The former BlackRock fund manager has just issued a significant warning about the U.S. economy. In a new interview with 'Market Disruptors', Edward Dowd predicts that an economic recession and market crash are imminent due to the real estate crisis and the burst of the artificial intelligence bubble. Dowd points out that the sharp decline in new home permits since 2022 and the decrease in tenant rents are early signs of a real estate market collapse. He also warns that government spending cuts and a reduction in illegal immigration will weaken economic growth, and according to historical patterns, the stock market could face a 50% decline. Dowd attributes this crisis to the global debt issue, which has been temporarily masked by the money printing and spending during the COVID-19 pandemic, while rising delinquency rates in commercial real estate and auto loans signal a broader credit tightening. In the long run, he expects deflationary pressures to force the Federal Reserve to lower interest rates and print more money.