This Will Cause Oceans Of Paper Money To Panic Into Gold
January 8, 2013
On the heels of last week’s Fed propaganda and the increasing desperation on the part of central planners, today Michael Pento has written exclusively for King World News to warn readers about what is going to cause oceans of paper money to panic into gold, silver and other hard assets. Here is Pento’s piece: “It is an unfortunate truth that Keynesian counterfeiters with their Kamikaze monetary and fiscal policies have taken over the developed world. Politicians and central banks in the United States and Europe have decided to cement, firmly in place, their addictions to debt, inflation, and artificially produced low interest rates.”
Michael Pento continues:
“But Japan has now leapfrogged into the lead of those nations that believe prosperity can be brought about by loading up on government debt and increasing the number of zeros being printed by their central bank. Shinzo Abe and the Liberal Democratic Party swept into power in mid-December by promising to boost inflation and destroy the value of the Yen.
The new Prime Minister is trying to usurp the independence of the Band of Japan (BOJ) by dictating that the central bank provide an inflation target of at least 2%, and also force them to expand their government bond-buying program. The reason for this is clear; Japan’s debt has ballooned to over $12 trillion, and is now 237% of their GDP….