This Is The Frightening Reality We All Face Going Forward
January 12, 2013
The following is without question one of the most remarkable and powerful pieces Michael Pento has ever written for King World News. He put together this piece exclusively for KWN to warn readers about the soaring money supply and a coming collapse of currency and bond markets. Pento also stated the gold and silver bull markets are “only just beginning.”
Here is Pento’s piece: “It should be clear to all that Keynesian Counterfeiters now control many of the major governments across the globe. This fact led to the bond market collapses of southern Europe a couple of years ago. The Greek bond market was the first to crack at the beginning of 2010. Borrowing massive quantities of printed money caused yields on their 10-year note rose from 5.8% in January, to over 40% two years later.”
Michael Pento continues:
“But the problem in Europe wasn’t confined to just a Greek tragedy. In Portugal, their 10-year note yield soared from 4.07% at the start of 2010, to 15.4% in just 24 months. Similar, but less dramatic, bond collapses occurred in Spain and Italy as well.
However, yields in all of the above nations have sharply contracted in the last few months. The credit for the reduced borrowing costs has been placed directly on the ECB and their Outright Monetary Transactions, as well as Mario Draghi’s guarantee to do “whatever it takes” to placate Europe’s debt market.
Yet the European economy has continued to deteriorate despite the efforts of their central bank. The unemployment rate in the Eurozone reached an all-time high last week of 11.8%, while the unemployment rate for those under 25 years old living is Spain reached a record 56.5%! But the worst is yet to come, as the blowback from the ECB’s massive debt manipulation has yet to be fully realized….