Three Super Marios, The Debt Monetization Game & Gold
KingWorldNews.com
June 30, 2012
On the heels of a massive rally in stocks, oil & gold, on Friday, today Michael Pento, of Pento Portfolio Strategies, writes exclusively for King World News to let readers know about the ‘Three Super Marios’ and ‘The Debt Monetization Game.’ He also discussed gold and the mining shares, but first, here is what Pento wrote about what is happening with the Three Super Marios: “In the past few days there appears to have been a huge victory scored by Europe’s three Italian Super-Marios. But appearances can be deceiving. Mario Balotelli scored two goals for Italy’s Azzurri, in a victory against the Germans during Thursday’s Euro 2012 semi-final Football game.”
Michael Pento continues:
“Then, Italy’s Prime Minister, Mario Monti, stared down his German counterpart at the E.U. Summit and demanded that there be no austerity strings attached to a 500 billion Euro ($630 billion) bailout fund, which he insisted must also be allowed to purchase Italian bonds directly.
And third, ECB chief, Mario Draghi, hailed the decisions coming out of Brussels saying, ‘The future possibility of using both the European Stabilization Mechanism (ESM) and the European Financial Stability Facility (EFSF) for direct capitalization of the banks, which was something that the ECB had advocated for some time, is another good result.’
According to the ECB, the other ‘good result’ is not having those loans pass through PIIGS’ budgets first, which would have exacerbated their debt burdens….
The Rest…HERE
