Bernanke Sends Gold & Oil Surging in War Against Middle Class
February 7, 2012
Today Michael Pento told King World News Fed Chairman Bernanke will continue crushing the middle class and throwing money out of helictopers all the way until “doomdsday.” Pento, who founded Pento Portfolio Strategies, also noted the price of gasollne has soared 30% in the last 24 months alone. Pento believes that owners of gold can count on Bernanke’s policies continuing to push gold prices higher. Here is what Pento had to say about the situation: “Oil and gold prices were both lower before the Counterfeiter-in-Chief read his prepared testimony before the Senate Budget Committee this morning. Mr. Bernanke reiterated his view that interest rates would remain near zero until the end of 2014, or until Jupiter aligns with Mars, whichever comes last. This gave the commodity markets a boost sending gold prices surging nearly $25 an ounce and oil prices up $1.50 per barrel.”
Michael Pento continues:
“The Fed is trying to deceive global investors into believing deflation is America’s primary concern and Bernanke insists on thinking a weak labor market will keep inflation at bay. To that end, the Fed Chairman explained why savers will continue to get the shaft by saying, ‘While conditions have certainly improved over this period, the pace of the recovery has been frustratingly slow, particularly from the perspective of the millions of workers who remain unemployed or underemployed.’ Translation, the Fed will keep printing money until doomsday.
And thanks to the government substituting out everything going up in price from their inflation calculation, the core rate of the Personal Consumption Expenditure Index (PCEPI) is actually falling….