Financial System Has Broken Down, The Fix & Where to Invest
June 16, 2012
With investors around the world wondering what can be done to fix the broken financial system, today Michael Pento, of Pento Portfolio Strategies, writes exclusively for King World News to let readers know what to expect and how to fix the system as it continues to collapse. Here is what Pento had to say about the situation: “We now live in a phony economic world where central bankers rule without check. Any hint of weakening data, which is actually a sign of reality and healing returning to the economy, is quickly met with the promise of more disastrous money printing. Last week we saw U.S. factory orders down and initial jobless claims rise. In Europe, we saw the Spanish bank bailout fall flat on its face and interest rates spike in Spain and Italy.”
Michael Pento continues:
“Therefore, in predictable fashion, financial markets soared on the premise that the ECB and Fed must imminently ride to the rescue once again. Meanwhile, most mainstream economists are auditioning for a role with the Weather Channel by blaming the persistently weak economic data on a warmer than typical winter.
However, in truth the faltering economy is resulting from the ongoing recession/depression in Europe that will inevitably cause a recession in the U.S., just as it also continues to bring down the growth rate of GDP in emerging markets….