The Flying Frisby - money, markets and more Robert Prechter: Dow To Triple Digits
Feb 7, 2010
Dominic interviews Robert Prechter, President of Elliott Wave International and author of 13 books, known for his insights on market behavior. They discuss the potential downturn of the stock market and the role of the U.S. dollar as a safe haven. Prechter offers caution about gold prices and critiques government interference in financial systems. He also shares his views on China's economic future and the predictive power of the Elliott Wave principle, blending economics with unconventional insights like astrology.
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Long-Term Market Top Passed
- Robert Prechter sees the long-term market top passing since 1998 leading to a major bear market similar to the South Sea bubble burst.
- He advises maximum safety, expecting a long, severe decline that will present future buying opportunities.
Dow Could Retrace To Triple Digits
- Prechter believes the market started a strong third wave down around 2010, signaling major worldwide declines.
- He predicts the Dow could retrace to triple digits over the next few years, fully undoing the previous bull market bubble.
Credit Implosion Causes Deflation
- Credit implosion drives deflation, not just monetary inflation, due to massive unpaid loans worldwide.
- Prechter argues deflation will devastate apparent value as $40-50 trillion in loans vanish, disrupting the fiat monetary system.
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