Michael Pento: Federal Reserve Is Hiking Interest Rates into a Depression
Michael is a follower of the Austrian School of Economics or free market school of economics and he’s also worked in the financial industry for many years as a trader and Chief Economist.
Due to technical problems with Skype and scheduling conflicts this interview was originally recorded on Tuesday, the call was dropped after about 14 minutes and a continuation of the interview (after the Fed’s decision to hike rates another 25 basis points later in the week) has not been able to be rescheduled yet.
During this shortened interview, Michael talks about the Federal Reserve ignoring reality, looking at phony jobs numbers and continuing to hike interest rates into a worsening depression.
Michael thinks the bond bear market may temporarily get a relief rally if the stock market crashes in the near future as capital temporarily goes into US Dollars and US Treasuries for liquidity purposes but a long term bear market in bonds has only just started.