The Economy Fell Apart Last Time We Saw THIS | Michael Pento
Total debt in the U.S. compared to GDP is at the same ratio as in December 2007 right when the economy fell apart, says portfolio manager Michael Pento. He expects a reversal from the Fed later this year or early next. Investors should be extremely cautious during these trying times, he says. "You cannot have an implosion of the great three asset bubbles in history - stocks, bonds, and real estate imploding together - and have a soft landing. It's just not possible."
Pento Portfolio Strategies: https://pentoport.com
Articles discussed in this interview:
India launches first international bullion exchange to bring transparency
https://www.reuters.com/markets/commodities/india-launches-first-international-bullion-exchange-bring-transparency-2022-07-29/
GEICO abruptly closes offices across California
https://www.abc10.com/article/news/local/california/geico-office-closures-california/103-0a2446ae-50a2-4e7c-b234-4f992db40c14
0:00 Intro
1:32 Economic update
5:16 Fed & inflation
10:41 Yield curve inversion
12:18 Credit freeze
19:34 Dollar hegemony
23:13 India bullion exchange
26:23 State restrictions
30:49 Gold & Dollar
32:40 Pento online
36:13 Miles Franklin
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