Watching and listening to the pundits on CNBS and Bloomberg is beginning to reach the level of absurdity. Their confusion and efforts at trying to give the public the answer they want to hear while trying to dissect every word or phrase in the Fedspeak statements borders on outright comedy. Unfortunately for all of us there is indeed a price to pay for our excesses and the time to pay is getting very close in my opinion. It is possible it could come VERY rapidly but I happen to think their plan is to slowly boil us ........just like the frog analogy.
Today Michael Pento told King World News we are now just weeks away from a European ‘bombshell.’ Pento predicted, “In my estimation, the ECB is about three or four weeks away from giving a banking license to the EFSF and the ESM. This will lead to unlimited purchases of European debt, and an unlimited dilution to their currency.”Pento also warned, “I am telling my clients, I am gearing them towards the inevitable inflation,” because “you will see the most salient moves in precious metals, base metals, energy and agricultural stocks and commodities.”