Pento – Expect Massive Inflation & Pain For Ordinary Citizens
June 9, 2013
Today one of the top economists in the world sent King World News an exclusive piece cautioning about the massive inflation present in the financial system and how destructive this is for citizens. Michael Pento, founder of Pento Portfolio Strategies, also warned the worst is yet to come as standards of living continue to be destroyed.
Pento: “Wall St. Pundits have summarily declared Ben Bernanke free from any wrongdoing regarding the negative effects derived from artificial interest rates and massive increase in the Fed’s balance sheet. Specifically, most market commentators now claim with certainty that the central bank’s unprecedented manipulation of markets has been done without creating any inflation.
This assertion is untrue in every aspect. Most importantly, the Fed’s quest to boost asset prices has been accomplished by creating credit by decree. In other words, Mr. Bernanke has purchased more than $2.5 trillion worth of MBS and Treasuries with newly manufactured money within the last five years alone….