Pento – Europe Crumbling, Japan on the Edge & US to Follow
March 22, 2012
With continued worries about the global economy and where markets are headed, today King World News interviewed Michael Pento. Pento, who founded Pento Portfolio Strategies, told King World News that Europe and Japan are on the edge of disaster and the US is right on their heels. This is what Pento had to say: “Let’s look at what these two gentlemen said and why they said it. Timothy Geithner gave a speech in front of the House Financial Services Committee on Tuesday. What was his speech about?”
Michael Pento continues:
“It was warning Europe not to embrace austerity or take draconian measures to fix their budget. This was the same man who pushed through the TARP program of $700 billion to bailout insolvent banks. He never met a deficit he didn’t like. He never saw a bond he didn’t want to issue.
Now he’s telling insolvent European countries not to pare down their debt. Why would he say that? Mr. Geithner is warning Europe not to cut budgets because we have gone the other way….