Pento – Money Supply & Inflation Exploding Around the World
KingWorldnews.com
February 22, 2012
Today Michael Pento told King World News that money supply rates and inflation have been exploding around the world. Pento, who founded Pento Portfolio Strategies, also said with currencies burning, global investors need to protect themselves. But first, Pento had this to say about the Greek situation: “The Greeks have done the correct thing. The fact that they have written down their debt is a step towards an explicit default. What they have done in Greece is something they need to do in Italy, Portugal and Spain. When you take down your debt as a percentage of GDP, the way the Greeks have, you will cause a short-term depression.”
“But at least the Greeks have explicitly defaulted on their debt. The Italians, Spanish and Portuguese should follow. But instead of allowing that to occur, they (central planners) have resorted to the ECB doing a massive counterfeiting scheme in an attempt to bailout insolvent nations.
This has never worked from Hungary, to Bosnia, to Argentina, to Weimar Germany. Inflation can never bail you out of insolvency. Because central bankers around the world believe that inflation is equivalent to growth, they are going to persist on this monetization of insolvent debt.
All of your developed countries from Japan, to Europe and America are in a condition of insolvency. As I said, central bankers are trying to monetize this debt away. It will never work, it has never worked and it cannot work….
The Rest…HERE
