If interest rates mean-revert, we will be seeing $3 trillion annual deficits. The bubble will pop, the question is when, not if. Pento thinks this summer will be a watershed moment - tax cuts will not happen, rate hike occurs. The Fed will not be able to raise rates as they plan, because they will invert the rate curve and cause a recession. There will be a crisis in confidence in China, in the Fed, in Trump. The Fed will be lucky to raise rates 2 more times. When the Fed stops raising rates, the price of gold will spike.