The US noticed the strongest quarterly development between July and September, when the financial system grew at an annualized charge of over 33 %. It comes after the Covid-19 outbreak triggered a report drop within the earlier quarter.
RT’s Growth Bust is joined by Michael Pento, the founder and president of Pento Portfolio Methods, to debate what’s behind these numbers.
“We’re nonetheless down 2.9 in GDP [gross domestic product] year-over-year and that’s regardless of the Fed printing over three trillion by way of helicopter cash and handing it out to individuals,” the analyst stated. He added that whereas Wall Avenue is now “begging” for additional cash, the US merely can’t print sufficient cash to destroy the virus.
“It’s not likely a viable rebound trigger it’s predicated on helicopter cash,” Pento stated. “There are 22 million individuals nonetheless amassing unemployment advantages on this nation – that quantity was 1.four million individuals a 12 months in the past.”
The “financial system will not be sustainable until you proceed this farce of huge deficit spending, all that monetized by the Fed,” Pento continued, including, “And for my part, the place I come from, it’s not a viable restoration.”
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