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Next Crash Worse than 1929 & 2008 Combined-Michael Pento

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Lobo
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Next Crash Worse than 1929 & 2008 Combined-Michael Pento

Post by Lobo on Mon 25 Jan 2016, 4:53 pm

Next Crash Worse than 1929 & 2008 Combined-Michael Pento

By Greg Hunter On January 24, 2016 In Market Analysis


By Greg Hunter’s USAWatchdog.com  (Early Sunday release)

Money manager Michael Pento says the next crash will be one for the record books. Pento contends, “If you look at any of the economic data coming out, it screams recession. It will be one of the worst recessions since 2008 and 1929—combined.” This is a description of a global depression. Pento contends, “Unfortunately, I think that’s exactly where we are headed. It’s not my opinion. It’s not a Cassandra. It’s not my view. It’s the entire view of all global markets. China is 45% down. There’s a bear market in Europe. There’s a bear market in Japan. There is a bear market in most of the United States.”

Why is it going to be so historically bad this time around? Pento says, “In prior recessions, the Federal Reserve was allowed to lower the borrowing costs significantly and dramatically. For instance, the Fed Funds Rate, that interbank lending rate, was 5.25%. Today, it’s between .25% and .50%. The Fed is unable to reduce borrowing costs to the consumer. All they can do is take back their measly .25% rate hike that they did in December. So, there is no debt service relief coming from the Federal Reserve. That’s number one. Number two, a normal function of recessions is a surge in the deficit. We saw this in the Great Recession from about $200 billion a year to $1.5 trillion a year. This time, if they skyrocket again . . . who’s going to buy that Treasury debt? There’s no more QE. China is a huge seller. Japan is a huge seller. So, interest rates are going to rise because sovereigns are insolvent. It’s not the banks that are insolvent anymore, although that is still the case to a great degree. Central banks are insolvent, and sovereign governments are insolvent. That’s why this is no normal recession.”

So, does Pento think the Fed is going to reverse course and cut rates back to where they were in December. Pento predicts, “Yes, I do. So, I think there is a pause or maybe they raise rates one more time in March. The clueless morons that run our central bank are looking at the unemployment rate and are worried about hyperinflation because too many people are producing. If you look at commodity prices, equity prices, junk bond spreads, if you look at actual data coming out, we are in a magnificent manufacturing recession across the globe. . . . Everything is down and slowing dramatically.”

Pento is forecasting a global depression, and Pento contends, “It’s happening. It’s happening now. This is not your garden variety recession. You have impotent central bankers and impotent sovereign nations. How many more empty cities is China going to build without destroying their currency? . . . . There are going to be global sovereign defaults, and those defaults are going to take the form of defaults through monetization and inflation. That is where we are headed.” Pento warns that until the Fed starts printing massive amounts of money to turn the imploding economy around, “It’s going to be a devastating, metastasizing global depression. It’s on its way.”

On gold, Pento says, “Your golden life preserver is going to be gold. It’s the only thing that is going to work when you have depression, insolvent nations and massive monetization of all outstanding bonds. I would definitely get physical gold.”
http://usawatchdog.com/next-crash-worse-than-1929-2008-combined-michael-pento/

    Current date/time is Fri 02 Dec 2016, 6:25 pm