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Former Congressman and presidential candidate Ron Paul thinks the stock market might lose 50 percent of its value this year.
“A 50 percent pullback is conceivable,” Paul said on CNBC’s “Futures Now” last week. “I don’t believe it’s 10 years off. I don’t even believe it’s a year off. ”
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If Paul is correct, the Dow Jones would plummet to 10,851.71 and the S&P 500 would fall to 1,214.185. The S&P Index was at 2,428.37 and the Dow at 21,703.75 on Monday.
It also would be the greatest crash in history – even larger than the Great Crash of 1929 when the Dow lost 12 percent of its value. The stock market did not recover from the crash of 1929 until 1945, after World War II.
“I see the foundation of our system built on sand, and a big wind comes along to blow it down,” Paul said.
Wall Street, he said, is overestimating the strength of the U.S. economy.
“It’s all man-made,” Paul said. “It’s not the fault of Donald Trump … If the market crashes tomorrow and we have a great depression, he didn’t do it in six months. It took more like six or 10 years to cause all these problems that we’re facing.”
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