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Europeans have to default for the simple fact that they owe more money than they
can ever possibly repay….and when you default on your debt, interest expenses must increase dramatically. This is exactly what I foresee happening in Europe. You cannot print money and create inflation and keep yields low forever….
The U.S. is about two years behind Europe’s pernicious path. We are now over 100% debt to GDP, and if we want to know our future, all we have to do is look across the Atlantic because that’s exactly where we are headed.
So says Michael Pento in edited excerpts from his recent interview with Eric King of King World News which can be read in its entirety here.
Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!) and www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds) has edited the article below for length and clarity – see Editor’s Note at the bottom of the page. This paragraph must be included in any article re-posting to avoid copyright infringement.
Pento concludes his remarks by saying:
“The bottom line is we have a world which has been dominated by fiat currencies, and we are now experiencing the end, the final throes of that failed global experiment in a purely fiat money based system – and the primary beneficiary of this collapse will be gold.”
Editor’s Note: The above may have been edited ([ ]), abridged (…), and reformatted (including the title, some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The article’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.
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