Expect Panic & Devastation As Control Of Markets Is Lost
June 15, 2013
Today one of the top economists in the world warned King World News that investors should expect panic and devastation as central planners lose control of markets. Michael Pento, founder of Pento Portfolio Strategies, also spoke about precious metals and unprecedented turmoil in global markets.
Pento: “The Fed has recently expressed a desire to begin winding down its quantitative easing program in the next few months. This would be the first step towards the eventual raising of interest rates. Mr. Bernanke and the other members of our central bank believe the normalization of interest rates would occur within the context of robust markets and rising GDP growth.
However, it seems the Fed has only succeeded in duping some perennial bulls (and possibly even trying to convince itself) into believing that ending QE and the subsequent increase in rates would not adversely affect the economy … but markets are not so easily fooled….