August 4, 2012
King World News is continuing to receive extraordinary levels of interest in what has turned into a series of Michael Pento pieces. Today Pento warns, “The developed world’s central banks are now foolishly preparing for a full assault on their respective currencies in an attempt to lower unemployment rates.”
Pento also issued this dire prediction, “What we will see going forward is a chronically weak currency, intractable inflation, onerous tax rates, a sovereign debt crisis and a depressionary economy.” Because of this threat, Pento strongly urges, “… the allocation in your portfolio towards ownership of gold has now become mandatory.”
Today Michael Pento, of Pento Portfolio Strategies, writes exclusively for King World News to put global readers ahead of the curve, once again, on what is unfolding as a result of the major unprecedented moves by central banks. Here is Pento’s piece: “The developed world’s central banks are now foolishly preparing for a full assault on their respective currencies in an attempt to lower unemployment rates. Spurring these central bankers into action is persistently anemic markets and employment data, which they believe can be rectified by creating inflation.”
Michael Pento continues:
“U.S. jobs data showed that the nonfarm payroll report for July produced 163k jobs. That sounds alright at first glance, however, the Household Survey conflicted with the Establishment Survey, in that it concluded 195k net individuals actually lost their jobs last month; and that the unemployment rate ticked higher to 8.3%.
Americans continue to leave the workforce—150k left last month—while our unemployment rate has now been above 8% for the last 41 months. That stubbornly high and rising unemployment rate will likely cause Mr. Bernanke to announce QE III in September….