Harry Dent, founder of HS Dent Investment Company, recently warned that the most severe market crash in history will arrive in 2026. Dent predicts that the current market bubble, which has lasted nearly 17 years, will burst, causing the stock market to fall by 90%. He describes it as the worst market environment since the Great Depression. It is worth noting that Dent denies the view that "speculative overheating is limited to artificial intelligence (AI)." He states that stocks, real estate, and digital assets are all trapped in a debt-driven "super bubble."

Dent explains, "But this bubble is different because it rapidly expanded from the beginning of 2009 and did not allow a recession to fully clear out debt and various problems; it took off directly and has continued until now." This American economist traces the start of this cycle back to the period after the 2008 financial crisis and believes that policymakers prevented the natural reset of the economy through monetary intervention. Specifically, the global economy should have undergone a longer downward adjustment like in the 1930s, but aggressive deficit spending accelerated the expansion process.

Dent states that early 2026—especially January—will be a critical period to determine whether the bubble will finally burst or continue for another year. The reason is that, based on historical experience, a strong stock market performance in the first week and month of January often predicts a stronger market trend for the entire year; but if January performs weakly, it will further confirm his bearish judgment. Dent emphasizes that every major speculative bubble ultimately ends in devastating losses, and he believes this time will be no exception. He says: "The bubble will eventually burst, and this time it has already been exaggerated to an absurd degree."

Dent concludes that the only asset likely to "survive" is U.S. Treasury bonds, "because they can print money to repay." On this point, the economist seems to differ from some other well-known economists, including Peter Schiff. Schiff recently predicted an unprecedented collapse of the U.S. dollar in 2026. (Dong News Agency)