Massive Global Defaults Coming-Greg Hunter, Michael Pento Video

By Greg Hunter’s USAWatchdog.com

Money manager Michael Pento says President Trump sent a profound financial message to Wall Street and Main Street when he said $74 billion in Puerto Rican debt needed to be “wiped out.” Pento, who is also an economist, explains, “What I find very striking is that Trump said, very honestly, we’re going to get rid of that.  We’re going to abrogate it.  We’re going to cancel that debt.  So, he’s telling private creditors, Goldman Sachs, pension funds and individual bond holders, you’re going to get close to, if not exactly, zero cents on the dollar.  That’s an explicit default on debt. . . . Ladies and gentleman, please listen to me, the governments of the world, which include the United States, Puerto Rico, Greece, China, Japan and Eurozone, they are going to default on their debt either explicitly or implicitly through inflation.  That is what’s happening now, and that condition will only exacerbate as we go through time.”

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.”

Pento says even though the stock market has made huge gains in 2017, don’t expect this to continue. Pento contends, “Year-over-year growth for the third quarter (Q3) is just 2.9%. . . .  So, you have no more earnings growth.  It’s very miniscule.  GDP (Gross Domestic Product) according to the New York Fed for Q3, it’s 1.8%.  If you look at the Atlanta Fed, it’s just a little bit above 2%.  So, you are still stuck in that 2% range.  There’s no real growth in GDP and no real growth in earnings.  The only thing you have left (holding up the markets) is central banks, and that game is ending.  You have central banks selling when there is a high risk of nuclear war, WWIII, stocks are trading at all-time record highs and 138% total market cap to GDP when the average is 50%.  This is crazy.  There is no way you can justify the level of stock prices without massive and unrelenting money printing, which is coming to an end.”

On gold, Pento says, “You’ve got to have 10% physical gold in your liquid net worth. It has to be physical gold that you possess directly.  I cannot stress that enough. . . . I like all precious metals.  They are going to be in a massive and unprecedented bull market sometime in 2018.”

Join Greg Hunter as he goes One-on-One with economist Michael Pento of Pento Portfolio Strategies.

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After the Interview: 

Michael Pento also predicts in the coming crash that the tech heavy NASDAQ will fall 85% and won’t come back for 15 years, same as in the Dot-com crash in 2000.

There is free information, analysis and videos on PentoPort.com.

Related Posts:

• Record Global Debt Will Pop Record Bubbles-Michael Pento
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• Great Recession Headed for Greater Depression-Michael Pento
• Early 2017 Record Scam Stock Market Going to Blow Up-Michael Pento
• Somebody is Lying About Spying, Fed Hikes Rates & Gold Spikes, War Update

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