There’s Not A Single Free Market Left In The World

Greg Hunter of USAWatchdog spoke with Michael Pento, author of The Coming Bond Market Collapse. Pento agrees with Peter Schiff on the fundamental problems with the global economy. Central banks and irresponsible politicians have loaded governments with unsustainable levels of sovereign debt. The endgame is an inevitable financial crisis of epic proportions. Pento’s analysis is brutally honest and harshly critical of the financial media. What is his advice for the average investor? “Run for gold.”

We actually believe that small group of… plutocrats can decide better than the free market where commodity prices should be, where currencies should be, where equity prices should be, where bond yields should be. [Central bankers] haven’t just tinkered in that regard. They’ve dominated, usurped, vanquished the entire market. The free market is gone… We put it all in the hands of these few people, and they have screwed things up royally.”

 

Highlights from the interview:

“We live in a world now where free markets have been completely obliterated. You can’t find a free market left in the world. That goes for commodities; that goes for equity markets; that goes for currencies; and that particularly goes for bond markets. The bond markets now do not represent any vestige of reality whatsoever. That should be evident to anybody with a pulse or an IQ better than a retarded amoeba.

“[The reverberations of the unpegging of the Swiss franc from the euro is a harbinger of bad things to come.] It’s the steady erosion of the lack of faith that we have as investors in central banks and in fiat currencies. In the case of the Swiss National Bank, they just could no longer peg to the euro. Their currency dropped 12% against the dollar in one year. The Swiss are known as a hard-money economy and a hard money currency. They did not want to suffer what was going to occur with the ECB’s decision to launch massive QE…