Michael Pento: Double Dip Recession Assured, US Never Healed (Debt/GDP 370% and Rising)

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Going back a week here.  Michael Pento (Delta Global Advisors), who called the recent gold run in 9/2009, was on Bloomberg TV on June 9 saying a double dip recession was "virtually assured". He's betting against Ben Bernanke's positive stance given his poor track record and would rather take cues from oil, Treasury prices and "Dr. Copper".

Pento also mentioned a Debt/GDP statistic:
"In the heart of the Great Depression, total debt, now that includes national debt, state debt, local debt, household debt, corporate debt, financial debt, reached 299% of GDP.  It is now 370% of GDP and rising. We never started to heal in this Country because we continue to add on more and more leverage.  We need to sell assets and we need to allow the de-leveraging process to consummate.  We are going in the wrong direction and that's why the double dip recession is virtually assured."
He also brought up Europe's potential recession, Australia's resource tax, first time home buyer tax credit expiration and more.  Pento is in: "high levels of cash", "short end of Treasury curve", "gold, precious metals and high-paying dividend commodity stocks".

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