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Michael Pento continues:
“In fact, not only did the unemployment rate remain at a lofty 9.1%, but the number of persons marginally attached to the labor force, plus total employed part time for economic reasons as a percentage of the labor force (U6 unemployment rate), shot up to 16.5% from 16.1%.
I will get to Europe in a minute, but perhaps the most discouraging news in this latest read on the American workforce is that manufacturing employment changed little in September (-13,000) and has been essentially flat for the past 2 months....
Continue reading the Michael Pento interview below...
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“What’s also noteworthy is that Verizon workers returning from their organized strike boosted the total number of jobs reported. Stripping out the 45,000 workers from Verizon returning to work, the number of jobs added to the U.S. economy falls closer to the consensus estimate of 55,000 jobs.
It seems to me that the market is trying very hard to overlook the problems of subpar GDP and chronically high unemployment in the U.S.; and a slow motion train wreck of insolvent nations trying to bail each other out over in Europe.
Bloomberg has reported that the ECB is buying both Italian and Spanish bonds. In my opinion the ECB is buying virtually all of the Italian debt. The reason the ECB is doing this is because there aren’t any private buyers which are stupid enough to buy at the current, ridiculously, low yields--Especially in view of the fact that both of these nations are, for the most part, bankrupt.
That’s why most investors have recently hit the panic button on stocks, but can still find solace in holding onto their gold. Gold is insurance in a world where many paper currencies have come and gone over the centuries. There are oceans of paper money floating around the world. At some point in the future, because of the reckless behavior of central planners, the euro and the US dollar will eventually join the long list of currencies that have reached their intrinsic value of zero.”
© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
Eric King
Michael Pento - Here is Why Investors Need to Buy Gold
With continued volatility in global markets, today Michael Pento, of Pento Portfolio Strategies, continues to say global investors should accumulate gold. Pento begins with his take on the recent rally in stocks and what is happening with the economy, “The major averages celebrated last Friday’s release of the Non-Farm Payroll report, which reported the U.S. produced a measly 103,000 jobs during the month of September. That number is less than the intrinsic increase in the labor force and inadequate to bring down the unemployment rate.”
© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast,
rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
October 10, 2011
