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Michael Pento – Crazy Stock Market Will Crash; Massive Global Defaults Coming

USA Watchdog, Released on 10/10/17

Is Puerto Rico a test for debt default? Pento says, “Absolutely correct. It’s what’s going to happen. There has also been a test case in Cyprus and in Greece. They are telling creditors you are going to get ‘X’ cents on the dollar. These are small isolated cases, and please don’t believe that the United States can ever fund its $20.3 trillion worth of debt that’s on the balance sheet. We have over a hundred trillion dollars in unfunded liabilities, and quadrillions of debt in derivatives. So, we are going to have massive defaults.”

Michael Pento is a specialist in Austrian economics and is the President of Pento Portfolio Strategies. Prior to starting Pento Portfolio Strategies he served as a senior economist and VP of the managed products division of another well known financial firm. Michael has also created ETFs and UITs that were sold throughout Wall Street. Earlier in his career, he worked on the floor of the NYSE. He is the author of The Coming Bond Market Collapse: How to Survive the Demise of the U.S. Debt Market.

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