{"id":55029,"date":"2020-09-13T14:22:26","date_gmt":"2020-09-13T19:22:26","guid":{"rendered":"https:\/\/olduvai.ca\/?p=55029"},"modified":"2020-09-13T14:22:26","modified_gmt":"2020-09-13T19:22:26","slug":"election-chaos-means-market-chaos-michael-pento","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=55029","title":{"rendered":"Election Chaos Means Market Chaos \u2013 Michael Pento"},"content":{"rendered":"
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Election Chaos Means Market Chaos \u2013 Michael Pento<\/a><\/h3>\n<\/header>\n
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\"\"<\/a><\/strong>Money manager and economist Michael Pento predicts, \u201cWe are going to have an election in this country that is the most contested vote this country has ever seen.\u00a0 Whichever party that loses is not going to accept the results.\u00a0 That\u2019s mad chaos for the stock market, and that is one of the things I am thinking about when I am managing money.\u201d<\/span><\/p>\n

Another thing Pento is thinking about is massive Fed money printing in response to CV19.\u00a0 They have printed a massive amount in a very short amount of time.\u00a0 Pento explains, \u201cThey borrowed $3.3 trillion in fiscal 2020.\u00a0 All of it was monetized by the Federal Reserve.\u00a0 We switched to an inflationary hedge, and that worked out wonderfully for us.\u00a0 Then a funny thing happened at the end of July, the PPP loans, the paycheck protection loans, they were exhausted.\u00a0 The money that was spent and sent by helicopter, $1,000 per adult, $500 per child and $600 in enhanced unemployment, that was all spent too.\u00a0 So, you have this massive fiscal cliff I warned about is here and here now.\u00a0 Last week, I got much more defensive. . . . We borrowed $3.3 trillion, and that was monetized by the Fed, and that is all going away.\u00a0 The amount of new borrowing is done.\u201d<\/p>\n

Pento points out one huge lingering problem, and that is unemployment and people still collecting a check.\u00a0 Pento says, \u201cThere are many programs that people have access to get unemployment insurance.\u00a0 One of the major ones is called Pandemic Unemployment Assistance (PUA).\u00a0 That number is 29.6 million people when you include continuing claims and pandemic claims for unemployment.\u00a0 The PUA portion was up one million people last week.\u00a0 The number of claims might be going down under the traditional channels, but they are all filing claims under the PUA.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Election Chaos Means Market Chaos \u2013 Michael Pento Money manager and economist Michael Pento predicts, \u201cWe are going to have an election in this country that is the most contested vote this country has ever seen.\u00a0 Whichever party that loses is not going to accept the results.\u00a0 That\u2019s mad chaos for the stock market, and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1256,303,8757,18806,18807,3650,12380,9699],"class_list":["post-55029","post","type-post","status-publish","format-standard","hentry","category-economics","tag-debt-monetization","tag-fed","tag-greg-hunter","tag-market-chaos","tag-michael-pento","tag-us-federal-reserve","tag-us-presidential-election","tag-usa-watchdog"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=55029"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55029\/revisions"}],"predecessor-version":[{"id":55030,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55029\/revisions\/55030"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}