Michael Pento: Economic Calamity Soon – Here’s Why

Liberty and Finance, Released on 5/18/23

While the debt ceiling is almost certainly going to be raised, there will be fiscal tightening, says portfolio manager Michael Pento. This fiscal tightening will occur when the Fed has already tightened monetary policy. He says the both monetary and fiscal tightening will have catastrophic effects for the economy. Already, we are seeing banks collapse. The banking crisis is far from over, he says. He is planning on adding to his position in physical gold, but he has sold his mining stocks recently.

0:00 Intro
1:45 Debt ceiling
16:00 Crisis in big banks
25:20 M2 Money Supply
27:40 Global recession
30:35 Gold update

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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