American economist warns: 2026 may be the worst market crash in history

Renowned U.S. cycle economist and founder of HS Dent Investment, Harry Dent, recently issued an extreme prediction:
👉 In 2026, #美股 could drop 90%
👉 This would be the worst market environment since the Great Depression
He is not talking about an ordinary bear market, but the final liquidation of a super bubble.
Not an AI bubble, but "all assets are in a bubble"
Dent explicitly denies a mainstream view:
Current risks are only concentrated in AI or tech stocks.
His perspective is more radical—
Stocks, real estate, digital assets—all are in the same debt-driven "super bubble."
This is not a problem of a single industry,
but of the entire financial system.
Why is this bubble "especially dangerous"?
Dent’s core logic can be summarized in one sentence:
This is a bubble that has never been truly liquidated.
He traces the starting point back to the 2008 financial crisis.
According to historical patterns, a deeper, longer deleveraging and recession should have occurred,
similar to the Great Depression of the 1930s.
But the reality is—
Extremely loose monetary policy
Continuing expansion of fiscal deficits
Repeated liquidity interventions
The economy has not naturally cleared but has been forcibly "kept alive," pushing prices higher to today.
The result is:
The bubble hasn't burst; it has grown bigger and bigger.
Why focus on January 2026?
Dent believes that early 2026 is a key verification window, especially January.
The reason is simple:
There is a classic pattern in history—
Strong in January → the whole year tends to be strong
Weak in January → often signals a turning point for the entire year
If the market weakens in January 2026,
It will be a clear sign that the bubble is entering its final burst phase.
His conclusion is extremely harsh:
Every major speculative bubble ends with only one outcome: devastating losses.
In Dent’s view, this time will be no exception,
and may even be more extreme.
He states very plainly:
“This bubble has become exaggerated to the point of absurdity.”
So, which assets can survive?
His answer is very cold—
‍#美国国债 .
The reason is very realistic:
Because the government can print money to pay off debts.
This also puts him at odds with another famous bear, Peter Schiff.
Schiff’s judgment is exactly the opposite—
👉 2026 could see the collapse of the dollar itself.
The most important thing is not whom to believe
but that a fact is becoming increasingly clear:
Overvaluation
High leverage
High debt
High expectations
All variables are being pushed to extremes at the same time.
Will there really be an "epic crash" in 2026?
No one can be 100% certain.
But what is certain is—
The next cycle’s volatility will not be gentle.
The real danger is not the crash itself,
but that many still believe:
This time, it will be different.
History has never gone that way.