In this interview, Kerry Lutz speaks with Michael Pento about how liquidity may already be expanding by as much as $20 billion per week, quietly pushing the Federal Reserve’s balance sheet back toward $7 trillion — despite continued claims of tight policy.

He warns that the next recession could bring massive deficits in the $4–6 trillion range, potentially forcing the Fed to become the primary buyer of U.S. debt once again. If that happens, inflation may not be accidental — it could be the result of outright monetization.

Pento also points to historically extreme valuations in stocks and housing, suggesting markets may need a significant reset to return to long-term norms.

He believes gold remains in a long-term bull market and could accelerate higher as recession pressures mount and monetary expansion increases.

Pento outlines a defensive approach that includes holding physical gold, adjusting liquidity as conditions change, and watching credit markets for early signs of stress.

These long-term cycles are explored in The Armstrong Economic Code— and understanding them may help investors prepare for what comes next.

Find Michael here: https://pentoport.com

Find Kerry here :https://khlfsn.substack.com and here: https://inflation.cafe

Kerry's New Book “The Armstrong Economic Code: The 5 Truths Investors Must Never Forget” is out now on Amazon!

Get your copy here: https://a.co/d/bvYbZOz

“The World According to Martin Armstrong – Conversations with the Master Forecaster” is a #1 Best Seller on Amazon. .

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$20 Billion a Week — What Could Go Wrong? - Michael Pento