Michael Pento | Expect a 40% Correction In The Stock Market & Housing Prices To Get To Fair Value

Michael Pento | Expect a 40% Correction In The Stock Market & Housing Prices To Get To Fair Value

you do a simple Ma you simple math there um and you look at total market cap of equities as a percentage of GDP to bring them back to 100% which is still very rich historically so the total value of equities divided by the GDP that that the ratio is now 180% it should be more like 100% it’s a 40% correction in both those series to bring us back to not not a not a Bargain Basement price for homes and not a fair value you know or not a cheap valuation for the stock market just something that’s you know reasonably uh reasonably affordable or reasonable historically speaking a 40% [Music] crash welcome back to medals and miners I’m its founder and its host Gary bone we have a wonderful discussion lined up today that I’m very eager for today we’re fortunate to have with us Michael Pento Michael is the founder and chairman of Pento portfolio strategies a registered investment advisory firm he has more than 30 years of professional investment experience having worked on the floor of the New York Stock Exchange during the mid 90s Michael served as an economist for both Delta Global and europacific capital and was also the portfolio Creator and consultant to Delta claymor commodity portfolios Michael thank you so much for joining us today my pleasure Gary um so Michael let’s begin with how you’re seeing the world today what has your attention the market the economy geopolitics wherever you want to take that well first of all I mean I you know I thought I was disgusted last week last interview I did with Jerome Powell um in his press conference he was actually asked a question uh his press conference was yesterday uh Wednesday’s meeting in press conference he said um are we in a position of stagflation right now and he goes well I don’t see the Stag and there isn’t any inflation and he kind of like chuckled about it and I’m thinking to myself well now you know you you hesitate Gary you don’t want to call these people Liars because right it sound you sound like um um you sound disrespectful uh you sound like you’re out there a little bit and you know uh not very mainstream I I’m not a mainstream guy and I’m kind of proud of that but there’s no stag let’s just take let’s just say why he said that so GDP growth fell from Q4 to q1 of 2024 so Q4 of 23 to 24 it was cut by in half it was 1.6% seasonally adjusted annualized rate you cut GDP growth in half down to a one handle that’s a pretty good indication that you’re headed towards an anemic economy the manufacturing the manufacturing part of the economy had been in a recession for well over a year and then and it slipped back into it you know we had the ism uh manufacturing survey released on uh Tuesday so you had the data already and it it it showed that we slipped back under 50 which is in a contractionary mode so we have a recession in manufacturing again and then when you look at the inflation part of that um you know drives me crazy I heard I heard over and over again today have the mainstream Financial media is like oh well inflation’s 3 and a half% that’s nowhere near where it was in 1981 well you know the total debt to GDP was you know 40% back in 1981 national debt to GDP um and the total market cap of equities was like you know 50% to GDP and now it’s 180% to GDP we have asset bubbles where home prices have gone up you know 40 5% in the last two or three years um food prices up 37% in the last couple of years so your The Last Read of inflation had three a headline figure was three and a half% that’s not two so so inflation is rising faster the previous reading was 3.2 so from 3.2 to three 3.5 on the second derivative the rate of change the rate of change so not only is the first change accelerating but the rate of change of the rate of change is accelerating it’s nowhere near 2% and it’s accelerating from an from a level where most of the middle class can’t afford to even eat okay you have 78% of Americans who are living paycheck to paycheck so so talk about how out of touch these people really are from reality yeah they’re out of touch but you know what can be done they’re they’re in control they’re the money Masters and they’re making the decisions pulling the strings they’re going to keep it higher for longer um inflation’s going to stay elevated you know what can they what what can be done well what can be done well first of all what could be done is that they could they could have not have increased the base money supply so there’s there’s um let’s think about money the theory of money and credit I don’t know how you know how much in the weeds you want to get what what are we talking about here so it’s not just um you know currency and coins in your possession it’s high powerered money which is the base money supply so it’s physical coins and currency and Fed Credit which is the building blocks of all Bank uh money which is how you you generate you know we have a debt-based monetary system that’s how you generate money in this in this economy in all Fiat economies well that base money supply went from $700 billion in 2008 at the end of 2008 all the way to9 trillion and what did what did that9 trillion doll you know that that 8.3 trillion dollar increase in the base money supply why did the FED do that well do that to to buy bonds and take the 10-year treasury note down to 33% he did it did it to buy mortgage back Securities to take mortgages down to uh 2.7% postco and it did it you didn’t had that didn’t have any effect on inflation that didn’t just see this is why there’s such a yawning trenchant gap between the very wealthy and and the and the poorest of Americans it’s there’s no middle class anymore people can’t there’s one you know half the population or three of population has living paycheck to paycheck half has no savings at all negative net worth and then there’s people on the other side of the speci of the um of the pendulum that have multiple houses and their their their uh uh asset price asset prices are going crazy and you know so the FED is responsible what could they what could the first thing they can do you ask me stop printing all this money and and drain the liquidity from the banking system so we don’t have asset prices stock and and bond prices and real estate prices go through the moon and then you have can you know you’ll have some kind of parity or equilibrium in the economy yeah and that’s that’s absolutely true you know austerity is really the measure that needs to be taken but it’s not a measure that has or will be taken it’s clear right but Michael you recently made the following statement on Twitter or X that I would like you to speak on and expand uh you wrote home prices which you were just touching on and stocks need a 40% drop to match historical averages this could trigger a full-on depression and bankrupt the financial system but will the FED be forced to try and keep these asset prices from falling would you speak deeper into that statement okay so the the so if you look at the N data and Census Data you get a median home price and you have median incomes so if you look at both those data series you’ll see that home priced income ratios are now at 5.5 that’s the home price to income ratio now I didn’t touch on uh the cost of maintaining the home I didn’t speak about the insurance costs for the home the increase in property taxes I didn’t talk about the property taxes in the home I just talked about the home price the income ratio 5.5 it was 2.8 in the year 2000 wow to give some semblance of of reality so you do a simple Ma you simple math there um and you look at total market cap of equities as a percentage of GDP to bring them back to 100% which is still very rich historically so the total value of equities divided by the GDP that that the ratio is now 180% it should be more like 100% it’s a 40% correction and both those series to bring us back to not not a not a Bargain Basement price for homes and not a fair value you know or not a cheap valuation for the stock market just something that’s you know reasonably uh reasonably affordable or reasonable historically speaking a 40% crash now let me ask you a question and this is just just a wrap up the thought what would that do to Banks assets if home prices fell by 40% yeah what would the economy look like if the top quintile which is keeping the economy afloat lost 40% of their Equity value yeah I think many of us are asking these questions and yet the FED keeps liquidity high in order to keep these asset press asset prices elevated don’t you think well that’s why well that’s why that’s why so it’s they have no that’s why poell is like stag inflation there’s no stag there’s no inflation no he knows their stack flation he doesn’t care right he doesn’t care because he was put in place by Congress in 1913 not he but the fed the institution was put in place to be a lender of Last Resort to Banks it was not the charter wasn’t how do I protect the middle class of the United States of America how do I keep the purchasing power of the do dollar stable no none of those things are in the charter of the 1930 Charter that that that gave um the Federal Reserve its power yeah so to your to your point about the asset prices here’s something interesting currently asset manager positioning in US Equity Futures is hovering over two standard deviations is above average so do you anticipate a reversion to the mean here and truly what’s the impact on the markets if there is a reversion to the mean well reversion to the mean reversion to mean in the markets would mean that 40% crash we just talked about that that’s that’s def that would be absolutely deicing wipe out P it wouldn’t be a solvent pension plan on the planet I mean it I mean it wouldn’t be an insolvent insurance company the banking system would be wiped out so that’s not it’s not going to be allowed to happen gracefully I can tell you that Powell’s already now we’ve had we of course we launched the be he launched the btfp the bank term funding program in March of 2023 and that kind of kept the regional banking system afloat but all of the assets of the banking system that were problematic then are even worse now because mortgage rates are higher and bond yields are higher so and what are these banks are loaded up with treasuries and mortgage back Securities so and the housing the transaction Market for housing is real estate market is frozen so would be it would be devastating so the fed the FED has has no choice they either have to continue this ruse to keep trying to inflate keep printing money keep growing the B they’re gonna they’re gonna they they already cut the balance sheet and you ask yourself oh Michael if if inflation is 3.5% and their target is two and it’s moving further away from two why are you cutting why are you cutting the pace in the reduction of the balance sheet why are you looking to make Financial conditions easier when they’re already easy and getting easier why are you trying to make credit spreads tighter when they’re already tight as can be and getting tighter tight tightest spreads to treasuries in history virtually right now and and he wants to loosen Financial conditions because he’s doing everything he can he knows that he’s on the pre of if reality hits if Market forces were allowed to to uh play out home prices would drop 40% at a minimum and they never just drop back to to level they always go through that so they Dro probably minimum 40 asset prices would equities would drop at least 40 maybe more and the the economy would not be in a recession it wouldn’t be in a depression it would be in a severe depression So to avoid all that because we’re so unhinged from reality he’s already pivoting now to to reliquify the banking system that doesn’t need to be Rel liquified that’s amazing he he can’t risk can’t he can’t risk it he can’t risk another repo that’s why he’s like oh remember in 2019 we had the repo crisis we can’t risk that and even though he has a standing repo facility in other words the Federal Reserve now is in place to falsify asset prices as much as possible that’s what that’s their that’s their new Charter yeah and Dam and Dam and be screwed and damn the middle class and the purchasing power of the of the of the uh dollar uh so so Michael you recently uh shared that the US has abused our Reserve currency just long enough and we’re living in the environment when it’s ending would you break down that statement for us you said you said what I’m sorry I missed the first part of the question yeah you had shared uh that the US has abused our Reserve currency just long enough and that we’re living in the environment when it’s ending yeah yeah I you know um post uh you know the Brenton Woods agreement in 44 um the US dollar was backed by gold and we were the only manufacturing base in the world Europe was in Chatters Japan was in Chatters China was not you know still an agrarian society so uh what we did was we you know had the the world’s Reserve currency and everybody who every country that produced its excess goods would park their reserves their currency reserves their Trade Surplus in US Dollars and in us treasuries and that worked for a very long time and now we see the United States is now an insolvent Nation and you add on top of the fact on top of that fact that we’re now enamored with um telling countries that you you know you used to have X amount of dollars in reserves well they’re not yours anymore you know we put sanctions on uh and we you know using our hemony say you know just cut off confiscated Russian confiscating uh your your your your savings so I think China and maybe Venezuela and Brazil and Russia uh just just name a few countries and and many and maybe other countries too are saying why do I want to subject myself to having the United States have the power to usurp my savings my my my currency reserves so what I’ll do is when I when I have a trade surplus what I’ll do instead of recycling it into treasuries and dollars I’ll just park it into gold or Bitcoin I I and the latter I I don’t agree with but the former I do so I would if I were in charge of uh of um Central foreign central banks I would park my trade surplus and currency reserves in Gold rather than the United States now gold doesn’t have any yield so I understand that but at least gold is in your possession you could you cannot the United States cannot uh unilaterally decide that your gold is not yours you can s store the gold yourself so that that you know there’s a big upside there and if the United States is going to be in a Perpetual condition of interest rate repression where they’re pushing down yields far into negative territory then you have to make the calculation of really what what yield am I really foregoing here by earning gold I’m better off just earning gold because in re in real terms the rate you’re you know if you take out currency depreciation I’m G to be left with nothing so that’s the calculation now the US hemony the US Dollars abused that privilege of having the world’s res Reserve currency for decades and it’s ending it’s not my opinion it’s just a fact yeah yeah yeah and short short of an invasion to take the gold uh there’s no way to get access to it so yeah so gold gold broke through that critically important 2070 resistance area that held for almost four years in this cycle it’s currently peaked at a little bit over 2400 gold is typically a barometer for the health of the currency what’s gold telling you right now and what do you see coming next for gold yeah it’s funny I was just I was just um doing some work yesterday and I’m thinking you know the Japanese let’s just to the Japanese economy the island nation um has virtually no natural resource has to import everything the US the US the um Japanese yen versus US Dollars dropped by 15% year-over-year 15% that’s a big move in a currency the their biggest trading partners is China Europe and and in the United States so so the bank of Japan actually has the the uh the audacity and the mendacity to claim that inflation is only 2.7% in in Japan and then I looked up I said well gold is the big reveal gold is is truth gold is true and honest and real money so what has the Yen done against an ounce of gold and then I found out it was down 39% P year 39% so that’s more indicative what’s really happening on the ground in Japan so uh what gold is telling me and it’s telling you and telling everybody else that Fiat currencies are being just printed with Reckless abandon now because they remember they have this tool the tool they have unfettered they can print as much as they want and we in the United States even though we promised we would never do anything like that the Central Bank promised us in the 90s I remember saying some of the uh Mr fiser was saying and he was a great man I’m not disparaging him he just said you know we will never print trillions of dollars and monetized government debt that’s exactly what you did that’s ex he exactly what the United States done and of course gold is the great revealer that’s what that’s the major move behind that’s the major impetus behind gold in other words gold is sniffing out yes International geopol political Strife um of course that’s the case uh but gold what gold is really telling investors Is that real interest rates can never be positive for very long without destroying the economy hence you’re going to have a perpetual and protracted condition of negative real interest rates which is where which is why you own gold you preserve your purchasing power it’s a placeholder of your wealth so Japanese citizens know that yeah American citizens know it too now I don’t want to I don’t want to put words in your mouth but clearly it sounds to me like you believe that this is going to be a protracted as the word that you just use an an elongated period where uh you know being in Gold will be be a gold will be a move similar to the 70s early 2000s because of the length of time that this is going to take to work through this system this issue uh but Michael I’m I’m also curious do you have a investment thesis on Silver I I do I you’re not going to like it probably because I I I’ve been in the business 33 years so uh my experience has tell me has you know inculcated to me and over again that silver po man’s gold um it has a lot of um industrial components to it as well as precious metal component so it’s a hybrid and that’s what keeps it down uh if you put up a chart of gold versus silver just no comparison so gold has less volatility it’s got much more stability you know as a matter of fact that has less volatility it’s more stability um and it performs a lot better so when when you when you think about a period of uh intractable inflation globally without with with with with a with a an accent on the stagflation part of that intractable inflation with a with a big component of stagflation that’s when gold would will far outperform silver so silver does better very very uh truncated periods of times in history that’s when you have growth and inflation at the same time uh I don’t see that I I see the next uh macro macroeconomic condition to be one of um disinflation and recession in the United States and if you listen to a lot of these earnings reports that are coming out uh for for um the first quarter they’re all they’re all saying the same thing the consumer is weakening the discretionary power purchasing power of the consumer is attenuating quickly so before we yeah and and and I’m seeing a lot of the same things there um and I appreciate your viewpoints by the way so before we move on from the precious medals I just wanted to ask you about the miners uh Michael what’s your investment thesis on the gold and silver miners do you see them as undervalued versus the metal priced fairly because of their costs are you allocating any dollars there okay so uh in complete disclosure I have about a 10% position in physical gold that’s outside of what okay so I always tell my investors start with a 5% position in physical gold that you own and no bank and no entity no brokerage firm stands between no third party stands between you and your gold start there then I then I have an allocation of 10% what I which I call Liquid Paper gold so it’s it it’s it’s an ETF that supposedly has physical gold but it’s a way of you can get you can invest your money like you know like the GLD yeah I IOU yeah a yeah so um that’s what you do when you invest in stocks I mean what do you what what you don’t own anything it’s just it’s all paper so uh in theory you own something you hopefully you own something so it’s the same thing I call Liquid Paper gold 10% and I have a 3% position in in the miners right now miners have a much they are undervalued to the metal historically way undervalued historically to the to the metal um but gold miners very high volatility profile and um they have very high costs you know that’s one of the reasons why gold is so so uh precious it’s very extremely rare metal and it costs more and more money to get it out of the ground oil prices are high so there’s some there’s some you know uh problems there with with going ere exposed into the into the um into the miners remember miners are also stocks so in a in a in a falling stock market in one that’s in in a vicious bare Market miners will get crushed too so I own them I own them now but I’m watching them carefully okay yeah I appreciate that so before we finish up I’ve got two questions sure about portfolio positioning the first being about 640 portfolios the 6040 portfolio has failed investors since 2021 with the duration bonds getting crushed the environment since 2020 has changed financial advisors and subsequently the investors that they’re advising they don’t seem to have really caught up how should the new portfolio structure look to accommodate for the new environment that we’re in well you know this is one of two questions and this this question you could I could do a whole interview on so I I’m try to I’ll try to consolidate this answer as fast as I possibly can um because I know we have to wrap up soon so um 6040 portfolio Works terribly now it used to work well in the past but when both asset classes are a massive bubble like I said when the 10year note was yielding 33% not too long ago um that that’s a massive bubble I wrote a book about it in 2013 called the coming bond market collapse so you have stocks in a massive bubble Bonds in a massive bubble high yield debts some corporate debts in a in a massive bubble uh where’s your protection where’s your ballast from bonds you just don’t get any and here and since the US government is starting from an insolvent condition this is very unique so you have you have inflation an insolvency heading into a recession normally recessions are great for bonds so you that’s your offset normally you say oh I I I got crushed in my 60% in my stock that those got crushed but at least my 40% in long duration bonds really you know assuaged or modified my losses significantly but this time around the long duration bonds because of the massive deficits and debt that we’re going to have you know you could have a $6 trillion dollar deficit in coming out of the next recession if it’s if if it’s similar to the last two I me that’s a lot of supply has to be taken on and depending on where the funding do the treasury I mean if they funded on duration you’re going to get a tsunami of Supply um and then you’re going to have the inflation problem you’re starting from not deflation you’re starting from a problem where hey you’ve inculcated to the investors that you have a big problem with inflation that you haven’t resolved so maybe maybe you’ll have a a period of time where you get disinflation or deflation but people know what on you know investors understand that when you re reliquify the banking system you print trillions of dollars you hand out helicopter money you’re going to get inflation with Without End uh because no one no one’s going to believe that you have the capability of of uh of of making that containable yeah so so are you structuring it more uh your portfolios more like zon posar like a 2020202020 allocation across Commodities Cash Gold no stocks no because I well I have I have about I think about 30% um in in equities about 60% in shorter term so I’m I’m on the one to threeyear treasury duration curve so what I’m doing is I’m saying well um I do want to own I do want to own treasuries because I think the fed’s going to be cutting rates because the FED controls short-term rates that don’t control longterm rates so when they fed starts cutting rates I’m going to make have that very high yield around 5% in the one to threee duration treasuries but I’m also going to get some principal appreciation as the FED Cuts rates I wouldn’t get that in in t bills and if I go out to zero coupon bonds or or to TLT which is the 20-year plus I could get killed I mean I might make money in the short term but I have to be you know lightening quick to get out of it because once the the FED is able to reliquify the banking system inflation is going to take off like like like like mad and you can get destroyed owning long duration bonds so the supply and inflation is is keeping me away from that yeah so aside from long-term bonds is there anything else that you just absolutely don’t like oh actually absolutely don’t like I absolutely abhor with a passion high yield debt I think you can make I think you can make a lot of money shorting that if you do it appropriately you can’t hang on to it you have to know what you’re doing you have to talk to your adviser I’m not giving you advice but if you if you’re with me we will be shorting high yield you know junk bonds um because I think they could they they are so overpriced they the soft Landing uh and a perfect economy is already priced in I don’t I can’t see any upside in the in the in those bonds yeah okay well before we wrap up here and I ask Michael our final question I want to point everyone over to our substack it’s free go to medals and minor. substack docomond the consumer the economy markets artificial intelligence individual medals and Miners And every single expert interview that we conduct and when you Subs cribe we want to give you a free gift it’s a report that we wrote based on the important Ray doio foundational premise titled if you don’t own gold you know neither history nor economics this is a free gift it it’s a must-read for everyone on why we all should own gold so head over to medals and minors. substack do.com put in your email address subscribe and receive the free gift on us also I’m positive that you’ve enjoyed this conversation with Michael as much as I have please let him know hit the like button the Subscribe button and leave a comment below Michael in wrapping up our discussion my final question for you is about your investment models how does your investment model set your clients up for Success regardless of the economic and market environment that we find ourselves in so I have something called the inflation deflation economic cycle model I’ve been developing it for decades and I launched it officially in 2016 I look at the five sectors of the economy that span between deflation and intractable inflation or stagflation and if you understand what sector of the economy you’re in so from so you have stasis and then on the left side you have disinflation and deflation and the other two buckets are inflation and intractable inflation and if this this 20o model informs me as to what sector the economy is in and that informs me what sectors and style factors and asset classes you need to own given each sector of the economy and that’s the best way I I found in in investing because it allows you to invest in bubbles um be they of inflationary variety or even the stagflationary variety in the correct asset class of sty factors and sectors but it also informs you when you need to get out of the market when you say you know when you have a recession or or or a depression which is again that’s sector sector one um that is when you know the the R square or the correlation of all of the assets go to one everything goes down that’s when you only want to own cash you only want to own short-term treasuries and you only want to own the US dollar and you only want to short the market um so that’s you that’s an extreme example and of course you can be in between sectors and there’s intensity within the sectors um but that’s the most intelligent way I’ve found that of how to invest um not not just not just being a salesperson say let’s choose a 6040 and Target day portfol that works well that worked well you know maybe in the 60s uh or before we had a fiat currency but now we now we have an environment where this there’s complete artificial construction of asset prices they’re totally relying on a a fiat currency and a banking system that can constantly create the number of dollars in in excess and they’re not always always always able going to be able to do that that and there are times when you’re going to want to protect your portfolio from these these you 30 40 50% crashes that are becoming very frequent I mean 200000 2008 20 um 19 2020 2022 we lost 33% so these are the kind of things you need to avoid and I just want to close with this one thought if you look at Japan I mean Japan is still underwater since 1989 so that’s you know was that 35 years 35 years is a long time to break even in nominal terms right Gary um the Shanghai composit is index the Chinese exchange is down 40 45% since 2007 so you know it’s not out of the question that we can have a very long period of time here in the United States where stock prices go down in nominal terms not not just in real terms but in nominal terms and that it’s just being able to understand that uh predict it and try to invest around it it’s just it’s just become absolutely mandatory for successful retirement and that’s what I’m all about well this has been an a wonderful conversation I really appreciate you coming on thank you so much for spending this time everybody needs to go and follow you um would you please share with the viewers any final thoughts that you have um with those tuning in where they can learn more about your work and how they can connect with you so so the the website is pentop Port pt.com uh we have a midweek reality check which is published every Wednesday you can get a five-week free trial um for that podcast it’s $50 a year you get my highlevel uh you know I don’t give you specific allocation advice but I will tell you what I’m thinking about the economy um and if you have $100,000 to invest and you are a US investor I will manage your money personally in that IDC strategy we my own money is wonderful everybody I’m going to put all that information up uh on the video and in the description uh Michael thank you for coming on again I look forward to having you back on thank you for being here with us and everybody else thank you for watching Gary thank you for having me on and next time we’re on we’ll have a a full show maybe we can get a little more involved in in these questions so you did a great job and thank you for an intelligent interview and when you subscribe we want to give you a free gift it’s a report that we wrote based on the important Ray doio Foundation premise titled if you don’t own gold you know neither history nor economics this is a free gift it it’s a must read for everyone on why we all should own gold so head over to medals and minor. substack [Music]

Welcome back to our channel where today, we’re discussing the implications of fiscal policies on inflation, stagflation, commodities and precious metals with renowned portfolio manager and expert Michael Pento. Please visit our website to get more information: https://metalsandminers.com/

In this insightful discussion, we explore how current Fed policy errors and historic debt and government spending in the US could be leading to a major market plunge in the stock markets and housing sector, which will lead to significant economic ramifications and harm an already hurting consumer. All of this will lead to the Fed printing trillions, causing a much sharper inflationary spike and the need for gold ownership by all.

✨Explore gold’s power, expert economics insights, interviews, and more in one place. Subscribe free at https://MetalsandMiners.substack.com.

Michael is the founder and Chairman of Pento Portfolio Strategies – a registered Investment Advisory Firm. He has more than 30 years of professional investment experience, having worked on the floor of the NYSE during the mid-’90s.

He served as an economist for both Delta Global and EuroPacific Capital and was also the portfolio creator and consultant to Delta/Claymore’s commodity portfolios.

In this interview, Michael does a deep dive into the following:

– Why his economic analysis is pointing to an incoming recession.
– Critically emerging warning signs that the Fed’s “higher for longer” initiative is causing.
– Why the 2-standard deviation above average positioning by asset managers in US equity futures is a reversion to the mean cause for alarm
– Why he expects a 40% drop in equities and housing prices.
– The coming bond market problems.
– The impacts of the US having abused its reserve currency for long enough.
– What gold is telling us by the recent breakout.
– What is next for gold and how much gold one should have in their portfolio.
– If the mining stocks are undervalued and if he owns any?
– the 60/40 portfolio vs positioning today.
– Which assets he is staying away from today
– plus more

This interview with Michale Pento was recorded on 5/2/2024.

FOLLOW MICHAEL PENTO:
Twitter/X: https://twitter.com/michaelpento
Website: https://PentoPort.com

This video is about the 40% Market Correction To Fair Value: Michael Pento Explores US Fiscal Policy & How It Will Shape Your Financial Future. But It also covers the following topics:

Global Economic Trends 2024
Future Of US Fiscal Policy
Economic Predictions By Experts

Video Title: 40% Correction To Fair Value: Michael Pento Explores US Fiscal Policy & How It Will Shape Your Financial Future

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