Financial expert Michael Pento warns, “One thing you cannot fake, you cannot fake the amount of revenue that comes into the government’s coffers. That’s what’s available to service debt. That you cannot fake. When that amount of income diminishes, you are left with currency monetization--debt monetization. This is printing of your currency, counterfeiting your currency and buying debt. That’s where we are headed. That’s what happened in Georgia, Zimbabwe, Weimar Germany, Hungary, and it’s going to happen again. It’s not going to happen in some isolated banana republic or a small part of the developed world. It’s going to happen across the developed world. All of the major economies are going to fall into the same trap. It’s going to be a currency depreciation derby, and gold is going to be the big winner.”
Join Greg Hunter as he goes One-on-One with Michael Pento of Pento Portfolio Strategies.