Palisade Radio, Released on 4/24/20
Michael is convinced that we are heading into “The Greater Depression” as the world is awash in 17 trillion dollars in negative-yielding debt. He says, “We are no longer living in reality; this is a fantasy created by massive monetization of debt from central banks.” The middle class is being wiped out, having lost 25 million jobs in five weeks, and we are witnessing a new era of helicopter money and universal basic income. This is the ideal time and environment for holding gold to protect your purchasing power.
Time Stamp References
0:40 – The Greater Depression?
6:00 – More stimulus is not enough.
7:55 – Middle class being wiped out.
12:40 – Defining Fed money supply.
16:00 – Gold and its role.
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.