Michael Pento: Zombie Banking Crisis
Liberty and Finance, Released on 4/13/23
The banking issues are far from over. "What about the shadow banking system and all of their bad assets?" asks portfolio manager Michael Pento, "There's going to be a lot of distressed banks - even the big ones - because of what the Fed has done and continues to do." The insurance companies are therefore in trouble too, he points out. What happens if they fail? The ultimate insurance company is the Federal Reserve, and the Fed could always bail out the system by creating more currency. But currency creation can only lead to further inflation.
0:00 Intro1:13 Banking system8:00 Flight from community banks12:28 Pension plans16:00 Fed/Treasury22:00 Insurance companies27:30 Pento Portfolio Strategies29:34 Bubble of everything32:13 Miles Franklin
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
Michael Pento: Zombie Banking Crisis added by Herman James on 04/12/2023View all posts by Herman James ?+'