Unprecedented Interventions Will Lead To Chaos & Destruction
September 9, 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, “These new central bank interventions are unprecedented and … This is the primary reason behind the recent breakout in precious metals.” Pento also cautioned that all central banks have ever done is, “… wipe out currencies and the middle class.”
Here is Pento’s piece: “Anemic economic data in the U.S., Europe and in emerging markets has virtually guaranteed that the Fed will launch QE III on September 13th. Two perfect examples of America’s structurally-weak economy could be found last week in the Institute for Supply Management Manufacturing Survey and the Non-Farm Payroll report for August.”
Michael Pento continues:
“The ISM survey came in at 49.6, which was the lowest level since July 2009, indicating the very industry that was once credited for engendering an economic recovery is now back in recession. The employment component of the survey contained the lowest reading since November of 2009 and the new orders component dropped to 47.1, which was the third consecutive monthly decline.
However and perhaps most importantly, the prices paid index jumped 14.5 percentage points to 54. This survey clearly states that the U.S. is headed for a more severe slowdown than what Wall Street is anticipating….