Michael Pento – Get Ready for Stagflation & Greater Depression
by Greg Hunter
USA Watchdog
Money manager and economist Michael Pento says if you think the worst is over in the stock market, think again. Pento explains, “Now, the valuation of stocks today are the most expensive in history, not around or tied or close. We are now 155% of GDP when you look at the market cap of equities. Stocks have never been more expensive.”
Pento says stocks are going to probably go higher for now, but Pento predicts, “I am going to run contrary to Wall Street, and I am going to tell you that you should see a significant run-up into the news of approved vaccines, new treatments and, of course, more stimulus. We’ve got to borrow more money because $2.4 trillion wasn’t enough. My models . . . say once this vaccine is validated and approved, this is going to be a selling opportunity for me and my investors.”
Pento also thinks that most people will not take the vaccine, including Pento. Also, Pento says, “It’s not going to be a one and done sort of thing,” but something that will have to be given routinely like the annual flu shot. Pento says, “This is going to pave the way for phase two of this reckoning or what I call the ‘Greater Depression.’”