[Podcast] Harry Dent says Australia’s property bubble will burst, but Pete Wargent bursts his bubble

Are we heading for the biggest crash since the Great Depression?

Is it just around the corner? My Podcast #284 – Bursting Harry Dent’s Bubble 5

Well according to Harry Dent, we are and it is.

He is telling anyone who is prepared to listen that we are heading for a stock market crash, and the value of your house will drop by up to 40%.

Today I’m going to chat with economist Harry Dent about his views, and then Pete Wargent and I give you our thoughts on what’s ahead.

Now a word of warning before we get into the interview,  especially for the faint-hearted.

There are some scary predictions made by Harry, so please listen to his whole interview and don’t sell up your assets before you have my views and those of Pete Wargent.

Subjects I Discussed with Harry Dent

Harry is a Harvard MBA graduate, a Fortune 100 consultant, and his demographics-based approach to economic forecasting has helped him correctly predict many major economic events, including Japan’s 1989 economic collapse, the 2000 dot-com bust, and the populist wave enabling Brexit and Donald Trump’s election.

  • Harry believes that an economic winter is coming that will be worse than the Great Depression.
    • He believes that the governments are using stimulus to keep economies alive and that this is bound to not end well.
  • Harry’s biggest surprise about COVID was how much the governments stepped up and created stimulus.
  • He believes that the biggest sign of problems in the US is that the home sales are going down while housing prices go up.
    • He believes that rates are artificially low because governments are printing money out of nowhere and using it to do things like buy bonds.
    • His line in the sand is 2022, which is when he believes the lowest point will occur.
  • Harry says that hitting the limits wall causes the bubble to explode.
  • He says that China has the biggest bubble, and because they’re Australia’s biggest export, their bubble bursting will hurt Australia.
    • Harry believes that Australians who think he doesn’t understand Australia’s markets just don’t understand the world.
  • He would advise people to reassess their assets and sell what they don’t need.
  • Harry explains that the upside of a burst bubble is that it will get rid of bad companies being artificially propped up and make way for new ones.
  • Harry also discusses how he would explain his views to someone who visited his seminars and did what he suggested years ago but didn’t see it work out for them.

Bursting the Bubble with Pete Wargent

  • According to Pete Wargent, we’re not in a bubble, and there isn’t necessarily a big explosion coming Bubble 300x200[1]
  • Australia is seeing record-low mortgage rates
    • A typical response to low mortgage rates is more people getting into the housing game.
    • More people getting into the housing game is basically what is happening right now.
  • The current housing market is underpinned more by owner-occupiers than investors
    • This makes a bubble less likely.
  • Australia’s government has been prudent, and there are not high levels of government debt.
    • What’s more, the interest rates are low.
  • Australia’s banking system is sound.
  • The majority of the debt is in the hands of people who have the means to service it.

Resources:

Michael Yardney

Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us

Harry Dent’s newsletter: www.HarryDent.com

Pete Wargent  Next Level Wealth

Pete Wargent’s new book Low Rates High Returns

Some of our favourite quotes from the show: risk investment market

“As an investor, I believe it’s important to listen to others views.” – Michael Yardney

“In my mind, a bubble is an economic cycle characterized by a rapid escalation in asset values, then it’s followed by contraction.” – Michael Yardney

“From what I can see, the debt that’s out there is in the hands of people who can manage it.” – Michael Yardney

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About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media. Visit Metropole.com.au


'[Podcast] Harry Dent says Australia’s property bubble will burst, but Pete Wargent bursts his bubble' have 1 comment

    Avatar for Michael Yardney

    August 9, 2021 Callum Sked

    October 2020 – His last explicit forecast that went horribly wrong – especially for those who took his advice and sold their properties.

    20:30 minute through to 21 minute mark.

    See especially around 20:50 to 20:57.

    “This is urgent. This is going to happen next year – 2021. If it doesn’t happen well into next year, say 6-8 months from now [October 2020 interview; timing of forecast crash April 2021 to June 2021] then you can just write me off and I’ll shut up.”

    Substance of forecast;
    US stocks by 85-89%
    Australian property by 40%.

    As you interviewed him, I’m hoping you could do us all a favour and forward to his email.

    Looking forward to Harry Dent fulfilling his end of the bargain shutting up. He’s harming a lot of people to sell books.

    Cheers,

    Callum

    Reply


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