The Fed’s Disaster & How This Will Impact Gold
August 1, 2013
On the heels of more propaganda coming out of the Fed, today one of the top economists in the world spoke with King World News about what the Fed is really up to, how this will impact gold, and what he is doing with his firm’s money. Michael Pento, founder of Pento Portfolio Strategies, had this to say this in his outstanding interview.
Pento: “The Federal Reserve saw the economic data that came out, and they were so afraid of indicating any hint of tapering that they went out of their way to make sure that tapering may not happen for a very, very long time. We had a GDP print of 1.4% if you average in Q1 and Q2 of 2013.
But if you take out the double-counting, it’s well below 1.4% because don’t forget that they redesigned the way they calculate GDP, the same way they reconfigured the way they calculate inflation. This way if the government doesn’t like the way the numbers turn out, they simply reconfigure the calculation until it produces the number they want….