“We predicted this (current) downturn in the U.S. 20 years ago.”-Harry S. Dent Jr

September 11, U.S. economist Harry S. Dent Jr is predicting a second, deeper downturn between the beginning and the middle of next year.

Dent says the downturn will start in Europe, spread to the United States, China and eventually Australia.  He says Australia might not be the safest place to be: “Australia is probably the best place in the world to survive this, but we do think Australia will not escape as well as it did from the last crisis (in 2008).”

Dent says there are still ‘bubbles’ that need to burst.  He believes gold and silver prices are overrated, and there are still housing bubbles around the world, like in Australia, Japan and China, that need to burst.  The housing bubble that burst in the U.S. still hasn’t fully deflated.

Dent is in Australia to promote his book, The Great Crash Ahead – How to Prosper in the Debt Crisis of 2010-2012.