by Kerry Lutz, Financial Survival Network:
Michael Pento believes that the Fed’s rapid rate increases have caused a banking crisis, and that the Fed’s actions have created an artificial construct that will lead to a deflationary recession/depression followed by runaway inflation. He predicts a 30-50% drop in equity averages and suggests investors play it safe by collecting dividends in a safe manner.
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Michael discussed the unsustainable levels of global debt and the potential for deflation and a depression if the Fed does not take action to reduce debt levels. He believes that inflation is not the answer and that the middle class will suffer if it continues. He suggests that the Fed should reduce the balance sheet and remove the gamblers from Wall Street in order to create a healthy economy.
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