Worldwide Depression Coming, Buy Gold – Michael Pento
By Greg Hunter
USAWatchdog.com
May 9, 2018
Money manager Michael Pento says it’s not a matter of if the economy tanks, it’s only a matter of when. The next downturn is going to be the worst–ever. Pento explains, “The mainstream financial media and most of Wall Street . . . will say that the increase of interest rates, the great deleveraging process has been consummated, and central banks can raise interest rates and then call it a “beautiful deleveraging,” a beautiful process. That is a lie. . . . There is $240 trillion of global debt. The bond bubble is bursting. . . . Why are emerging markets crumbling now? It’s because the bond bubble is in the process of bursting. As that bubble bursts, look for this chaos to metastasize across the globe.”
Pento, who is also an economist, goes on to say, “I believe this will bring down real estate prices, equity market values and start currency chaos. Unfortunately, a worldwide depression is coming like we have never seen before because we have never before had so much debt sit on top of artificially depressed interest rates. The hubris and arrogance of central banks to take that away, they are way too late in doing so, and they think they can do this with impunity. They are dead wrong. They (central banks) have always caused recessions. We are heading into a global depression. The question is what are central banks going to do about it this time? The Federal Reserve does not have a Federal Funds Rate they can take to zero percent. They don’t have a balance sheet that is $800 billion. They have a balance sheet that is $4.3 trillion. . . . The steps that they are going to take after this depression, the powers that be, the Illuminati are pushing things like negative interest rates, universal basic income and helicopter money to re-inflate asset prices, which will be plunging from record high altitudes.”
Pento says we will have “deflation” first and then “runaway inflation.” Pento says this means gold is the place to be for the foreseeable future. Pento contends, “There is going to be a run on gold like we have never seen before. There is going to be a super-spike in the precious metals. . . . These are unprecedented times coming, and you should take physical possession of your gold. I like gold and I like silver, and I like platinum. I most especially like gold though. . . . This is happening now. The bond bubble is bursting.”
Join Greg Hunter as he goes One-on-One with economist Michael Pento of Pento Portfolio Strategies.
