“When this thing implodes, we are all screwed. On a global scale, we have never before created such a magnificent bubble. These central bankers are clueless, and they have proven that beyond a doubt.“
Michael Pento of Pento Portfolio Strategies offers this and and other warnings in a recent interview with Greg Hunter of USAWatchdog.com:
“The plunge in the stock market would be huge and from a much higher level,” Pento said. “Back in the Great Recession, unemployment claims spiked. We had millions of people laid off, and the same thing would happen today only… much worse.”
“That’s why the Fed’s panicking… If anybody still believes they’re omniscient or omnipotent or know their butt from their elbow, that’s over.”
He insisted that despite the Federal Reserve’s public denials, it has embarked on a massive Quantitative Easing program: “It’s not that it’s QE. It’s QE on steroids,” he said. “Everybody knows that this QE is permanent just like any banana republic would do, or has done.”
“All they can do is to try to keep the bubble going…”
