Pento - Looming Debt Market Collapse to Destroy the Dollar

Today Michael Pento told King World News the large trade deficit and desire to consume foreign goods is evidence that the United States is growing weaker by the day. Pento, who founded Pento Portfolio Strategies, also said foreigners may soon start to reject the idea of purchasing US bonds. Pento had this to say about the situation: “The Main Stream Media is extolling the virtues of our rising U.S. trade deficit as a sure sign the economy is well on the road to a full and viable recovery. It was reported this week that our level of trade imbalance jumped to a six-month high in December to $48.8 billion (up 3.7%), from $47.1 billion in the prior month. For all of 2011, the shortfall grew 12% to $558 billion, the most since 2008.”

Michael Pento continues:

For the uninformed on Wall Street and in Washington, the growing tide of red ink is a signal that America is returning to normalcy. The only problem with that is our so called ‘normalcy’ is rapidly leading us into insolvency. The sad truth is that our desire to consume foreign made goods, with money that is borrowed, is evidence that our country is growing weaker by the day....more