Interview recorded - 22nd of June, 2026On this episode of the WTFinance podcast I had the pleasure of welcoming back Henrik Zeberg. Henrik Zeberg is a macroeconomist and chartist who builds his forecasts on business cycles, Elliott wave analysis, and cross-market structures. During our conversation we spoke about his overview of the economy, the weak consumer, AI Capex bubble, why he sees history repeating itself, a stock market crash worse than 2008 and more. I hope you enjoy!0:00 - Introduction1:36 - Overview of the economy4:24 - Weak consumer6:12 - AI story8:02 - AI Capex9:12 - Consumption economy10:45 - Trade impact14:50 - History repeating?17:48 - Repeat of 2008?23:19 - Inflation31:11 - Supply driven inflation32:13 - All assets effected?35:10 - One message to takeaway?Henrik Zeberg is a Macroeconomist (M.Sc. Econ) from the University of Copenhagen. He is a Business Cycles student, Elliott Wave practitioner, and Chartist. You can find out more about his newsletter on his Website.Henrik Zeberg - Newsletter - https://www.thezebergreport.com/Twitter - https://twitter.com/HenrikZebergWTFinance -Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseas

Stock Market Crash Worse than 2008 - Here's What's Coming | Henrik Zeberg

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What we see right now is a completely different picture. The consumer's savings rate is so low. They are looking at their income to actually declining, which they did not do in 2022. And then you'll see that, well, where should that extra income come from? So I don't think this is going to be like 2022 at all. I think 2022 was a cakewalk compared to what we're going to see.

We're going to see that the super cycle now, which started out in 2009, has come to an end. And people will realize when we are at the final end of this and mark my words, that money printing does not work. MMT does not work. You cannot print money and get the economy to run with that and keep printing for a long time.

Because eventually you're going to create a situation where the consumer will be squeezed. And when the consumer gets squeezed, the economy falls down. And the only thing you then end up with is a lot of inflated value in stock markets, in prices on everything. And when that then turns south, you're going to get the balance sheet recession.

That's why this is not going to be something nice we're going to see. We're going to see something that is worse than 2008. And this, I think it's pretty obvious, but let's see how it goes. Hey, everyone. This is Anthony Fatseas and welcome to the WTFinance podcast, which is my effort to help find the most interesting experts to talk about what is really happening in the world of finance, geopolitics, macroeconomics, and investing. It'd mean the world for me if you could like subscribe on your favorite audio platform and share with your friends and family.

We've had the pleasure of being listened to by millions of other viewers, and we'd love to reach millions more to help decode what's really happening around the complex world that we live in. Thanks again. Let's get to the show. On this episode, I have the pleasure of welcoming back a very popular guest, Henrik Zeberg. So, Henrik, thanks so much for coming back on the podcast. Thank you for having me on, Anthony. No problem at all. Looking forward to speaking. It's been about four or five months since we last spoke and a lot's changed. It's amazing how bullish everyone is and how bullish, you know, how high markets have gone.

Seems like people are thinking, you know, soft landing, new golden age of tech, but you obviously see something quite different. So, yeah, can you walk us through what you're currently seeing in the markets, the economy, and why you think maybe we're at a dangerous precipice? Well, if it's four months ago since we spoke the last time, well, then I think, what was that then? That has been in February. February or something, yeah. Then everybody was very bearish back then. And you may remember that I was not bearish at that point at all.

I was actually very, very bullish and said that we could see the markets actually accelerating and going almost vertical. I don't know if I said that on you...

Stock Market Crash Worse than 2008 - Here's What's Coming | Henrik Zeberg

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Stock Market Crash Worse than 2008 - Here's What's Coming | Henrik Zeberg

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.