We Are Staring At Economic Destruction & Soaring Inflation
September 1, 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 warned, “The European Central Bank and Federal Reserve are both about to announce, this very month, an incredible assault on the Euro and the dollar.” Pento also cautioned, “… this is just the beginning of rising unemployment and soaring inflation.”
Pento also let investors know how to protect themselves in the coming chaos. Here is Pento’s piece: “Central banks will do something in September that causes fiat currencies to be flushed down the toilet. It will mark the beginning of the end for money that is not backed by precious metals. The events will be a desperate and final attempt to save faltering global GDP, but it will only lead to further economic destruction and intractable inflation.”
Michael Pento continues:
“The excuse being given for the upcoming assault on fiat money is the crumbling economies in Europe, which have taken down emerging markets economies as well. For example, China’s exports to the EU (17) dropped 16.2% in July, as sales to Italy plunged 26.6% from a year earlier.
The stumbling world economy has sent prices for base metals like iron ore falling 33% since July, which is the lowest level since October 2009….