A Prediction of Economic Turmoil in 2024
Economist and investment lawyer Jim Rickards has made a forecast for global economies in 2024, predicting a year of turmoil. According to Rickards, the U.S. Federal Reserve’s attempts at a soft landing will fail, leading to a worldwide recession. Additionally, Rickards expects a banking crisis involving medium-sized regional banks.
Recession on the Horizon for the U.S. and China
Rickards forecasts that China, the U.S., and Japan will all experience a recession in the near future, ultimately resulting in a global recession scenario in 2024. He points to signs such as inverted yield curves, rising commercial real estate defaults, declining industrial production, declining job creation, and falling bank loans as indicators that the U.S. may already be in a recession.
The Lingering Banking Crisis
Contrary to popular belief, Rickards states that the banking crisis is far from over and will continue to unfold in 2024. He warns that medium-sized regional banks, often overlooked, will play a significant role in this crisis. According to Rickards, this banking meltdown could potentially escalate into a global crisis that impacts capital markets.
Preparing for an Unpredictable Year
Rickards advises investors to brace themselves for a turbulent year ahead. He suggests that stocks may perform poorly, potentially losing up to 50% if global geopolitical conflicts escalate. On the other hand, he believes that gold and silver will fare well due to a flight-to-quality scenario. In summary, Rickards urges individuals to be prepared for a wild ride in 2024.
Hot Take: A Forecast of Economic Turmoil in 2024 by Jim Rickards
Renowned economist and investment lawyer, Jim Rickards, has made a bold prediction for the global economy in 2024. According to Rickards, a recession and banking crisis are on the horizon, with significant implications for countries such as the U.S., China, and Japan. He warns that the Federal Reserve’s attempts at a soft landing will be unsuccessful, and medium-sized regional banks will continue to contribute to the ongoing banking crisis. In the face of these forecasts, Rickards advises individuals to prepare themselves for a turbulent year ahead, with potential consequences for stock markets and opportunities for gold and silver investments.
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