This Will Trigger A Wipeout Of Markets & Economies Worldwide
KingWorldNews.com
November 7, 2014
On the heels of a weaker than expected jobs report in the U.S. that sent the gold market surging nearly $30, today Michael Pento warned King World News that the world is about to fall into a terrifying deflationary crater. Pento also discussed what he is doing with his firm’s money ahead of the coming chaos.
By Michael Pento of Pento Portfolio Strategies
November 7 (King World News) – This Will Trigger A Wipeout Of Markets & Economies Worldwide
There is a saying: “The rich just keep getting richer.” And by all accounts, since the 2008 financial crisis, they have. Unfortunately, for the struggling poor and middle class, wealthy asset holders have been the only beneficiary of six years of the Federal Reserve’s easy-money policies. Under Ben Bernanke, the Fed introduced QE in March 2009 with the hope it would save the economy from collapse. The goal was to create a vibrant market for borrowing to replace the former vibrant market for borrowing that had just blown up, taking the economy with it. I am sure Bernanke began this ruse with good intentions and the mistaken belief that real economic prosperity could be manufactured from creating money.
But as they say, hindsight is 20-20, and here we sit six years and $3.5 trillion later with the realization this money-printing scheme did not work as planned. Don’t just take my word for it. According to The Wall Street Journal, former Fed Chairman Alan Greenspan said the QE program had failed to achieve its primary goals. As a means of boosting consumer demand, Greenspan said, the asset purchase program “has not worked,” though it did a good job of increasing asset prices.
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