Fed & The ECB Are Involved In A Dangerous Game Of Poker

Monday, August 27, 2012
By Paul Martin

KingWorldNews.com
August 26, 2012

Today Michael Pento writes exclusively for King World News to put readers ahead of the curve on what is happening with central planners. Pento noted the struggle in Europe, “… the EU 17’s unemployment rate now stands at a Euro-era record of 11.2%.” Pento also warned, “… gold and oil ETFs should provide the best protection if war breaks out in the Middle East or if central banks decide to launch another significant attack on fiat currencies.”

Here is Pento’s piece: “The European Central Bank and the Federal Reserve have both telegraphed that another round of currency depreciation is in the offing. The ECB’s Mario Draghi has pledged to do ‘whatever it takes’ to save the Euro currency, by setting specific targets for Italian and Spanish bond yields.”

Michael Pento continues:

“The Bernanke Fed has stated that additional monetary stimulation is warranted, soon, unless there is a ‘substantial and sustainable strengthening in the pace of the economic recovery.’ Fed Presidents, Charles Evans and Eric Rosengren, have both recently indicated that action would be taken when they said that the U.S. Central Bank needs to expand its balance sheet until more favorable targets are reached on the unemployment rate and nominal GDP.

But there is little doubt, unfortunately, that both the European and American economies will continue to falter….

The Rest…HERE

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