, you can only grow through immigration and higher productivity. The United States is still one of the most productive even.

We are maturing. My demographics has said from the peak of the baby boom, which naturally was 2007, into the peak part of a longer plateau in millennial spending, those two are at the same level. We’re a plateauing country from 2007 to 2037, which now is not that far away.

Then we just declined slowly into the sunset unless we up immigration. Outside of Australia, we’re one of the strongest immigration countries in the world, but we have anti-immigration sentiment, including Donald Trump. Immigration is the only thing we can do.

Another thing that will happen at some point, but I will not see it. I will not live long enough. We are going to see people live to 100 and then maybe 120 broadly over several decades in the future.

That’s the only thing that could bring the developed world back into a demographic growth position where people are in the workforce much longer, earn, spend much longer, and stretch their spending. Could that save the developed world? Otherwise, we are in a plateau and we’re declining, particularly after 2037. This is the last hurrah for America unless we get higher immigration or start living longer a lot faster.

That living longer a lot faster is going to take longer, I think. Could technological advancements boost productivity to the point where we don’t need more people for the same level of output? Yes, they do, but we’ve already had. Technology also comes from people.

The most innovative young people are the most innovative. Everything new started in the 60s and 70s. The microcomputers, software, all these things.

The revolution started then when the baby boom was young and innovative. Steve Jobs was young. Bill Gates was young.

Now they’re old and Steve Jobs is dead. That is where this revolution started. It is peaking in the developed world.

First of all, the developed world is peaking, period. We can only grow by stealing people from other developed countries, which we’re very good at attracting. We do have a shot at continuing to grow, but we need to be more.

We’re leaning towards slowing immigration than expanding immigration. Immigration is the only thing we can do before we measurably start living longer. Our life expectancy has also stalled right around 77 to 80, men and women and stuff.

It’s not growing for now. I think it will grow dramatically in the future. That is not going to be in time to save us.

Immigration is the biggest thing we can do. The peak immigrants coming in are 23, the average is 30. Young people are more innovative and young people go up a spending curve, not older people.

Immigration is the best thing that can happen to a country if you can manage it. My model for that is Australia. They attract people.

They have higher immigration than us and much higher education and incomes of the people coming in. They’re attracting people that are as prosperous as the people in the country that can get more prosperous. They’re attracting the best of Asia.

We’re attracting lower income immigrants mostly from South America and Mexico. That’s the difference too. Quality and quantity of immigration.

Final question then. Investors, what should they be doing now? We talked about a lot of different recommendations. Debt market downturn, sitting cash, anything else? What about Bitcoin? In a deflationary downturn like this, the deflation only comes after bubbles where almost everything go up.

If I had to be in real estate, I’d be in multifamily apartment buildings. They will hold up the best. If real estate is crashing, they’re still going to lose some value, but that wouldn’t be a bad place.

I’d still rather be in the treasury bonds because they would actually appreciate if I’m right. The options narrow. The best thing is the highest quality bonds.

Why fool around with AAA corporates when you can buy a 30-year, longer duration than 20 corporates? The longer duration and the higher quality is what does that. You can buy 30-year treasuries or you can buy a simple ETF like TLT, which is half 10-year treasuries, half 30. Let’s see appreciation in a downturn and then have more money to reinvest rather than just protecting your money when the next great boom comes along, which will be focused much more in Asia.

Good stuff. Thank you, Harry. Actually, no.

Before we go, let’s talk about Bitcoin. harrydent.com. I got a free newsletter. It’s a good time to be on it to keep up with what I’m saying because I am a lone voice here.

Where can we follow you? harrydent.com. harrydent.com, a free newsletter article every week, two rants a month from me talking to you on video. That’s the way to keep up with what I’m saying in this very questionable period. We’ll put the links down below and also check out Harry’s Twitter.

We’ll put the Twitter X page now. It’s called X. Okay, so Bitcoin. We haven’t talked about Bitcoin.

Is it just a NASDAQ right now? Is it just like a leverage play on the NASDAQ or is it something else? I’m glad you asked that. This is one of the biggest misconceptions that Bitcoin and crypto are the safe haven. Absolutely not.

They are the biggest bubble. They are a new emerging sector. I didn’t get it at first except I could see that Bitcoin was acting just like Amazon, the leader of the dot-com retailers, which was the first tech bubble.

It was acting just the same. I said, no, this is the next bubble. This is a big thing.

Now I get it. A guy at my own conference three years ago said crypto and Bitcoin is basically the restructuring of the entire financial services industry. I got the number.

The total of all financial assets in the world is six times global GDP. It’s $630 trillion. If crypto is here really to restructure and make everything more efficient about investment and trading and everything, it is the next big thing along with AI.

I’ve been talking about AI. I used to call it the automation of professional and managerial work. We’ve already done that to clerical people, already done that to factory workers, already done that to farmers if you go back.

It is the professional classes that will be automated by AI. I’d say if two things I want to buy coming out of this, if I just buy two things, I’d buy Bitcoin at the bottom and NVIDIA, leader of the AI and Bitcoin leader of crypto. That’s what I’d buy if I’m right and we see the greatest crash in a long time.

That’d be the two things I’d first buy coming out. Great. Well, I appreciate it, Harry.

Again, harrydent.com. We’ll put the link down below on his Twitter, so make sure to follow Harry there. Thank you very much. We’ll speak again soon and take care for now.

Yeah, thanks, David. Yeah, that was a lot of fun. Thank you for watching.

Don’t forget to like and subscribe. Transcribed by https://otter.ai