Michael Pento: Global Depression On the Way

Tuesday, January 26, 2016

Financial expert and money manager Michael Pento is forecasting a global depression. Pento says:

“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.”
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.”

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