Sep 14, 2021
Summary:
As usual, we find that transitory inflation is not so
transitory—Michael Pento comes on the podcast today to talk about
some of the causes and effects surrounding inflation in the current
economy. Pento says this is perhaps the worst inflation the country
has ever seen, and the coming years don’t look too hot in terms of
getting out of this economic circumstance. Tune in to hear us break
down some of these financial issues, how they relate to what we
have seen historically, and what to expect in the future.
Highlights:
-Transitory inflation is not so transitory
-NatGas had gone up 118%
-This reminds one of what happened leading up to the financial
crisis
-You could not grasp what was happening only by looking at oil—you
must consider other points
-We have, according to Pento, the worst inflation this country has
ever seen. What does 2022 have in store?
-There are ten million job openings right now, so it is sensible to
stop paying people money to stay at home when there is a surplus of
employment opportunity
-Next year, according to the Fed’s predictions, they are going to
stop the QE program
-No more increase in the money supply or m2
-We are in for a fiscal and monetary cliff
-China is going through the same thing as well as Europe
-We don’t have the healthy underlying foundation that we had in
1980, nor do we have the fire power to get us out or low levels of
debt
-Pento predicts a protracted period of vicious stagflation in the
coming years
-Coming out of the great recession, China bailed us out. They may
not have the capacity to do this again
-Culmination of natural disasters and man-made disasters will
coalesce into one thing
-2023 will probably see a permanent form of helicopter money for
those that don’t make a certain amount
-What you think is going to happen is seldom what does happen—you
can never be entirely sure
-There will probably be major deflation and bouts of inflation
-Don’t sell your gold quite yet, but understand that the precious
metals can take major hits
Useful Links:
Financial Survival Network
Pento Portfolio Strategies