Zombie Banking Crisis | Michael Pento

The banking issues are far from over. "What about the shadow banking system and all of their bad assets?" asks portfolio manager Michael Pento, "There's going to be a lot of distressed banks - even the big ones - because of what the Fed has done and continues to do." The insurance companies are therefore in trouble too, he points out. What happens if they fail? The ultimate insurance company is the Federal Reserve, and the Fed could always bail out the system by creating more currency. But currency creation can only lead to further inflation.

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INTERVIEW TIMELINE:
0:00 Intro
1:13 Banking system
8:00 Flight from community banks
12:28 Pension plans
16:00 Fed/Treasury
22:00 Insurance companies
27:30 Pento Portfolio Strategies
29:34 Bubble of everything
32:13 Miles Franklin
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