Michael Pento: The Real Crash Is Coming

Money manager and economist Michael Pento predicts a "tsunami of inflation" is coming in the not-too-distant future. Pento says, "People are losing faith in fiat currencies. The price of gold in other currencies is already at all-time record highs. Even in dollar terms it's $1,700 per ounce and on its way to record highs. What is the government going to do when you have insolvency and inflationary implosion of the bond market? The real crash is coming. . . . A government cannot issue more debt to bail out an insolvent condition-fact. A government cannot print more money to placate a market that is afraid of inflation-fact. That's what they are going to be faced with: Yields spiking because of inflation and insolvency concerns, and then there is nothing a government can do. It's not going to be just the United States, it's going to be the case globally. . . . That's when the money is no good, and the bonds are no good."

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.