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Michael Pento continues:


“It was warning Europe not to embrace austerity or take draconian measures to fix their budget.  This was the same man who pushed through the TARP program of $700 billion to bailout insolvent banks.  He never met a deficit he didn’t like.  He never saw a bond he didn’t want to issue. 


Now he’s telling insolvent European countries not to pare down their debt.  Why would he say that?  Mr. Geithner is warning Europe not to cut budgets because we have gone the other way....


Continue reading the Michael Pento interview below...




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“Also, Mr. Bernanke gave a speech this week where he slammed the gold standard.  If we had a gold standard, the country would be insolvent and we would be forced to default on these debts because interest rates would skyrocket in this country.


We would never be able to run up trillions and trillions of dollars in new debt.  But we don’t have a gold standard.  Mr. Bernanke, Counterfeiter in Chief, just slammed the idea of even thinking about behaving like you are on the gold standard.


The key here is he wants to increase money supply rapidly and get GDP up, so there is enough money out there to finance out of control and reckless government spending.”


Pento also added:  “We just had industrial production from China and the UK fall.  The EU17 is in a recession.  Greece is in an inflationary depression.  Japan is in a recession and now the Japanese have a current account deficit, which means foreigners are going to be forced to buy JGB’s.


So interest rates are going to rise in Japan and when interest rates rise in Japan, the government is going to be paying more than half of their revenue just to pay interest expense on their debt.  This is a catastrophe waiting to happen.


So you have Europe crumbling and you have Japan on the edge of disaster and the United States, which is the largest debtor nation the world has ever seen, is going to be right on the heels of those two disasters.  So, why would anyone be selling their gold in this environment?” 


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


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


© 2012 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 This material may not be published, broadcast, rewritten, or redistributed.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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