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With investors around the world wondering what can be done to fix
the broken financial system, today Michael Pento, of Pento Portfolio Strategies,
writes exclusively for King World News to let readers know what to expect and
how to fix the system as it continues to collapse. Here is what Pento had to
say about the situation: “
We now live in a phony
economic world where central bankers rule without check. Any hint of weakening
data, which is actually a sign of reality and healing returning to the economy,
is quickly met with the promise of more disastrous money printing. Last week we
saw U.S. factory orders down and initial jobless claims rise. In Europe, we saw
the Spanish bank bailout fall flat on its face and interest rates spike in Spain
and Italy.”
Michael Pento
continues:
“Therefore, in predictable fashion, financial markets
soared on the premise that the ECB and Fed must imminently ride to the rescue
once again. Meanwhile, most mainstream economists are auditioning for a role
with the Weather Channel by blaming the persistently weak economic data on a
warmer than typical winter.
However, in truth the faltering economy is resulting
from the ongoing recession/depression in Europe that will inevitably cause a
recession in the U.S., just as it also continues to bring down the growth rate
of GDP in emerging markets...."
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