Central Planners Are Destroying the Financial System
July 1, 2012
After a wild week of trading in global markets, today 40 year veteran, Robert Fitzwilson, wrote the following piece exclusively for King World News. Fitzwilson is founder of The Portola Group, one of the premier boutique firms in the United States. Here are Fitzwilson’s observations on the ongoing crisis: “On a recent excursion, the car in which we were driving experienced a flat tire. Fortunately, we had not gotten onto the freeway and a gas station was nearby. We also were fortunate to have a pressurized product that you can use to seal the inside of the tire and the puncture. The label on the can said that we had up to 20 miles of driving to find a tire store.”
Robert Fitzwilson continues:
“Interestingly, when we got to the store we were informed that the tire would need to be replaced. It turns out that the substance we used to seal the puncture meant that the tire would now be unusable. Our flat tire is a more mundane metaphor with which to understand the problem with our global financial system.
Michael Pento’s piece on KWN yesterday, and others before him, did a great job of describing the punctures in the Eurozone. The central bankers keep injecting monetary sealant into the system through short-term policy initiatives, while destroying it in the long-term….