"Most People Have No Idea What Is Coming..." Harry Dent
Many of us have already been feeling the pinch as the cost of living quickly morphs into a crisis. Gas and oil prices have skyrocketed, and we can all expect further energy price hikes later this year. Is it time to buckle up, and prepare for the worst? Since the start of 2022, we’ve been exploring ways that we can all beat the big squeeze. But now, as inflation continues to soar and the increasing cost of living hits households across the country, some experts are predicting another recession.
Since April, there was a 54 per cent jump in gas and electricity, and the Bank of England believes that costs will rise further in October by as much as 40 per cent. This will take the average domestic bill to more than £2,800 a year. Meanwhile, interest rates are set to hit levels not seen in more than 30 years. With rampant inflation and the snowballing cost of living set to leave households and businesses feeling poorer, spending is likely to fall. As a result, the economy will contract. If forecasters are correct, this is how we might expect a recession to manifest in the near future.
Irrespective of the negative impact of the global recession and market crash, Dent framed an economic slump as a positive and desirable development arguing the economy needs to cool down, bad debts have to be restructured, and the worst companies must be weeded out. Dent also framed a market crash as a chance for young people to invest at reasonable prices, earn solid returns, and save for retirement.
Meanwhile in another scenario, Richard Thaler says nothing in the US economy resembles a recession.
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