Today Michael Pento told King World News that central banks are in the process of destroying their paper currencies. Pento, who founded Pento Portfolio Strategies, also said it is incredibly important for investors globally to protects themselves in this environment. Pento had this to say about the situation: “This is the age of a globalized phenomenon, where central bankers around the world view the market forces of deflation as public enemy number one and inflation as the panacea for anemic growth.”
Michael Pento continues:
“There is little doubt that global economic growth is faltering. Most of the developed world is mired in an incipient recession. Japanese GDP fell at an annual rate of 2.3% in Q4. Eurozone GDP dropped 0.3% last quarter and Greece is in a depression—GDP falling 7% as of their latest measurement.
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