Why The U.S. Is Set to Join The Zombie Club of Nations

The zombie apocalypse is coming.

That's according to Michael Pento, President of Pento Portfolio Strategies. But he's not talking about people or banks turning to lifeless monsters. He's talking about sovereign nations having the life sucked out of them.

Why? "Because they are saddled with so much debt," he tells the Daily Ticker's Aaron Task in the accompanying clip. "They are sucking the life blood of capitalism out of their economies and pouring them into the servicing of government debt; you cannot grow and therefore, you are a zombie nation."

The U.S. is currently vying for a spot within what he calls "the zombie club of nations" with a national debt nearing $15 trillion. But most notably these days, Pento is referring to Greece, which currently has a deadly debt-to-GDP ratio of 170% and is teetering on the brink of default.

What about the Greek bailout?

It doesn't matter, says Pento. Even if Greece decides to stay in the EU and take the bailout so kindly served up to it by other Eurozone countries last week, it is destined for the zombie club of nations, which should be noted began in Japan two decades ago. He calls the EU deal a "farce" because the country will likely not be able to lower its debt-to-GDP ratio to 120% by 2020 as required by the deal. And even if it does, that level of debt is more than the country can withstand, Pento says, while gesturing to Italy, which is going through a similar same scenario right now.

Read the rest here. Also again see the video interview at the linked site.