Bailouts Will Push US into Depression: Manager

The more bailouts Uncle Sam provides, the faster our economic situation will deteriorate. Instead of calling for a recession, more and more experts are calling for a depression.

The end result of the global economic slowdown may be the U.S. announcing national bankruptcy as the government cannot afford the bailouts that it promised and the market will not bail out the government, Martin Hennecke, senior manager of private clients at Tyche, told CNBC on Thursday.

"We expect a depression in the United States. We expect a depression, very possibly, also in Europe," Hennecke said on "Worldwide Exchange." MORE