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Michael Pento continues:


“I see yields in Greece, Portugal, Ireland, Spain and Italy rising and in the case of Greece and Italy, soaring and the stock markets are soaring along with them.  Perhaps the reason why they are soaring is not because the underlying countries are solvent.  Maybe it’s because they are aware that the new head of the ECB, Mario Draghi, makes Bernanke look like a hawk.


Don’t foget Mario Draghi came in and within 3 days of taking office, cut interest rates...Not only that, he says that he will, and I‘m interpreting his language, ‘We will print enough euros and as many euros as it takes to give the countries in Europe some semblance of solvency.  There is no limit to what we will do to prop up banks and to prop up governments that are completely insolvent.’


I think maybe Draghi’s going to borrow Bernanke’s helicopter.  Maybe there’s a fleet of helicopters to go around, Eric....


Continue reading the Michael Pento interview below...




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When asked what to expect going forward with regards to inflation, Pento stated, “You just mentioned that the price of oil has been very volatile this year, but hasn’t gone anywhere since the beginning of the year.  So we don’t even have to have oil rising to see higher commodity prices. 


Yes, I believe they are going higher in the long-term.  Unbelievably, Dan Tarullo and Charles Evans have indicated that QE3 is absolutely necessary and on the way.  So of course the dollar is going lower, especially as measured against these commodities.”


Pento also noted, “Gold has for thousands of years been a wonderful store of wealth or you can own a Treasury or a sovereign note from an insolvent nation.  Let’s just take the case of the US ten year Treasury which is yielding 2%.  The government’s own figures show that inflation is running at 3.9%.  So you are losing 1.9%, at a bare minimum, of your purchasing power by holding a ten year note.  Real yields are negative. 


So what’s happening now is that people are being forced to own gold as true and honest alternative currency, so they can keep pace with inflation.  You can’t even own the ‘safest‘ of all assets, sovereign debt, because you know if you own any of them you are going to lose money through inflation.”  


To Learn more about Michael Pento’s financial management services CLICK HERE. 


The KWN interview with Michael Pento is available now and you can listen to it by CLICKING HERE.


© 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

KingWorldNews.com

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