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Michael Pento: Bracing for the Fallout as the Credit Bubble Bursts and Asset Prices Plummet
Michael Pento, President of Pento Portfolio Strategies, identifies a dangerous "triumvirate of bubbles" in credit, real estate, and equities as the most precarious factor facing markets. He argues that every credible metric, from total debt-to-GDP to home price-to-income and stock market capitalization-to-GDP ratios, is at an all-time record high. This extreme overvaluation has been sustained by aggressive Federal Reserve money printing and interest rate repression under Chair Jerome Powell, which Pento blames for destroying the middle class's purchasing power and creating a massive wealth…
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