Today Michael Pento told King World News that money supply rates and inflation have been exploding around the world. Pento, who founded Pento Portfolio Strategies, also said with currencies burning, global investors need to protect themselves. But first, Pento had this to say about the Greek situation: “The Greeks have done the correct thing. The fact that they have written down their debt is a step towards an explicit default. What they have done in Greece is something they need to do in Italy, Portugal and Spain. When you take down your debt as a percentage of GDP, the way the Greeks have, you will cause a short-term depression.”
Michael Pento continues:
“But at least the Greeks have explicitly defaulted on their debt. The Italians, Spanish and Portuguese should follow. But instead of allowing that to occur, they (central planners) have resorted to the ECB doing a massive counterfeiting scheme in an attempt to bailout insolvent nations.