Central Bank Fireworks Are Just Around The Corner
July 4, 2012
Today Michael Pento, of Pento Portfolio Strategies, writes exclusively for King World News to let readers know what to expect from central planners around the world. He also discussed the sagging global economy and much more. Here is Pento’s piece: “The plunging ISM manufacturing data in the U.S. forebodes a GDP growth rate of just about 1%, and crumbling global PMI manufacturing data indicates worldwide growth retreated to just 2%. There is a deepening recession in the EU (17) countries, while emerging market economic growth has collapsed.”
Michael Pento continues:
“In Brazil, for example, GDP growth fell from 7.5% in 2010 to just 2% today. It isn’t much of a surprise to learn that central banks in China, Britain, Europe and America have indicated that more money printing is just around the corner. But one has to wonder how effective more money printing will be when interest rates are already at rock bottom.
A central bank’s stock and trade is to engage in a legalized form of counterfeiting….