Free Markets Have Been Completely Obliterated-Michael Pento
By Greg Hunter’s USAWatchdog.com
Money manager Michael Pento says, “We live in a world now where free markets have been completely obliterated. You can’t find a free market left on the planet, and that goes for commodities, equity markets, currencies and particularly goes for the bond markets. The bond markets now do not represent any vestige of reality whatsoever. That should be apparent to anyone with a pulse or an IQ better than a retarded ameba.”
On the recent Swiss National Bank move to remove the cap from the franc, Pento says, “It’s the steady erosion of the lack of faith we have as investors now in central banks and fiat currencies. In the case of the Swiss National Bank, they could no longer peg to the euro. Their currency dropped 12% against the dollar in one year. They did not want to suffer what was going to occur with the ECB’s (European Central Bank) decision for massive QE. It’s going to probably get announced on Thursday. If it doesn’t get announced, I will predict even more chaos.” If the ECB money printing is not big enough, Pinto says things will “blow up.” Pinto also says, “If they do print enough money, things are going to blow up. As I said, we have created a huge vacuum in markets.”
On central bank interventions that totally control global interest rates, Pento goes on to explain, “Now they own the entire yield curve. They own the entire sovereign debt market. If they ever stop and let the free markets come in, there’s going to be a vacuum, a sling shot in interest rates. They are going to go so high so fast that there will be no revenue left to service debt. That is the sad condition we have across the developed world.”
Pento, whose 2012 book titled “The Coming Bond Market Collapse,” predicts a collapse by 2016. Pento contends, “I think they are going to have to stop manipulating the entire yield curve once inflation becomes entrenched in the economy. Yes, we had inflation in home prices. They inflated the stock market to the moon and it’s unsustainable, and they created a huge bubble in bonds. But that didn’t translate automatically YET to rapid consumer inflation. . . . Once that happens, the central banks are going to have to stop printing, and that vacuum is going to be revealed. You will see interest rates are going to shoot up like a slingshot. If the U.S. had to pay just 7% interest on its national debt, and that’s the average going back to 1971, we would be insolvent. We would have to pay $1 trillion in interest payments every year. . . . If we had to pay $1 trillion a year in interest payments, it would be game over.”
On gold, Pento says, “Gold is going up in all currencies because investors are coming to this realization, or epiphany, that you cannot trust central banks. In 2008, we had the Great Recession. We had the bursting of asset bubbles. We had the bursting of the housing bubble. We had the bursting of the stock bubble. The Federal Reserve came in, and it was not only the Fed, we had central banks from across the world increase debt by 40%. 40% since 2008 on a global basis, and they took interest rates, which were already low, down to 0% and negative % and left them there for going on almost seven years. People had the audacity to believe that this was going to be a success story. They are slowly learning we have solved nothing. We have just made all the problems associated with the Great Recession much, much worse. As that realization unfolds, people will be flocking back into hard money, and that means gold.”
What will trigger the next financial meltdown? Pento says keep your eye on the land of the rising sun, heavily leveraged Japan. Pento predicts, “I think the Japanese central bank is absolutely going to destroy that currency. . . . When that unwinds you are going to see a massive wipeout of equity prices. That just metastasizes across the globe. It goes on to Europe, and it goes on to the United States, and it goes on to China. When we reset bond yields, prices collapse and yields go higher, I am talking about interest rates just going back to normal levels. Once that occurs, it’s game over. Can you imagine what the real estate market would do if interest rates went back to near 10%? What would the stock market do? What would the $100 trillion in interest derivatives do? The free market is gone. There is nothing left of it, and we put it all in the hands of these few people (central bankers) and they have screwed things up royally.”
Join Greg Hunter as he goes One-on-One with financial analyst and money manager Michael Pento of Pento Portfolio Strategies.
(There is much more in the video interview.)
After the Interview:
Michael Pento’s website is called PentoPort.com. There are articles and some free information on the home page. You can also find paid services on PentoPort.com as well. If you would like to get a copy of Pento’s book “The Coming Bond Market Collapse,” please click here.
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About the Author
Greg Hunter
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.
Excellent interview Greg … Pento is right on … the people who listen to the Fed’s every word … and try to derive meaning from their monthly meetings and statements about the economy and monetary policy … and then invest their hard earned money based upon what the central bankers say … risk losing everything.
Watch as things now begin to fall apart even more rapidly (especially if the European central bank can’t inflate enough because Germany resists it) … we will see Janet “Yelling” and proclaiming that the Fed does not intend to do QE5 … and absolutely will not do it to save the world economy.
However (in the same way the Swiss central bankers talked tough about maintaining their peg against the euro) a few days after Yelling and proclaiming the Fed will absolutely never do QE5 … the Fed will then go ahead and enact QE5.
Gold is rising against all currencies now because people are not as dumb as the central bankers believe. Wait until the Fed enacts QE5 to stop the bank runs in Europe … gold will soar!!!
I’m looking at Silver right now … and feel just like Ahab (in the movie Moby Dick in his whaling boat waiting for the Great White Whale to break the surface).
I can feel it lads … I just know it’s coming up (the way Ahab did) … the great White Metal is about to breach the 200 day moving average … watch the birds lads … watch the birds!!!!
http://stockcharts.com/h-sc/ui?s=$SILVER&p=D&b=5&g=0&id=p98620274093
The charts, look at the charts lads!! … Silver Rises!!! … It’s beginning to breach it’s 200 day moving average … pull in men, pull in… after him … the madness of this chase of mine crosses years of time … tho turned round and round, tormented, my arm and leg gone … the “Great White One” still tasks me toward him … Rise now,oh Silver one … show me your crooked jaw, your wrinkled brow … that I may grapple with thee one last time … though hell and fury you’ll not escape me [is it you now who chase me … and not I, you?] … yet again … I now plunge in deep!! … I attach myself to thee one last time!! … I spit my very last fiat’s at thee!!!
https://www.youtube.com/watch?v=eLTlfljynV4
Lots of Pinot by now and Paul, that’s too damn good, made my whole night. You go, girl.
Thanks Ccwesq … strike hard and deep … silver is going to give us one hell of a ride! … I see $27 per ounce occurring very rapidly.
greg;
It does not look good!!
I read Pento on KWN, and quote him often, this is the first I heard him, or read him say; watch out for Japan and massive wipeout of equity prices.
oh well!! thanks al
Brother Al, Richard Rahn is another analyst who has written extensively on the Japan situation. Best always. PM
I’m 100% in the Iona Laundramat camp here. GRTD!!! No Doubt About It. (NDAI).
I like the lawyers ala Carl Barks: “Findem, Fleecem, Skinem & Skip”
Thank you to Messers Dewey, Cheatham, and Howe!
Michael is a straight shooter. Clear rational thinking. Especially enjoy when he takes on the MSM drivel (CNBS)…….
also…greg, u may need a disclaimer;
My Pledge, if it turns out I happen to be important enough to killed…..
I, Brandon Smith, founder of Alt-Market.com, will NEVER bring deliberate harm to myself or other innocent people. I will NEVER commit suicide, nor will I ever hurt other people, including family, friends, or colleagues. I will NEVER use a weapon against another human being unless in self defense. I also will NEVER disappear from public view of my own volition, nor will I ever abruptly quit my work within the liberty movement. I am dedicated to the cause of freedom, I am proud of the path my life has taken, I am of excellent health, and am sound of mind (though such a thing may be treated as “subjective” by many).
I will NEVER jump from a bridge, jump from a tall building, hang myself with my underwear in a case of auto-erotic asphyxiation (I’m not into that), drown myself in a lake, or drive my car into a tree after packing it with explosives. I have no drug addictions and NEVER take psychotropic medications. And to be clear, I will NEVER fly in a prop airplane, so it is impossible for me to die in a prop-plane crash. I also will NEVER pull a firearm on a police officer or federal agent unless they arrive without a warrant and exhibit clear intent to harm me or those I care about.
If I am found dead, regardless of the supposed circumstances or motives given by the mainstream press or state officials, IT WAS MURDER, not suicide. If I go missing, it is because of foul play, not because I have quit the movement, or gone off to Alaska to commune with the damn trees. Character attacks will not deter me from my work, nor cause me to walk away from my activism.
If I or any other liberty movement activist end up dead or missing under strange circumstances in the near future, I highly recommend that others in the movement consider this a serious threat and go “operational” to secure themselves and their loved ones.
I have no fear of covert programs against the movement or myself. I will continue to pursue my work, and all possible dangers are ultimately irrelevant. It is my hope that other activists will adopt the same attitude and not be dismayed, no matter what we witness in the days to come.
shtf site
greg;
LARGEST oil rig ever is now pumping oil. exxon owns 30%, japan seduk 30%, russia 20%, India 20% interest. 2 min video.
http://thevictoryreport.org/biggest-platform-production/?utm_source=rss&utm_medium=rss&utm_campaign=biggest-platform-production
Good info Allen. Greg your going to have to do a hour report to cover things in this weeks wrap up.
I love Pento…..a real intelligent dude who cuts through all the B.S.
About to listen to interview on way to gym. But wanted to say thank you for getting him back on. He’s a regular at KWN and is always full of value.
GG
Nice guest Greg. Much better than some other yelling crazy lunatics (like Gerald Celente) you bring in occasionally.
greg, i have so many things to say it would take a big book to say what i feel. when mike made the comment of we can’t trust the central banks, we can’t trust anybody. from our own gov’t, which everybody has there own interests, which does not include the good of the country, too lobbyists, which a friend is friends with one for a major utility in mo., which he will admit he going to hell for what he does, to big corporations and banks grabbing up any penny they can, at any expense. banks? legalized loan sharking to say the least. we should have let the cards fall in 2008 and put a stop to this. but instead we went deeper into the rabbit hole. we are all guilty of not being involved in over seeing what is going on. hey keep electing the same people. keep buying the s— that the big boys sends your way. keep slaving on!
Greg,
Great interview.
It appears technology seduced elites to embrace the fiat system. PMs would limit the ability to take advantage. I find it an interesting coincidence that “The Six Million Dollar Man” made its debut the same year Breton Woods was finally discarded.
According to John Williams we now have the “Six Trillion Dollar Man”
Uncle Sam, sociopath, a man barely alive, gentlemen, we can rebuild him, we have the technology, we have the capability to make the worlds first invincible man, Uncle Sam, will be that man; We can make him stronger than he was before; stronger, larger, faster.
It wasn’t ‘Technology’ that seduced them into it…
It was ‘GREED’ pure and simple. Technology only facilitated the execution of the deed.
CD
Thanks Greg another great interview. I have a question to post, perhaps you or others can advise. I am on the final end of paying off my mortgage and working towards being debt free. My question is, what will happen to all the millions of home owners who have mortgages when this system collapses? Will the failing banks really want there homes, or will the debt be forgiven and everything reset back to zero? Just something I often wonder if paying off the debt is more crucial then buying everyday items and precious metals. Thanks again Greg for all you do.
Sorry W,
I don’t believe that anyone alive can answer that question for you with any sense of certainty. Picture it like this. Have you ever seen a bridge collapse? Or do you remember that game of ‘Pick up Sticks’ that you played when you were a child?
Now, when the sticks are all still in your hand, before you let them loose, I want you to tell me which stick is going to be at the very bottom of the heap and which will be at the top.
Too much uncertainty in the system to be able to know. You see, they are rewriting the rules as they move on down the road, I can’t tell you specifically how they plan to fleece the sheep in the future. I just know that the sheep will be fleeced.
Place your bets and take our chances. But I for one think that paying off the mortgage, and holding a Paper Copy of the paid off note, is a great idea. I sincerely hope it works for you.
All my best.
CD
Hi Wayne . My thoughts on your question is look at history , debts are never forgiven the system still functions in some form in the last great depression if you could not pay the mortgauge or the services account you were ejected or cut off . I think the reclamation process quickens as the system shuts down . You may have a repayment holiday for a time but my thoughts are as the repair of the economy in whatever form occurs the piper will be calling
Thank you CD and Rezo for your comments. Much appreciated!
There’s is much to be said about the comfort of having no mortgage. If that is were you choose to stay…….. I once asked Sinclair for his view on buying a small farm. My question was, given the choice do I get a loan on it or sell my gold for it. My personal feeling was with gold going higher (in the future) and the ability to get a 5yr adj @ 2.8% getting the loan made more sense. Sinclair agreed……….Years ago (when gold was $500) I had a home free and clear. I financed it @ an unbelievable rate at that time (3.35%)(that was the low back then) and bought gold. Best thing I ever did……. There’s a guy (economist) who talks about doing just that (I didn’t know at the time)………..Anyway, I believe we are in the exact spot, with the same chance to re-finance (now 2.8% 5yr) and gold coming down to $1300……..Like I’ve said many times here, today we are in the same position as 1999. An opportunity (2nd chance) of a lifetime.
You got away with it once. Doesn’t mean you will be able to again. With a home paid off, you may not get rich and resent that but should have some peace. With a mortgage, there will always be some fear you could loose it all and you won’t have as much peace with that on your mind.
b61 Please read my 2nd comment below…….. I never did it with the intention of getting rich. It was just the logical move……. Think about it, making a monthly payment paying 3 3/8ths % while your investment rises 3-400%. Everyone’s situation is different and should choose accordingly……… But we were discussing Wayne’s question……Today I can get a mortgage for 2.8% (5 yr adj). I will bet anyone here, any amount that the gold purchased (or food, ammo, essentials) will be far higher 5 years from now. If you can get it. That being maybe the most important factor……. You can purchase today what’s available and at todays price. Next year it may NOT be available…….What if they raise your taxes and you lose your house anyway ? What if for unforeseeable reasons you have to abandon your home ? All questions everyone must ask themselves………. In the meantime my 3% loan payment is being paid by a 350% accrued profit. Something that I expect to rise far more than that. Put another way, in the future one will be paying in ever devalued dollars. In the future, like in Germany, you will PAY OFF your house with 1 (one) gold coin. Think about that.
Even in “peace time” the default-foreclosure- eviction process takes a minimum of 6-9 months, sometimes longer. In the event of a widespread crisis, where millions upon millions of contracts/properties are suddenly in default status, the financial and legal systems will be overwhelmed. And what will the creditors do with all those distressed properties for which there is no market and with depressed book values? They might see wisdom in having a default owner “squatting” in the property. In communities where thousands are in technical default, even with a judgment in hand, I fail to see how a small sheriff’s department will be able to mount an effective and organized response and pursue evictions, and the social pressure on them, as officials elected by the very citizens they are now preparing to put into the streets, will be enormous. That buys you time. But, sooner or later, the system will right itself, and the debtor will have to answer. Most contracts these days include a “deficiency” clause, which protects the creditor from a walk-away, and such will haunt the debtor forever until settlement. I have argued for a long time on this forum that title and ownership, in my opinion, are no guarantee of security and safety in the face of a lawless government desperate for assets to stay afloat. As I often say, I could be wrong, but what if I’m not? Personally, I would not forestall accumulation of survival supplies for the sole purpose of retiring my mortgage. Who says you won’t be able to settle with your creditor and/or keep up the payments in a “bad” situation? One thing is sure: Debt never goes away, and the USA is about to learn this truth firsthand. How do you approach this? The fact is, no one knows. There is no such thing as a guarantee in this world. You do the best you can. The most important thing is to DO YOUR OWN THINKING. Best always. PM
Another thing. Even if your mortgage is paid off you STILL don’t own it as property taxes will always encumber it. You can always walk away (with your gold). But a paid-in full mortgage will be left behind…………. Also, someone mentioned renting as the best option. It might be cheaper after adding all your outlays up but what if the landlord decides he wants you gone. What are you going to do with all your “stuff” ?
According to my grandmother, they basically had a mortgage holiday or moratorium. She told me no one had the money to buy foreclosed property anyhow, so the banks kept the current mortgage holder in the property. They did continue to charge interest, and they did resume foreclosures after the worst had past.
My grandmother was a child at the time and claimed they didn’t know there was a depression going on except for all the people coming out to their farm begging for a food or a job. They lived as they always had by growing their own food and livestock.
My grandfather lost his farm in the great depression because he couldn’t pay the taxes on the property. My dad said he couldn’t sell a sack of potatoes for enough to buy a sack to put them in.
Wayne … working toward being debt free is a good and noble goal … however don’t do it to the complete exclusion of acquiring some precious metals also … because if hyperinflation hits us … just a few precious coins in your hands could pay off your entire mortgage and all your credit card debt.
At times we Watchdogers listen to guests that talk about us heading into a Great Depression (something that “we are already in”) and that we should eliminate all our debts … but we must also be cognizant about where we are heading in the future.
A person I give some credence to is Mr. William White a former chief economist at the Bank for International Settlements (the Central Bank of central banks) and currently an adviser to German Chancellor Angela Merkel … Mr. White has recently warned that QE in Europe “is doomed to failure” and that there is a significant risk that all this QE could end in “high inflation” … even perhaps “hyperinflation”! … (I think most Watchdoger’s tend to agree with the high inflation scenario).
The Bundesbank right now is coming up with fresh reasons to oppose Draghi’s QE effort’s … saying they will be worse than useless and simply lead to another asset bubble. White has said QE in Europe is simply a disguised form of “competitive devaluation” to counter what the Japanese and the American Fed have already done (which I believe to be correct … it is simply part of the world wide currency wars going on).
White acquired some respect in his long years at the BIS by arguing that the global central banks were falling into a trap by holding real rates too low in the 1990’s … effectively stealing growth from the future and creating a treacherous dynamic where the monetary laws stop working properly … so his ominous warnings today about the possibility of “hyperinflation” should be paid attention to by us Watchdoger’s (so Wayne IMHO I would continue to stack some silver even while paying down your debts). White’s BIS reports in the three years before the Lehman crisis continually raised alarm calls (that we were headed into a Great Depression) at a time when other global analysts were asleep at the wheel … so White’s calls today about a coming inflation or hyperinflation should not be taken lightly.
Wayne … Gold’s 23 month moving average is at $1300 … gold just today moved above this 23 month moving average … if gold can stay above $1300 it will be super super bullish!! … as for Silver … just to catch up with gold at $1300… (and giving it a very conservative Gold/Silver ratio of 49) means silver will have to rise almost immediately to $27 per ounce!! … so paying off debt “right now” would not be something I would be doing with my money!!
Paul
here is a history of the gold silver ratio as well as a live chart
https://smaulgld.com/gold-silver-ratio/
There is also a nice illustration of the gold silver ratio at 72:1
True, the sitcom was used to appease masses and justify discarding Bretton Woods.
Thanks Greg! Your stuff is always a joy and highly illuminating, but I have to say thank you especially for the Michael Pento interview. Massively entertaining, stimulating and watchable, even if it wasn’t (as I fear) all true. Astonishing quality of information and insight on your site.
I would be interested in knowing what you consider to not be ‘all true’ if you have the time to elucidate.
As for me, I particularly liked the reference to the ‘educationally challenged’ ameba.
Thank you,
CD
Letting a handful of academics in the Federal Reserve determine the interest rates (the price of money) makes as much sense as having a cabal of cattlemen establish the price of beef at the local grocery store. There’s no price discovery anymore, and everything (especially the truth) is manipulated. I’ve said this for years (repeatedly). I honestly don’t understand why the vast majority of people fail to comprehend it.
I like good fiction as well as the next person, but when someone tries to convince me that an imaginary tale is real, then I being deceived. For that reason, I didn’t watch the president’s State of the Union message last night. Life is too short to waste it on low-grade kabuki theater.
Wow…just wow…he crystallized everything that most tip toe around or don’t want to talk about.we are, as they say, caught between Scylla and Charybdis. Soon, it’s game over.thank you for the great interview Greg. Keep up the great work.
Thank you Doug.
Greg
Interesting night last night. Gold hit $1300. plus just after midnight Eastern time and this morning it is hovering back and forth sub 1300 to just over 1300 US.
As your guest states..time to limit your currency exposure and to buy a real asset like gold.
State of the Union address seemed to be oblivious to reality.
It will be interesting to see how the response to the address goes today.
I am afraid that too many still believe that everything is fine and we can continue to live the good life by withdrawing from the future of our children and grandchildren.
I think that a lot of people have a gnawing sense of doom going on. I think that there are very few that think that our country and the world are going on like this forever.
I think that a lot of people just don’t understand it, find it to be very disturbing, and overwhelming and don’t want to think or talk about it.
CD
Agree
Thanks Greg for having Michael Pento on. He’s a really smart guy and I also always listen to his interviews on KWN.
Absolutely everything he said today made total sense. I totally agree that Japan will be the first to feel the pain. I really don’t think it’s gonna last too much longer. After Q1 earnings seasons reporting in April, reality of the oil price shocker (and how it will massively bring down employment, US GDP, and cause interest rates to hike – which will in itself cause a derivatives blow up) will set in and the rest of the dominoes will continue to fall. Prices for all assets will then start to return to good old “market-led” levels. Perhaps, sanity in the markets will have a chance to be restored…
Thanks again!
I am with you A of J, I don’t see it lasting much longer.
CD
Enjoyable interview. It’s obvious he understands the situation.
Greg, today the Peoples Bank of China made a huge announcement. Does the word
” Internationalization ” ring a bell?
http://www.globalcapital.com/article/pymb54c7h0g3/it39s-official-pboc-wording-formalises-39rmb-internationalisation39-target
Last week the Swiss Banks set up an RMB hub with China that will be operational by the end of the month. While everyone else was talking about Switzerland leaving the EURO, the Swiss were signing deals with the Chinese.
There is no way you can print your way out of this mess, with the amount of debt that is mounting. Michael Pinto is absolutely correct in stating that the collapse will start in Japan. Watch the markets in Tokyo. My sources ( and no its not Jim Willie) state that Japan was set up in the Bretton Woods agreement as a backstop to the dollar. It is for this reason the Bank of Japan was forced to print large volumes of money to keep the dollar from collapsing. But eventually the pressure from the RMB will be to great for it to handle and they will succumb.
The western banking cabal will do what it always does when it runs out of options. Start a war to cover their tracks, and exploit profiteering in stolen riches from dead governments.
This is HUGE folks!
http://rt.com/news/224443-russia-iran-defense-deal/
Keep an eye on the middle east between now and March. Big things are getting ready to happen. Anytime you see a defense agreement being hastily put together with Russia, you know something is up. If you recall I told you before Christmas that the US military was doing a buildup in the middle east. Connect the dots and you will see what the cabal is up to.
Greg I live on a military fight path between two bases (which I won’t disclose) and you cannot believe the activity I have seen in the last week. They are clearly ramping up for something.
Jerry, I noticed another move on the chess board. Just wanted to tell you that I put in 8 years in the army. First. 2 years with the Guard, then regular army. For some reason I was given a top secret security clearance. It was not a bid deal, it basically allowed me entrance into a lot of mundane meetings with very high level brass there. I was an E-5 that went on to Officer Cadet SChool.
I was enlisted and an officer for about a 50/50 split. What I learned from witnessing high ranking officials was very disappointing. Most of them were very egocentric, and the main goal was the next promotion.
So many of the high level brass really just tried to outsmart each other and outdo the next guy. What I learned from being around higher ranks like this was very concerning, I really doubt the level of true competence when it would come to an all out war with a “legitimate opponent”. There is a lot of lacking at this level, more than I ever thought.
Now my time being enlisted taugh me that most of these guys just want a way up and out of their current civilian life situation. I saw a lot of enlisted guys go on to be very successful in the real world- not so true of the officers. Most of these men do not want to go to all out war, yes some do-most dont. I would guess 65% would rather not go to war. Just an observers guess. Remember during theses past Iraq/Afgan wars we were maxed out on the personnel could put out there.
Facing IEDs etc is one thing, facing an allout assault from armied that WANT TO FIGHT you and have been trained to fight you with all their might is a different situation. I alos want to point out that our airpower has done much of the work of ground forces and field artillery.
I think we will be very surprised for the next major conflict.
WD
Thank you for your service. I come from a military background, so I can appreciate what you are saying. It is a known fact that many high ranking officers have been purged out of the military over the past two years. One can only conclude that they did not like the direction the central planners were taking us. I agree locking horns with the Russians will be a disaster. But it sure looks like that’s where we’re headed. Many high ranking officers are getting out of the country now, and relocating outside the US to other countries , so they know something is up.
Jerry,
Not sure you will get this -but my service ended in 1993 and already I saw ego maniacs in higher ranks.
Also why would higher ranking officers leave US ( in your opinion) and where would they generally go?
Thanks
Greg check out the 4th quarter money velocity report put out by the St. Louis Federal Reserve Bank.
http://research.stlouisfed.org/fred2/series/M2V/
If velocity is determined by upward mobility on the scale, I would say the economy is not just dying, its already dead. What do you think?
Jerry,
It’s the worst since the 1960’s. Ouch!
Greg
jerry;
when I hear different senators/congressman, speak, I know their lying. example, the swiss-man on the peg.
Merely ten days earlier, on January 5, SNB President Thomas Jordan assured the public that the peg was “absolutely central” to the SNB policy: “We do have very low inflation and are forecasting negative inflation for 2015, which is why the cap is absolutely central,” SNB head Thomas Jordan told SRF (Swiss TV) in an interview. (Reuters)
…TEN DAYS LATER…..
Then on January 15, the same Thomas Jordan announced with a straight, if reddened, face that the peg “was no longer justified.” He blamed the growing “divergences” and alluded to the ECB’s expected Euro QE binge, against which the peg has no hope.
LOL, AAHHAAAHHA
Greg what does it say about the future of the EURO when the Swiss do this?
http://www.globalcapital.com/article/pz00xs689dj6/zurich-gets-rqfii-quota-signs-mou-on-rmb-clearing
It appears to me they were planning on this for quite some time. Germany will be next to follow I predict.
That is one erudite individual. Please get him back soon! Well done…..
WD. My argument exactly . Egos are built by annexing escentially 3rd world countries with printed money and advanced technology. Russia and China are NOT 3rd world countries and will never be beaten . The defence of ones country and culture on their soil by a detested agressor with weary soldiers and a tired awakening public is impossible . Good comment on your behalf
Rezo, my point exactly. In the last 50 years we have picked fights with “weaker” opponents. I believe we were shocked by Vietnam. I am still at a loss that we did not suffer more damage in Iraq. A group of well trained willful guerrillas can do a lot of damage.
The US has been adept at picking its battles.
greg, thank you for all you do. i think i have seen every interview you have ever posted and they have been fabulous. that being said, the Michael Pento interview was THE BEST. his message was clear, concise, focused, and clearly laid out what the consequences will be from failed central bank planning/manipulation.
again, thanks for your work and effort in educating the people that want honest news! dave
Thank you Dave. It took a lot of time to book him for a Skype interview and I hope he becomes a regular.
Greg
Greg, Dave
Agreed – what a great interview!
Cheers
Col
Another great interview.
Thank you Greg.
What would happen if the US just deflated and defaulted and rejected the current insane economic nightmare?
Would we be able to just save ourselves and let the rest of the world alone?
Would would happen Greg?
Diane,
There would be total Chaos for awhile and we would have to immediately live within our means. That means big cuts to, well EVERYTING. This is what is going to happen in the end anyway but no politician wants to lead. The politicians in both parties (especially in the Senate) know this. There is no doubt about it.
Greg
Yes, we will have to live immediately on what we have and can produce here. This is the “Shit Dollar” scenario promoted by Jim Willie. Since we currently finance roughly 50% of our expenditures via money printing/FED bond-buying, that cushion evaporates in a forfeiture/default. (Picture your personal situation with a 50% overnight income cut.) Guess what we use that 50% to buy? Our out-of-control social spending! And when the EBT cards, the Obamaphones and the section-8 rent quit working, along with Social Security and Medicare going “poof”, you’ll have Ferguson scenarios in every urban setting in this country. And you remember the response of the police and army to Ferguson, right? They did NOTHING. Just let it happen. Best always. PM
“There would be total Chaos for awhile” No one can predict the future, but what type of Chaos are you suggesting? Lawlessness? Riots? Protestors banging pots and pans? Our already debased society seems to get worse exponentially almost yearly.
Alarmed,
The kind where you will need a shotgun. The Vice President told folks concerned about home defense to buy one a few years back.
Greg
Seeing how we owe most of the rest of the world money, I doubt they would leave us alone!
Diane. We would not be able to save ourselves for several reasons. There are more 100 dollar bills outside America then inside. All that currency would flood back into circulation causing a devaluation from the fed. Prices would triple in a month. Not to mention without trade Americans would be lost, and confused. Jobs would be no more without trade. There are many things the mind can imagine when people sit idle with no work, and no food. Thanks for asking your question. A well needed one.
Greg, isn’t the European Central Bank just following what the Federal Reserve has been doing here since 2008 with QE, 1, 2, & 3, etc.? Won’t that money printing just keep Europe’s economies floating for 5 to 8 years more like its did here? In the meantime investors move to equities in Europe like also they did here? I can’t see any difference than what happened here, the can was kicked down the road. My point is how can the money printing implode in just a year (2016) when it will take a few years plus or minus just to infuse the banks and the markets with free inflationary money? What say you? Its not my premise that what your guest is saying won’t happen, I just question the early timing of his thesis. What am I missing?
Yes sir Art and now come a more than a trillion dollar money drop from the ECB. Here’s the link: http://www.bloomberg.com/news/2015-01-21/ecb-said-to-propose-qe-of-50-billion-euros-a-month-through-2016.html Thank you for your comments and involvement in the site.
Greg
Europe has already been printing for the last few years. There’s no “catch-up” to the US. The bigger problem with Europe is the debt keeps piling up within the individual countries as the EU keeps pushing money/loans/debt their way……. It’s the same ‘ol story. You can’t solve a debt problem by adding more debt. Europe will only be more weight around the neck of the world economy. Just like Japan and the US….. Pick your poison.
Art, the Euro is a confederation. The members are still sovereign. Don’t expect Germany to stay in the Euro, underwriting debt to the tune of a trillion per year for its economically defective “partners”. Here in the US, the 50 states are nominal political entities, but J.C. Calhoun’s Principles of Nullification didn’t hold up. We HAVE to go along with Federal junk like deficit spending, Obamacare and QE. The European partners don’t. And when Germany is no longer around to float the Euro, what happens to the trillion-dollar debt that was securitized by a currency that is no longer there or only nominally viable? QE in Europe is a sure course of disaster. The Swiss foresaw this, and they waited until the last possible minute to bail, but bail they did. I say Europe blows up before Japan, and the world’s tenuous financial system can’t handle either one. No way that under current economic conditions this thing takes 6-8 years to blow. Just my take. Best always. PM
Art,
I have no doubt that a financial implosion could happen at absolutely at any time, from tonight forward into 2015, 2016, and maybe beyond.
Two examples for you:
1) Go to Wikipedia and look up Ponzi Scheme, next,
2) Go to Wikipedia and look up the term “Supersaturation”.
What we have, worldwide, is a ‘Supersaturated Solution of Currency/Currencies/Funny $’. This is a situation where you have Waaaayyyyy too many dollars (seeming unlimited in quantity) being produced which are being used to purchase a clearly FINITE set of Real ‘Things’. The Commodities/Actual Resources of the world cannot be expanded in quantity the way the quantity of dollars is being BLOATED in ‘Quantative Easing'(i.e. money printing) by the Central Banks.
This extremely unstable situation still operates in a ‘stable’ manner because people/institutions/holders of funny $$ are for the most part still convinced that a dollar today will still buy a ‘dollar’s worth of stuff’ tomorrow. But when a critical mass of people/institutions/holders of funny $$ come to believe that their $$ today WILL NOT buy a dollar’s worth of stuff tomorrow, they will at some point immediately attempt to turn their $$ over for something real in order to minimize their losses.
When this happens, it happens very fast. Picture a school of sharks when there is blood in the water, or picture a bank run when the people are panicked.
Also, as for looking up Supersaturation above, read up in Chemistry on what happens when a catalyst is added to a supersaturated solution. What happens is that you have a rapid, sometimes very rapid chemical reaction. As it turns out, sometimes the more supersaturated the solution, the more rapid the chemical reaction to follow.
What is happing now is that the level of ‘Supersaturation of the Currencies’ is accelerating.
This will all in in what can be called ‘The Bonfire of the Currencies’.
All that remains after that happens, are heaping piles of ash, and a huge mess to clean up.
Hope this helps.
Best,
CD
Greg,One of your best interviews in months. Mr.Pento is articulate,plain speaking and tells it like it is. Not like the “bobble heads” on the Main Stream Media. I hope you have him on again soon.
greg;
The gravy train is over for oil workers. All over North America, people that felt very secure about their jobs just a few weeks ago are now getting pink slips.
Unfortunately, the tremendous expansion that we witnessed is now reversing…
In states like North Dakota, Oklahoma and Texas, which have reaped the benefits of a domestic oil boom, the retrenchment is beginning.
“Drilling budgets are being slashed across the board,” said Ron Ness, president of the North Dakota Petroleum Council, which represents more than 500 companies working in the state’s Bakken oil patch.
Smaller budgets and less extraction activity means less jobs.
Often, the loss of a job in this industry can come without any warning whatsoever. Just check out the following example from a recent Bloomberg article…
The first thing oilfield geophysicist Emmanuel Osakwe noticed when he arrived back at work before 8 a.m. last month after a short vacation was all the darkened offices.
By that time of morning, the West Houston building of his oilfield services company was usually bustling with workers. A couple hours later, after a surprise call from Human Resources, Osakwe was adding to the emptiness: one of thousands of energy industry workers getting their pink slips as crude prices have plunged to less than $50 a barrel.
These jobs are not easy to replace. If oil industry veterans go down to the local Wal-Mart to get jobs, they will end up making only a very small fraction of what they once did. Every one of these jobs that gets lost is really going to hurt.
12 Signs That The Economy Is Really Starting To Bleed Oil Patch Jobs
Hi Greg,
I noticed that your plug on this page for Michael’s book got truncated:
“Michael Pento’s website is called PentoPort.com. There are articles and some free information on the home page. You can also find paid services on PentoPort.com as well. If you would like to get a copy of Pento’s book “The Coming Bond Market Collapse,” ”
Cheers,
David
Yes true , my wife owns a business in the central business district Bangkok .Thailand and I was visiting yesterday ,as those who know me understand that among other things I am looking for oil fields for Chinese interests .Anyway a Chinese /Thai business man visited and announced that he is capping his oil field in America as he needs $85 oil to continue . So there is now doubt this is affecting not only American intersts
Hey Thanx Greg for another great informative interview!!!
Just keeps on gettin’ better!
Wondering if Michael or anyone else called what Switzerland did ahead of time.
Would love to see u interview them.
One of my favorite persons to listen to. I hope Michael Pento is on the site on a regular basis. Outstanding interview and summary of where we are today.
Bank of Japan ” Officially Trapped in QE Printing” !!
http://asia.nikkei.com/Politics-Economy/Economy/Japan-s-central-bankers-mull-diminishing-returns-from-bond-buying
Its like the Wizard of Oz. ‘RUN TOTO RUN!!
Jerry, that’s the “genius” of QE: the longer it goes on, the less it accomplishes. The world has reached the point of diminishing returns. I think “they” really don’t know what else to do. Keep printing and the money blows up, or stop printing, and the markets blow up, including the bond market when interest rates skyrocket. Would you want to die in a fire or freeze to death? Some choice, right? Best always. PM
Paul from Indiana,
I have difficulty subscribing to such a fatalistic outlook. Getting out of the burning building is no guarantee you will freeze to death. Once one realizes they are painting themselves into a corner – why not stop there? I think it is because they are making money painting: no matter where it leads.
Another awesome interview Greg. Michael Pento is totally awesome, very savvy and smart – he knows what is going on.
Good Morning Greg,
I just viewed your interview with Michael Pento. A riveting interview, After having spent a good portion of my life in the Navy I can quickly discern sincerity, conviction, and expertise from the run of the mill BS, In my humble opinion Mr. Pento is amongst the truth tellers of the Focsle, His no nonsense evaluation of the dilemma that the central banks has created is spot on. I intend to view this several more times in order to avail myself the full advantages of the experience and technical expertise of this rare teller of the truth.
I loved his analogy of having ice cubes for the brandy on the Titanic. A splendid analogy and one this old sailor can readily equate with. Please invite Mr. Pento on again, he reminds me of any number of fellows that had the pleasure to serve with and know during my career in the Navy. Loved the interview and Mr. Pento’s no nonsense evaluation, The Bosun has spoken.
Thank you Andrew. That was a very nice first comment and I hope you comment again.
Greg
Excellent interview Greg. The bit about interest rates going back to normal (7%) levels and the troubles that would make. Your $500,000 home is now $150,000 just like that. Ouch! Unfortunately, that is what is going to happen I fear……..I know “fear not”, life will continue.
That is when you will buy the house with a bag of silver.
Jeff.
That is why I keep buying as much silver as I can. It will pay off someday, either for myself or for my daughter down the road.
Keep stacking while you can.
Doug If you get a chance read my reply to Wayne regarding his home mortgage.
The 7% interest rate comes well documented. Read, “This Time is Different”, by somebody and I think Rogolph?? They clearly document the 7% interest rate as the point of no return.
Best,
CD
Yep….great read.
http://www.amazon.com/This-Time-Different-Centuries-Financial/dp/0691152640#reader_0691152640
Anyone remember the 23% interest rates of the 70s?
I do remember those interest rates. What I remember is no one was buying homes; everyone “remodeled” their current home. It was strange in a mid to lower income area to see a ranch style home remodeled to look like a palace complete with Greek columns. btw…people who depended on those high interest rates for retirement income were in for a shock when it all went south.
As newly weds, we purchased a house in 1975. We had difficulty selling it due to only two bedrooms rather than three. We had a 10.5% interest on our mortgage on the next house (1980) We lived frugally and have done well in the housing arena. The big difference, is that our income was much better and more secure than any employment is today.
I am reading (a tad late in the game) _The Creature from Jeckyll Island_ by G Edward Griffin. Sadly,I know it will not end well. The cards/dice (it is gambling) are stacked against us.
Michael is right. Practically no one is buying bonds. Corporations use to keep their surplus cash in US treasuries. Now they are buying back their own stocks instead. Also, “oil prices do not belong above $100 per barrel”. And major energy companies do not run price forecasts at those high levels. Anyone care to guess what figures they use when looking at new development projects? Incredibly, there are still an amazing number of people who believe “happy days are here again”. It will be those same people who will have the audacity to look surprised when things collapse. Do we see a common theme? There is safety in “HARD MONEY”, e.g. gold! Thanks Greg and Michael.
Only safety in ‘hard money’ if you can keep it. 🙂
Sorry guys, place your bets and take your chances.
Best,
CD
When the system fails and the Sheeple say WHAT HAPPENED? Save this interview to show them!
Randy Also when the system fails the MSM will exclaim ” no one saw it coming” ……… But we’ll know better.
🙂
Great stuff Greg. This guy tells it like it is. I believe average Americans
know in their bones there is something wrong with the way things are
but the main stream media and the bullshit propaganda they put out
that everything is wonderful has people confused. When they do wake
up to reality the backlash will be terrible to behold.
I think they will feel like they sorta hit a StoneWall, don’t you think? 🙂
Hi Greg, thanks for the interview. ‘Central Banks’ screw up severely’, he said. Central Banks didn’t screw up accidentally, or something, as they just slowly implemented a criminal system, going back to the Silver Wars of the 19th century, 1873, and so on, which is not screwing up; from the eyes of The Big Criminals, it’s the perfect Theft of the Millennium, and in that they did a great job as we must admit. They, behind the scenes, know exactly what they are doing, no accidental screw up, no fear, they just love The Classical Music Play they are conducting, as times are running into their wanted climax. On the other side, is it not that the people took the bait when interest rates came down artificially, causing a housing bubble, while that’s just a necessity you can’t do without? Criminal bankers ‘too big to jail’ should be jailed, but the people are not without blame as well, as they allowed it to happen all these decades, greed all over the place. I can remember when I was a teenager that in Europe there was some finger pointing to the USA for living beyond their means, ‘credit’ card society. The last decades it became the trend in Europe as well, as Europe lags the USA with all kind of trends. If you live beyond your means, you go bankrupt. Debt makes you consume less, as debt has to be paid with an interest. As I am a fan of JFK, I love to repeat his speech wherein he warns for conspiracies, secret oaths, advises to learn from mistakes, and so on; https://www.youtube.com/watch?v=k2n32lr93S4
May JFK arise in a sort of ‘Presidential Bible/Guide’, as he warned the people over half a century ago. Or better yet, may a JFK character enter the stage at some moment, as you would need an army to keep him alive.
To remove The Big Criminals is half the job, like David Morgan has a passion for that; https://www.youtube.com/watch?v=N8whuvS9CWc , ‘Revolution An Instruction Manual, Liberty Mastermind Symposium – Las Vegas’, as such a movement surely will educate about how it all came to be, and let’s hope it will become future school education to pass on, the mistakes the people made, to the children, allowing The Big Criminals to rip them off, sometimes with greed in their system, taking the bait, organized Sesamy Street Propaganda Machines like MSM, as the people took the bait of the housing bubble, and getting rich quick in general. Summarized in ‘decadency goes before the fall’. Divide and rule, as solidarity slowly evaporates, giving ‘God for all, and every man for himself’, eventually getting everyone on the hook.
‘Free markets are completely obliterated’, he said, ‘as that goes for commodities’, he continued. The Fruit Machines of the stock markets, and the bond markets are propped up, as they will try to keep them running as long as they can. I can imagine they will open up the relief valve to the commodities markets at a certain moment, as they can use the price inflation on a consumer level anyway, as they advocate. It’s a computer game, and The Big Criminals create the software, until the whole thing blows up, and let’s hope it will be a gradual implosion, as waking up of the masses in that scenario should go slowly too by now, as we don’t want the chaos of a sudden total Grand Collapse from one day to the other, giving way for a new popular president, just eventually reinstalling the old status quo. The Four Horsemen; https://www.youtube.com/watch?v=5fbvquHSPJU
We are beyond the point of no return, so to prolong the game seems the only way out, as Greece shows that ‘the right thing’ leads to a lot of misery anyway. The Jig saw puzzle Europe is, gives a peak in the future when the debacle of the financial system wrecks an economy like in Greece. Prolonging the game, praying for a gradual implosion seems the best at this moment. Hoping for an honest system emerging out of the information wars, as it’s all about information, hoping for The Financial Air Crash Investigation, passing on an very important message to the children, never to forget.
ECB QE won’t blow up the system on the short term, as it didn’t do that to the dollar after some heavy Fed QE missions. Draghi’s talk ‘whatever it takes’ did the job so far, so that was a delay, saving the Bazooka for another day, which probably is tomorrow, prolonging the game, which is the best option at this time I guess. The Dutch financial minister doesn’t like QE, as the Germans don’t like it either, and so on. Sesamy Street wonders what Draghi will do, but concludes he can’t go another way than the QE game. As far the ECB could be in the know the system desperately needs QE, they knew how to mask that one, keeping up confidence, the attention from one to the other, the prolonging game.
If interest rates shoot up, then things will accelerate, as the debt load all over the place is far too heavy, game over. How long they can keep the low interest game going a crucial question. They will print, and print, until confidence cracks, velocity of money skyrocketing. Let’s hope a gradual orderly implosion.
‘Oil crashed from 147 dollars to 33 dollars in 2009, what is that saying about the economy?’, he said. It didn’t say so much about the economy, as it was the financial system melting down, not the economy in the first place, as there is always economic activity, even in an evaporated financial system. As the financial system and the economy are very entangled, hand in hand, the financial system is dragging the economy down. The financial system, chasing the bubble game, blew some bubbles as they got pricked. Oil went down some 78% recently, as the economy wasn’t in line with that number. Society took the bait of easy money, dislocating capital, resulting in masses of, more or less, useless jobs, eroding the tangible productivity of the economy. Now oil nosedived again by a combination of all kinds of known and unknown variables. Economy might have nosedived a percentage, but not with the percentage oil crashed, bubble, reduced demand, all kinds of factors combined, as we don’t know what’s brewing behind the scenes.
As many say, Peter Schiff, and so on, Fed QE next (4 or 5) will of course happen, of course interest rates won’t rise, or not much, to rewind later on anyway, as QE to infinity will be a fact, until the music stops. The conductors of The Big Casino conducted the dollar up, as Europe wants the euro down, as Central Banks are quite an ensemble, composing the perfect play to prolong the game. In Holland on Sesamy Street I saw an economist stating that QE doesn’t do much for companies, or the economy, but arguing that the ECB has to, because otherwise the markets get upset. As far the European financial system needs the QE desperately not to implode, they covered that one up, consolidating confidence in The Criminal System. As long troubling price inflations don’t enter the stage, they can print all the money they want, until it somewhere in time hits the wall of course. Let’s hope price inflations will gradually ramp up, till super to hyperinflation sets the stage for a new financial system. In case we enter hyperinflation it doesn’t matter how much they are going to print, it serves the prolonging of the game, giving time to more people to prepare, and movements arising trying to avoid a future replay of things. Paper up, tangible things down, creating some price deflations, the perfect cover to print, and print. At a certain point the relief valve to commodities opened to create the price inflations central banks state they are looking for. Central Bankers are the ultimate sheep dogs chasing the gamblers in The Big Casino from one end of the floor to the next one.
The question arises where Central Bankers get their Bubble Blow Strategy.
That will be a big number of ingredients, here can be found some;
https://www.youtube.com/watch?v=8bgGqoCa6go
https://www.youtube.com/watch?v=ZR04C-Y0kS4
May the view of the founding fathers of America go viral one day, and Love be The Dictator. May Truth one day rule the world. Expect the unexpected.
Wim
When you contrast what Pento (and the other people you have interviewed lately) says with what the President said in the State of the Union address ( see full transcript at http://www.cnn.com/2015/01/20/politics/state-of-the-union-2015-transcript-full-text/index.html), it seems like there are ALREADY two different worlds — the one that the President and MSM describe, and the one that Pento and the others describe. They are mutually exclusive versions of reality! The degree of lies being officially told makes me shake my head in disbelief. There are so many potential black swans massing everywhere one looks, it is not hard to see how fragile things really are and that the unraveling has begun in earnest.
When we listen to people like Pento, it all makes sense. When we hear the lies, nothing makes sense. I shudder to think what the process will look like as it continues to play out.
No matter which trigger happens first, it’s all interconnected and collapse is guaranteed to happen at some point in time. However, when Pento says we have put all of the power in the hands of a few plutocrats and that they have screwed up royally, I am not sure I agree with that conclusion. I think “they” are doing everything with the intention of grabbing what they can, then pulling the plug on the system and allowing the collapse to take place, and then instating a new system (with them in total control of it) that gives them total power over everything, out in the open, backed by martial law. That IS one of the futures that will arise from this one shared reality, but it is not the only one.
Some of these other futures are documented in the book, “Mass Dreams of the Future,”
a compilation of the findings of three credentialed researchers who used hypnotic progression to take thousands of people forward in time 150 and 300 years and have them describe what they saw. The future I was shown is not included in that book, and there are at least two others that have been chronicled that are also not included, but six of the twelve can be found in that book, if anyone is interested in seeing the data and the implications it has for all of us. In each of those 6 timelines, only 5% of the existing population made it across the event horizon for that particular timeline. 300 years out, population on each of them had only reached 11-12% of it present levels, so it is clear that cataclysms of one kind or another occurred to result in those numbers. On the timeline I have been shown, less than 1/10th of 1% make it across.
When the government can tell you what portion size you may purchase, what opinion you may or may not express, to whom you must sell your property, and even for whom you must bake a cake, under threat of fine or prison, we are no longer free. So why are we surprised our markets are not free? Best always. PM
I really enjoy your site and agree that the situation seems dire. I have a question concerning how to handle my simple IRA? I believe PMs would be a good way to preserve wealth. What are some options for me? Cash out with penalties and all? Try to move within the IRA to a certain fund? What are others doing?
Alan,
I can only tell you what many here have written on the site and personal emails to me. They tell me they cashed out paid the tax and penalty and now have their funds under their direct control. Some bought precious metals, paid off a house, bought supplies paid, cash for their vehicles and all of the above. The theme is: Better to have half of something, than all of nothing. This is a deeply personal decision that you and only you can make. I am not a money manager or investment advisor, but only what many have told me.
Greg
Interesting, this is just what I too was looking to find out. Thanks for sharing Greg..
The “tax advantages”of an IRA 401K plan may no longer be available when it comes time to cash out as they may raise the effective tax rate. So the bet is pay your tax now at current rates and the penalty and use the money as you choose
Greg brilliant interview, I have a question tho maybe you can ask some of your silver experts I am a small investor in silver Bouillon somewhere around 10,000 ounces, if there is a collapse in currency tomorrow How can we sell our silver if the currency has collapsed thank you Greg
Thomas J.
First, there will be another currency. Anyone holding the one we have now will experience a dramatic loss of buying power. I also think there will be opportunity to trade some of those ounces for things you need in the future. You have a real wealth–don’t worry about what paper or digits you will trade it in for.
Greg
Greg, I have cashed out 2 IRA’s since 2008 with no regrets. The yields were horrible anyway. Some years, I took negative hits. What’s the point? The system is RIGGED. All electronic assets are going to be bailed-in. And your IRA is NOTHING but an electronic, very confiscatable asset. Understand, if anybody gets a monthly statement on any asset, that type of thing is only a keystroke away from disappearing! Please ask all the Watchdoggers to do some real soul-searching and think ahead! Best always. PM
Good call PFI.
Alan,
When SHTF every one will go down.
Do not think for a second that US will go down financially and watch the rest of the world prospering, laughing.
They are harvesting countries one by one to keep Dollar a float.
If it was me i will keep my money where it is betting (against the rest) on the dollar (with the caveat that it will be the last to go).
I am not saying Dollar is going to last.
All am saying is : Every thing will go BEFORE the dollar goes.
As far as PM, it is ok to keep a core position. But DO NOT OVERLOAD.
Just my 2 cents.
Mohammad
Unfortunately Mohammad you are playing into their hands.
You cannot forecast when the “Dollar” is the last to go.
Just look at what happened in the space of 5mins with the CHF/USD last week.
What happens when Jap, China say NO MORE?
You wont be getting an email/sms to warn you about the next CB move I can assure you of that.
Just like the moment when the FED/US Govt. decide to devalue the currency to thwart the Deflationary collapse…an overnight/weekend policy adjustment.
Keep in mind what the Swiss NB did. Market forces are too strong for all CB’s ….ultimately the FED will lose too.
The FED esp. is the destroyer of the world’s monetary system. It acts with impunity & without regard for the rest of the Globe.
You seem to missing the point with your theory about the “Strong” dollar …when that term is actually a misnomer…… even though you state “They are harvesting countries “…..in the process!!
Holding Dollars….is Holding Debt (dollars are a debt obligation – nothing more than an IOU)…owed by a Bankrupt entity.
SIG,
As long as the feds has the ability to suppress the gold with continuous Comex ability to replenish their reservoir for deliveries from gold stolen from countries harvested by the feds military i will remain on the side of dollar strong or weak.
Mohammad
Alan and Wayne. NO matter what it is, if you don’t have it in your possession or can take a short walk to it…you do not OWN it.
Where this is going paper money will not be accepted for anything of an value unless that paper money is backed by some type of real commodity. Faith based money will be finished.
The ancient traders had it right…gold, silver, copper, swords, spices, jewelry, furs, diamonds, seeds, etc. Items of real earthly value, land, food, shelter, water, lumber, fuel…real items that you can use or trade to survive.
Alan,
I just did exactly what Greg described below. Yes, I lost about 30% in penalites. But when I looked up how the fund was run it was pretty obvious that this was the best plan. If you put it in PM now you may be able to recoup the loss if things go south. That was my thought anyway. As others have said, anything backed by paper is a risk. I did read a comment by one lady who had created an LLC and held the LLC in her IRA. As the manager of the LLC she could then hold actual physical coins at her address. Interesting workaround.
Consider buying the miners as a diversification play too. Making sure of Direct Registration/Share Cert’s. being issued. Your retirement may have to be deferred for some 10-15 + years though.
SIG,
My only problem with buying the miners is nationalization. I think that is a bigger risk than confiscation but what do I know? The other risk it the MF Global possibility. You brokerage could go under and many will in this big “reset.” Just a thought not a debate. You are a smart guy. I and many others like your perspective and analysis.
Greg
One strategy to avoid tax penalty for early withdrawal of IRA and take advantage of the mid/long term uptrend of PM with a more balanced risk/reward ratio is to initially invest your currency in your IRA in good quality PM (junior) mining stocks such as Pretium Resources (Pilot Gold). Hold the positions until gold surged to a much higher price and economic situation becomes unstable. Then close the positions and use the proceed currency to buy physical gold and silver within IRA. Probably you have use another IRA custodian to handle your physical PM purchase. Make sure the metals are stored at a safe jurisdiction such as Singapore.
There are some paper assets that HOLD physical metals which can be held in IRA’s. One is CEF (holding gold/silver). Also a couple Sprott funds. Of course you still have the problem with your account experiencing the dreaded “bail-in”. I believe you can also have your gold delivered upon request. Just another option.
Greg, ask yourself the question regarding money/wealth/assets: can this asset disappear with a keystroke? Ask another question: can this cash or metal be “keystroked” out of existence? The bail-in will occur in a blink of an eye. “They” may not (likely WILL not) allow you access to your so-called “safe deposit” box. And if it NEVER happens, you still have the hard, in-hand asset anyway. THINK AHEAD. PLEASE. Best always. PM
This is priceless. Marc Faber at his best.
Look at the reaction in the wry smile and the eyes of Jackie…
http://video.cnbc.com/gallery/?video=3000347768
Yes when the public wake up….
I cashed out in the 90’s… My so-called “financial adviser” said I was crazy. Took some of the money and built a house on a mountain top bordering a national forest, waiting for Y2K to come. It came and went…
Years went by and I have watched the “prepping” phenomenon / lifestyle grow larger, I fear that the preppers will not fare much better than the Y2K people did. Grew older and could not see the wife & I “bugging out” and running around in the woods during the winter in our 70’s. Sold the house and retired to a far away land with a warm climate where the CoL is a fraction of that in the USSA.
Life is what you make it… “listen to all, follow none”
8Ball,
Suggestion……Listen …to….thyself !
You have the solution if you can only decipher what your problem is.
Good interview Greg. One note for Mr. Pento: anarchists are the precise opposite of authoritarians and plutocrats!
Either way…both are destructive.
I got the gist if what he was saying.
I think that is what I said… but thanks for your suggestion.
Gabe,
Remember an old song from the 70’s I think,
She said,
“Hold on loosely,
But don’t let go,
If you cling too tightly,
You’re Gonna Loose Control”.
So maybe ‘anarchists, authoritarians and plutocrats’ don’t have to be mutually exclusive.
Or in other words, maybe Authoritarians, and Plutocratic policies can lead to Anarchy.
https://www.youtube.com/watch?v=GL733e8-VZs
Best to U!!!!!!!
Good Love had Gone Bad,
And usually it’s too late when you realize what you had. 🙂
CD
Michael speaks very clearly and succinctly about the reality of the economic world we live in and how it all assets will reset back to reality. The banksters will not be the winners and the world will suffer, but living under natural law is much better than living under bankster law any day of the of the week. .
It sure sounds like the tone among the alert is deflation in select bubble assets like housing and stocks.. Precious metals have been climbing since the new year kicked off, and the impending global QE will likely not deter or delay the steady climb we will see in PM’s.. Given the trading collars added to PM’s by the latest legislative manipulators, I’m expecting this to be the breakout year for gold and silver that we previously just “beta tested” in the years passed since 07-08.. I see the trading collars as a big “tell” in their poker face…
I don’t even think this thing is gonna stay I the tracks passed April 15th.. I completely agree with Michael and his comments that the free market is long gone. The only way to get it back at this point, is to allow the small group controlling the market to destroy it, and allow the pain to set in on the complacent population that allowed it to happen in the first place…
Good interview with Michael Pento Greg!
Thank you V !
Greg
Best yet, Mr.Hunter! Don’t know how you do it but I’m very thankful that you do. I don’t have the wealth required for hiring a financial planner/advisor but if I did I think I would definately take a close look at Mr. Pento to fill that position.
I am sure for legal reasons, individuals cannot give advice as to what individuals should do to protect their meger savings. It would be nice, however, if someone like Mr. Pento would lay out what he would do if he was lower middle to middle income level.
Buy food! can’t eat dollars , pm, equities, erc!
Poker Face…
Hmmmmm
https://www.youtube.com/watch?v=bESGLojNYSo
I never much liked her either. 🙂
CD
Vincent, as I say, the only way out of this is through. It will be messy and horrific, and some of us might not make it, but that is the price one pays for the complacency you so correctly identify. Best always. PM
There is a powerful tradition among our people, to perceive harmful practices as being unintended, even when the real motive is sometimes malice. We are slow to recognize the difference. We prefer to think well of everyone. We feel good when bestowing the benefit of the doubt. I’ll say it this way: If the central banks were intentionally working to destroy nations, their actions would appear no different from the way they appear now. If this is the case, the first step in putting a stop to such action will be to recognize and openly acknowledge its nature.
Every community about the planet negatively affected by these nefarious, predacious, and evil miscreants should have a regular public display of dangling Banksters from a rope. I recommend that the first series of gallows be erected about The City of London, New York City, Vatican City, and Basil, Switzerland.
solomon
I think I know where we can get some guillotines.
Hi Greg. I tried to pull up Dr. Paul Craig Roberts website to check out his comments
on recent developments and surprise, surprise it seems to have disappeared. I just
kept getting “Server not found” so I can only surmise TPTB decided to shut him down
because he knows too much and was gathering quite a following. Of course they can’t
have the sheeple become aware and informed so I say watch yourself my friend. We
don’t want to lose you too.
StoneWall it’s back. I just checked it http://www.paulcraigroberts.org/
Greg
Greg,
http://www.haaretz.com/news/diplomacy-defense/.premium-1.638348
“IDF chief Gantz cancels overseas trip due to tensions on the northern front”
Thanks Greg for the Mike Pento interview. I always enjoy Mike’s views and appreciate you guys who have split from the MSM . Got a kick from Mike’s comment that CNBC has become the “Cooking Channel.” That’s about right. I don’t have TV or cable so the internet is my news source, and I regularly listen to USA Watchdog, and KWN as you have a lot of helpful information. It’s my pleasure to help out with a small monthly contribution and urge your other commentors do likewise.
Definitely one of the best interviews I’ve heard on your site in a while. Everything he said had the ring of truth to it. I’m still not sure what to think of Nomi Prins. Overall her view doesn’t have that same verisimilitude. She appears to be in the Goldman-Sachs camp, and thinks the bankers can continually control things in a soft collapse like manner. I like her publicity photo, though.
My problem, is that she never seems to take a breath. I would LOVE to read a complete transcript just to highlight all of the extraneous BS that is thrown in from when she begins speaking to when she finally answers the question.
But on the other hand, maybe this just comes from my sincere envy of anyone who can spew that much vocalization and still make some semblance of sense.
Have to admit, I may be able to write, but my mind (and body parts) doesn’t work as fast as her mind does in coordination with her tongue. 🙂
CD
What can I say…..
She is gifted. 😉
Nothing scares more than the lethal beautiful charming heart capturing smile coming out of the mouth of an intelligent confident bankster’s high ranked employee.
Mohammad
Simply one of the best guest on your site EVER! Simple stated fact and to the point!
GREAT!!!
al
Greg,
The headline speaks volumes:
http://news.yahoo.com/house-speaker-invites-israels-netanyahu-address-congress-145916385.html
“U.S. Congress invites Netanyahu, Obama blindsided”
Mohammad
…and they (boner and co.) will send that sob home with 10% of the 1.2 trillion crimubus stolen from the US taxpayer.
Long past the time to cut Israel off and send them packing.
Lastman,
So you think Hezbollah, Hamas or radical Islam would be better partners for peace? I never hear you criticize them. If you did, and you lived there, you would be put to death. Please remember there is a lot of sin in the ME to go around. Oh, and by the way, the U.S. gives money to both sides. Let’s cut them all off to be fair.
Greg
Greg, I am absolutely with you on cutting them all off. OUR elected officials are the ones that give it to ALL of them. Most of us don’t approve of our dollars being sent abroad when they could be far better spent here.
I don’t even recognize any of those groups you mentioned…they are savages. Let them all sort their difference out…without our money.
I am for shutting everything down outside the US, pulling our troops, closing our bases and border and leaving everyone to deal with their own trash.
Throw the UN out of this country and we must fix our own problems. Globalism is why our country is in the dire strait that we are in.
It just that we are once again licking the Israeli’s feet, unconstitutionally inviting Netty to speak in “our house.” The only reason that no one has kicked their ass is because our military protects them…wouldn’t we all like to know who issued that order?
Last man,
You points are well made but it looks like the entire Middle East is going up in Flames. Yemen has fallen to radical Islamic Rebels. They will surely try to attack and overthrow Saudi Arabia and that country supports the petro dollar. We have been quietly moving men and machines to the middle East to fight ISIS but as I said in one of my wrap up they I wonder if they will be used in Saudi Arabia. I think they will as the U.S. cannot let the Royal Family fall. If they do it’s lights out for the Petro dollar. It is about to get very ugly and dangerous all over the middle East. The U.S. and it’s military will be involved up to our necks. Watch and see.
Greg
Greg,
NAM…..
Same Nixon’s gradual build up.
US will be up to ears again in Iraq/Syria/Iran.
Mohammad
Mohammad,
I agree and we are going to get hit here. I hope not but I think we will.
Greg
Doc, there’s this, too.
http://www.newsmax.com/Headline/Obama-not-meeting-Netanyahu/2015/01/22/id/620089/?ns_mail_uid=63737889&ns_mail_job=1604760_01222015&s=al&dkt_nbr=fj4mokl4
Obama the narcissist will do or undertake NOTHING in his remaining term that could be possibly construed as being anti-Islam, particularly radical Islam, whom he admires and wishes to support, because they share his hatred of the “colonial” and “imperial” West! How this guy can claim to be American is beyond me. The arrogance of this guy–the US Congress, in other words, the people, invites a head of state to address us, and our “president” won’t meet him? Can there be any clearer message sent that Obama in not on of the people? I don’t see how we survive nearly two more years of this one-man wrecking crew. Best always. PM
Greg,
Dutch mainstream media press (the newspaper ‘Trouw’) reported that it seems that there is proof that Turkey supplied arms to the jihadists in Syria, and that both the Dutch and Turkish goverment are covering this up. It also seems this is going to be a major headache for all those who have tried to cover this up. The title and subtitle on this article are: ‘Document [on] Turkish weapons gives [minister] Koenders a headache. Minister said he knew nothing about the story that Erdogan is supporting the jihadists.’
http://www.trouw.nl/tr/nl/5009/Archief/archief/article/detail/3833349/2015/01/20/Document-Turkse-wapens-bezorgt-Koenders-hoofdpijn.dhtml
The rest of the article is a follows (I quickly translated it, helped by google translate):
“Dutch CDA Member of Parliament Pieter Omtzigt can count on solid interest in the Turkish media these days. He is in possession of secret documents about Turkish arms supplies to jihadists in Syria. Omtzigt and his colleague Raymond Knops position themselves for some sime now as activist critics of President Erdogan, the next steps in the Turkish EU accession and human rights in the country. But Minister of Foreign Affairs Bert Koenders has another added problem with this issue about the documents in the headache-inducing-file regarding Turkey.
The case started under Koenders’ predecessor Minister of Foreign Affairs Frans Timmermans. On October 17 Omtzigt asked him about statements made by the Turkish opposition leader Kilicdaroglu. He allegedly saw a police report and witness statements about arms shipments from the Turkish intelligence service.
On January 1, 2014 three trucks from a aid organization closely connected with the Turkish government drove toward the Syrian border in southern Turkey. Somewhere outside Adana, the city that is protected by the Netherlands with the Patriot Mission, they were stopped by gendarmes and a district attorney. They found weapons in the cargo areas. The law enforcement officers were then quickly removed from the case and accused of illegally searching the trucks. Those would be from the secret service and could not be interfered with.
According to Turkish opposition the find proves that Erdogan is supplying weapons to Al Qaeda in Syria. The authorities in Ankara dismiss this. The prosecutor in Adana would have ties with the influential cleric Gülen, an opponent of Erdogan. It would be foul play [in order] to vilify a political adversary.
Member of Parliament Omtzigt acquired the documents from Adana after his parliamentary questions in October. He immediately judged that this work is for the Dutch intelligence services. On November 4, he had a conversation with Minister of Security and Justice Opstelten and the national coordinator terrorism and security. Then he handed them the pieces. Two weeks later, on November 13, the new minister Bert Koenders answered the parliamentary questions. Netherlands There is nothing known about Turkish support for extremists in Syria, he wrote.
Last week minister Koenders was reminded by CDA Member of Parliament Raymond Knops of the conversation between Omtzigt and Opstelten. Koenders known that in his reply was not aware of the documents, and promised to come back on the topic.
That reaction will be a painful affair. Firstly, Koenders will have to explain why Opstelten did not tell him about the documents. But even more sensitive is the fact that the Turkish government documents has now declared the documents to be a state secret. Twitter is closing accounts on which they are distributed, because otherwise the Turkish government will block the service. But now that Members of Parliament Omtzigt and Knops are coming out with the documents, it will be difficult for minister Koenders to say he knows nothings, just as he did on October 13.”
Remember, this all happend during the reign of Minister of Foreign Affairs Frans Timmermans. He was one of the main drivers in Europe to condemn the Russians in the attack on MH-17 flight. And I would say he was instrumental in getting the rest of the Europeans to point their fingers at the Russians. For which he has been handsomely rewarded with the post of Vice-President of the European Commission. The corruption in certain individuals knows no bounds. Judging by his actions and the functions, I would say that Frans Timmermans is one of the Dutch representatives of the New World Order (which is a very bad thing).
The moment I saw Frans Timmermans operate as Minister of Foreign Affairs with regard to the MH-17 incident, I knew he was bad news.
I hope he goes down in this covering-up-the-arming-of-the-ISIS-jihadists-scandal.
So what is the final word on MH-17?
Does anybody know who was finally implicated in the deed?
CD
CD
I very much suspect that the final word on MH17 won’t be worth the paper it is written on. The cover up of what really happened to MH17 is monumental and the resources of TPTB involved in this coverup are too.
Therefore the official verdict when it finally emerges will no doubt be a pack of lies. Of course by the time any ‘official findings’ do come out most of the people of the world won’t even remember the crash. In the intervening period there will be countless more tragedies caused by this same group of murderous psychopaths.
The pattern continues. MH17 has drawn the world’s attention away from MH370’s ‘disappearance’. And of course there is a third crash [flight QZ 8501] and yes this airline too is based in Malaysia.
Below are a few links that should allow any of us to put two and two together:
http://landdestroyer.blogspot.co.nz/2014/11/mh17-malaysias-barring-from.html
http://www.globalresearch.ca/mh17-verdict-real-evidence-points-to-us-kiev-cover-up-of-failed-false-flag/5393317
http://www.storyleak.com/evidence-conclusive-ukraine-military-shot-down-mh17-in-false-flag-operation/
http://rt.com/news/207243-netherlands-mh17-investigation-documents/#.VG4xw5seRRQ.facebookCheers
I quote two paragraphs from the last link.
What a shocker!
“The respected Dutch publication Elsevier made a request to the Dutch Ministry of Security and Justice under the Freedom of Information Act to disclose the Joint Investigation Team (JIT) agreement, along with 16 other documents. The JIT consists of four countries – the Netherlands, Belgium, Australia and Ukraine – who are carrying out an investigation into the MH17 disaster, but not Malaysia. Malaysian Airlines, who operated the flight, has been criticized for flying through a war zone.
Part of the agreement between the four countries and the Dutch Public Prosecution Service, ensures that all these parties have the right to secrecy. This means that if any of the countries involved believe that some of the evidence may be damaging to them, they have the right to keep this secret.”
Cheers
Col
Colin,
Excellent articles, thank you!
I think the MSM as a whole is corrupt, but not all individual journalists in the MSM are corrupt (they just do not know). Sometimes the truth does break through, due to an individual journalist in the MSM. I think that you have a bigger chance of the truth breaking through in Europe (excluding the UK perhaps). There you still have a decent chance that an individual MSM-journalist can still get a story out that matters. I think that in these countries there are still a few journalists trying to do the right thing in their own minds at least. As opposed to certain bad elements in their governments. Just look at the stories that come out in Der Spiegel in Germany sometimes. Or look at the Snowden-revelations in the Guardian in the UK. Or look at the news coverage in the national news broadcasting in the Netherlands (NOS Journaal) that Martin Armstrong got about a month ago I mean it is not like as in Bloomberg in New York where everything he ever wrote has been erased. The grip of the NWO is present but still a tad less in Europe than in the Anglo Saxon English speaking world, so you have more of a chance their to break through with the truth in the MSM. All the good journalist in the US, such as Greg, do not work for the MSM anymore. This is not so in Europe I think. That’s why Martin Armstrong decided to bring his film ‘The Forecaster’ in Europe and not the US. It has no chance of coming out there he says.
We must not let this pass. We must not let the people who are doing this to us get away with this.
I say we e-mail these articles you linked to with a short accompanying text like the one you just wrote to several journalists who are integer individuals. Focus on North-Western Europe, and forget about the US and UK (and I’m sorry, also forget about New Zealand and Australia: the corruption there has penetrated too deeply). Maybe these articles can even advance the career of one such journalist from mediocrity. Let’s take the people down who are responsible for this mess. Make it easy for some integer journalist that is still left. Just find at a journalist who is trying to report these stories fairly and e-mail him/her these articles with a short accompanying text! This should be easy enough. The power belongs to us the people. Let’s do this! What say you?
Mason
What say me?
A resounding yes – I will do this.
I will give it a go and email some journalists. Quite frankly I have got to the stage where I can’t live with myself without doing something as an individual to expose these dreadful terrorist that are orchestrated by the AAA.
What you say Mason is so true and I will once again quote these wonderful words from Ross Ashcroft
“To really understand something is to be liberated from it. Dedicating oneself to a great cause, taking responsibility and gaining self-knowledge is the essence of being human. A predatory capitalist’s truest enemy and humanities greatest ally is the self educated individual who has read, understood, delays there gratification, and walks around with their eyes open.”
Cheers
Colin
Colin,
Great! We shall do this. Let’s also invite other people to do this as well! We WILL have a muliplier-effect. It starts here!
And that is a GREAT quote, thank you for that!
Cheers brother,
Mason
Great interview Greg, thanks for being able to get him on because he is dead right on everything he spoke of.
Michael Pento is on the money.
He’s correct on his analysis of the markets and their problems.
I take a bit of issue with the deflation statement he made although.
Yes deflation is good but not when you have a Fiat currency.
The problem with a Fiat currency is it can only do two things.
1. It can inflate.
2. It can hyper inflate to worthlessness.
It can not deflate for a deflationary event would bring about hyper inflation shortly after.
A collapsed economy is a collapsed worthless currency.
The value of a fiat currency equals the health of the economy!
People have to stop thinking of Fiat currencies in terms of Gold backed!
Gold backed days are over and the rules that were established under Gold backed do not apply for Fiat, Non Gold backed, currencies.
Remember what Pinto said … If the European central bank money printing is not big enough things will “blow up” … and if it is enough things will still “blow up”.
There is another possibility besides “big enough” and “not big enough” … and that is “nothing at all” … if nothing at all is the final result (after a legal challenge by Germany) things will still “blow up”.
Let’s remember that the European central bank “is prohibited” by the very treaties which created it … from doing any sort of QE program where the European central bank “itself” buys sovereign bonds or any other securities. Mario Draghi is trying to get around the treaty restrictions … by using “a slight of hand” piece of trickery … by getting the various central banks of the 19 member Euro Zone to “individually act” to implement some sort of coordinated QE of 50 billion euro’s per month … but this is not likely to turn out to be legal either.
So guess who will have to step in with a massive Repo (call it QE5) to rescue Europe?
You got it … Janet Yellen!!!
This massive QE5 (Repo) will propel both gold and silver even higher then even the most bullish goldbugs expect!!
The sneak preview of $50 Bil/month was “pre-announced for Thursdays announcement…… I continue to believe whatever they announce will be disappointing. Regardless, if the market initially pops, sell the news…… This is all a mirage………. All currencies will be debased so gold is a no brainer regardless what the MSM tells you.
Buy the rumour …sell the fact…..still rings true.
Look out for the day after…..!! 😉
Greg….just wonderful interview. So clear and easy to understand him. He will probably be audited soon. So you see why, don’t pay for your home, don’t own anything but things that will sustain you as in food and water. If you combine his message, Jim Willie, Paul Roberts, put them all together, the message is very very clear and what is coming is very very clear. Fools, nothing but fools run this country and we let them. But soon, this ship will sink, it is taking on water right now, the captain is at the helm announcing we will be pulling into port shortly, but he forgot to tell the passengers that when he pulls in, it will be while the ship and its passengers are under water. Go protect your family and get the word out to your brothers and sisters who will listen……Thanks again Greg. You look tired, you need a drink with an little paper umbrella and a sandy warm beach to go with it.
Retarded Amoeba…Does not know how to eat…nor multiply…..
Sounds like the brain species of Central bankers and Politicians to me….
Not two brain cells to rub together…
Chuckle….I like this Interview..worth saving for later…
Just watched the interview for the second time.
My conclusion is that Mr. Pento had more substance in his interview than what I heard last night in a State of the Union address.
Never mind this feel good…we can get it done fluff.
Mr. Pento expressed his opinion well and he is likely correct when he says….no market is free…everything is skewed….
Be prepared to pay the price of repair that is coming.
Quite simply the world central banks are not allowing natural market cycles to play out, and are instead continuing to hyper-stimulate a global economy on life support. With this now central bank managed market, we can expect the world to continue to be flooded with debt in the form of printed out of thin air currencies which will be then used to buy IOU’s (bonds) in an effort to push off the unavoidable cataclysmic meltdown of the world financial system.
Understand all this MUST BALANCE OUT at one point, and in my professional opinion we are dangerously close.
Gregory, both you and Michael are correct when you state that “there are no free markets left in the world”. With the ECB announcement of today, of more QE the batton passes from Japan to Europe. More fuel for the conflagration that is to come.
Its just so much paper being shuffled around the world, as if it had some ulterior, intrinsic wealth. Which it does not. The PTB remind of the idiots on the deck of Titanic, playing marbles and being mystified by the increasing tilt of the deck, causing the marbles to roll on their own! The idiots in charge today, have no idea what they have done, nor the scope of the damage they have caused. Much more pain to come.
And in the mean time- the BANKSTERS have stolen much f the worlds gold. They want the gold and yet tell the people it’s not worth anything.– That’s when I buy more!
Most useful question you consistently ask: “What does this look like to the man on the street?”
Thank you!
Greg,
Its true what Pento says about there being “no free markets”.
If only people would consider the implication of that fact.
A few years ago I said that “the price suppression in Gold was tantamount to no true price discovery”. It was giving false signals. That is now true for all markets.
The whole concept of a viable economic society is the ability to be able to find prices by due process…whether that is for costs or income. If the economic model is not allowed to function the way that it is designed to…then we are merely being dictated to by central planners policies, who really have no concept of the destruction that will follow. It also portends of a greater concern that the free market economy has become a socialist/communist and somewhat fascist model where all prices are pre-defined and everyone (other than the 1%) must live within that paradigm.
He didn’t speak of it overtly …but those astute ones reading and listening will understand the connotations. Its Black….& ….White. No shades of Grey.
SIG,
The problem with this is it is eroding confidence in the system. No system can thrive with lawlessness and fraud. Even the powers know this.
Greg
John said to Peter.
Peter you owe me $2.00!!!!
Peter replied ..Can you lend me $2.00 more please.
But Peter if I loan you 2 more you will then owe me $4.00!!!!!
But John… it is OK because tomorrow I will give you $2.00 back so I will only still owe you $2.00
After all I do not want you to think that I will not pay my bills.lol
As stupid as this all sounds..Printing dollars or Euros from thin air is just as silly.
SiG, “Being dictated to by central planners” pretty much says it all. And how’s that working out for us? Best always. PM
Greg,
Another thought….
When Pento says “Gold is going up in all currencies because investors are coming to this realization, or epiphany, that you cannot trust central banks”.
I find it perplexing that “Investors” (those considered big enough in $$$ terms to be included in this) have had it so good …for so long…..where every move has been telecast and front run not only for the last 7 years …but for an eternity and in turn have made serious $$$ from the game….can now turnaround and say that they CANNOT TRUST THE CENTRAL BANKS ? Weren’t they the ones who gave them the spoon as well as the gravy on a silver plate ?????
Clearly the message here is …..Investors are upset that they have had the “free lunch” taken away from them. Now they will be forced to think for THEMSELVES !!
Damn right.
Who are the smartest guys in the room now. Please stand up…because everything you’ve ever known and been taught….has to be trashed. You own judgement and decisions processes will be put to the sword in future. No more piggy backing on the CB policies.
Also….if indeed the CB’s cannot be trusted …will that therefore not force the Money Managers to take less risks and also not move in unison with what was previously a definitive investment paradigm.
What happens when we don’t have free markets and we don’t have strict adherence to policy agendas in terms of Investment (because of the lack of trust)?
We are about to see the true ramifications of their (CB = Central Planners) economic disaster = nightmare.
Greg,
I would pay admission to hear Mike Pento speak. I was glued to my screen.
Thank you!
Thank you Jackie. I hope I can get him back sooner than 2 years.
Greg
This interview frustrates me. Michael is a sharp guy. He knows everyone on the planet is being gamed by the central banks. Are we so addicted to greed that we will continue our addiction to them knowing that we are being used for their selfish pleasures?
I once had a powerful hedge fund manager lecture me in autumn 2008 on how world leaders are picked. He laughed, “We pick world leaders, they are not elected. Some of us are for BHO and others for McCain. It’s all a game.” (he derisively laughed)
I never will forget his almost contemptous advice “The world of money is a total universe all to itself. One of these days, you might be allowed the privilege to know a little bit about it. Most of mankind is destined to never know but just live out their lives.” (again a chuckle of laughter)
and with that, the phone went dead.
And so, it is frustrating to hear Michael put his finger on usery again.
So I must ask everyone.. Just how do we get to an honest system? Outlaw central banks? Demand honest trustworthy people? Keep money strictly in government hands, so it cannot be inflated? Outlaw derivatives and the power to bank on interest?
Everyone can see a crash coming, duh. But what is the fix?
Continue the same old worn out system again and again after a crash, which is what we keep doing??? In medical circles this is called “severe autism”
Or is eveyone running around like chicken little “sky is falling, sky is falling, sky is falling”
Sorry everyone… (autism is annoying)
Randall
IMHO as long as the world has private ownership and control of central banks nothing will change. Neither will anything improve as long as we persist in using fiat currency systems.
Both of these models are fundamentally doomed to fail.
The western world no longer operates a capitalist financial model. It has been replaced by a Bankism/Oligarchic hybrid mess which now dominates the industry, the finances, the politics and the media of the western world. This has rendered democracy the status of being but a sad joke . This whole tragic downhill spiral was enabled by five key events that all happened within the last century;
#1 Establishment of the privately owned Federal Reserve in 1913
#2 The Bretton Woods agreement signed in New hampshire in 1944
#3 The end of WW2 and the rise to world reserve currency status of the US dollar. This new status coupled with the fact that the US central bank was actually a privately owned cabal which operated with no oversight, massively aided and funded the whole sordid chain of events.
#4 The US dollar being taken off the gold standard in 1971
#5 Repeal of the Glass-Steagall Act in 1999 which since 1933 had separated commercial and investment banking.
Reform and a successful new financial system can only occur if all below steps are taken:
#1 Privately owned central banks are outlawed and completely dismembered
#2 Complete reinvention of the banking system. Let the “too big to fail banks’ fail and move to state owned banks and local cooperatively owned banking models
#3 Reinstate Glass Steagall type legislation
#4 Abolish fiat currencies
So there you have it……… it’s all quite easy really isn’t it.
This shouldn’t take too long!
OK so it is a big journey.
But don’t big journeys always begin with a single step?
Cheers
Col
Mr. Pento’s interview, with his use of esoteric terms such as sterilized /unsterilized QE, left me a bit puzzled and unable to clearly articulate what might be a bottom line to this conversation. From what I could gather, he feels the market manipulation will end in certain disaster once interest rates rise to 7%, making even the interest on the sovereign debt unpayable. If that happens, then I suppose governments will simply tax away, or foreclose on, the properties of citizens as payment for that interest, at least for as long as anything remains to be squeezed from them. This predicament was clearly foretold over 200 years ago…
“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks. . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.”
-Thomas Jefferson 1743 – 1826
On another point, to those here trying to predict what will occur in 2015 , the link below might prove to be thought provoking. It provides an interesting attempt, even if inconclusive, at deciphering the picture recently displayed on the cover of the magazine “The Economist”. Since this magazine is partly owned by the Rothschilds and is edited by one who attends the Bilderberg confrences, its readership includes some powerful people who drive world events. What might they see on the cover?
Enjoy…
http://vigilantcitizen.com/vigilantreport/economist-2015-cover-filled-cryptic-symbols-dire-predictions/
Rick … A question I’ve been asking myself is … what meaning does 1/15 have for the Cabal? (the day the Swiss broke the peg to the Euro) … I had no clue (until now) looking at your post … providing the Rothschilds magazine cover (the Economist) … where I see two arrows (of time?) with numbers 11.5 and 11.3 on them.
Now if I take the date 1/15 and shift the arrow of time on it … I get 11/5 … and now I’m thinking? … can this numerology fetish (the Cabal loves so much) be pointing to “something significant happening” on the world stage between November 3 and November 5 of this year!
It’s just a crazy thought … but then again … wasn’t it “just as crazy” that the Swiss instituted their peg on the Euro back on 9/11 (September 2011) … marking the point in time from which the twin towers (gold and silver) crashed?
Paul,
Those numbers could refer to dates, relative global coordinates, stock indexes or just about anything associated with numbers. Because they are applied to arrows stuck into the ground, I think they are probably associated with location but have not been able to come up with any rational explanation yet.
Perhaps reading the articles in that magazine might give some further insight.
Rich, you have a handle on the bail-in. Substitute “laundered” for Mr. Pento’s “sterilized” and you’ll have the other part of the scam down pat, too. Best always. PM
Mason, that could help explain the 100 tonnes of gold sent to the Dutch from London. They know it was not the Russians that shot down MH 17 and were paid well to shut up. So the Dutch have always been competitive world traders of for goods for a price. Interesting that London did the paying though they said we did, the map showed the gold going from London.
Coalburner,
I would say what you are saying is speculation. In my opinion, here is why:
First, my take is that Frans Timmermans is a representative of the NWO and he should not be equated with the Dutch or even the Dutch government. Frans Timmermans does what is best for Frans Timmermans and not for the Dutch. He himself has been rewarded for his actions with the post of Vice President of the European Commission.
Second, Germany also got a fair amount of gold back. So I don’t think this is related. See the article “Germany Repatriated 120 Tonnes Of Gold In 2014”.
https://www.bullionstar.com/blog/koos-jansen/germany-repatriates-120-tonnes-of-gold-in-2014/
http://www.bundesbank.de/Redaktion/EN/Pressemitteilungen/BBK/2015/2015_01_19_continues_transfers_of_gold.html
GREG on another note, cris martinsen on russia and ukraine. IE. NO PHOTOS OF RUSSIAS TANKS AND STUFF.
Recently the anti-Russian stance in the U.S. press has quieted down, presumably because the political leadership has moved its attention on to other things, and that means Russia is largely out of the U.S. news cycle. However, there’s plenty of serious action going on in Russia and Ukraine, as well as related activity in the U.S. that deserves our careful attention.
The U.S. (via John Kerry) and NATO have steadily accused Russia of having funneled hundreds of tanks, armored personnel carriers and other heavy equipment to the separatists in eastern Ukraine.
These assertions bring to mind the Sherlock Holmes case of the dog that did not bark where the absence of a piece of evidence leads us to a very different conclusion than the one the U.S. political establishment would like us to believe.
The sorts of weaponry that NATO and the U.S. have charged Russia with providing are virtually impossible to conceal from the air. Snapping high-resolution photos of such war machinery is child’s play for today’s military satellites, and even civilian ones too. If the assertions were true, we should have seen a flood of photographs of Russian heavy equipment every step of the way as it passed into Ukraine.
But none have been offered, not even one so far. And the simplest explanation for this is that none exist. If they did, you can be 100% certain they’d have been released and replayed over and over again on CNN until everybody and their uncle could distinguish a T-72 tank outline from that of a T-64.
What concerns me even more than these undocumented charges are two especially ill-conceived, if not overtly confrontational, pieces of legislation passed by the Congress in December.
The first is H.Res 758 passed on Dec. 4, which, among other charges, accused Russia of having invaded Ukraine again without providing or referring to any sort of evidence photographic or otherwise.
Allen
This whole sordid murderous involvement of Washington in the Ukraine makes me sick to the stomach.
What makes it even worse is the number of pathetic vassal states that have bought into this utterly false narrative. Lets be honest, if Russia had been involved as they have been accused, they would have marched in to Kiev months ago. Quite frankly I believe that Putin deserves a Nobel peace prize for the extraordinary patience that he has displayed in dealing with this crisis on his doorstep. I regard Obama, Kerry, Nuland, Cameron, and Abbott as pathetic, bumbling and dangerous lunatics that should be locked up before they cause a major military war.
Most of Europe of course bought into the US bullshite completely and I think that history will soon show this to be an economic blunder of epic proportions.
Keep up your great posting Allen – I read them all.
Cheers
Col
If at first you don’t succeed…. try, try again.
NATO and the EU, with the US in the van leading the way, have tried and tried to goad Russia into a “shooting” war over the Ukrainian situation. Without success so far. Under Putin’s leadership, Russia has shown great prudence and maturity of thought, when confronted by this blatant war mongering.
Russia refuses to be drawn into an outright military confrontation, while continually calling for a negotiated settlement of the Donbass referendum question. The western (US) installed fascist regime in Kiev answer is to call up more conscriptees (200,000) to widen the scope of the war in the Donbass region.
Remember the last line in any economics lesson:
When all else fails – take the nation to war. So far the idiots have failed. They keep trying and will continue to try. Russian patience is wearing thin.
Our greatest enemy is ourselves..as long as we are willing to mislead, lie and omit we will be a prisoner of our own greed.
Unfortunately a large part of society continues to place trust into people who have shown us over and over that they cannot be trusted.
Decisions have been made in the last 50 years that have slowly moved us to the edge of a cliff. A few of us have just realized how close we are to the cliff and the rest unfortunately still see a beautiful field of summer flowers.
Soon the field of flowers will be destroyed by a thunderstorm of reality.
Greg, what a wonderful interview. Mr. Pento really has a grasp of the situation . Thanks again for hitting another one out of the park My friend. Thanks for all you do
Greg I can not thank you and your guests enough. You will probably save my family a lot of despair in the years to come. Keep up the great work. I look forward to Mondays Wednesdays and Fridays every week.
Thank you Jean. I love getting comments from people who have awakened. Once you go “Red” pill you can never take the “Blue” pill again.
Greg
http://news.yahoo.com/hezbollah-under-pressure-act-israeli-strike-143827220.html
Greg,
Very interesting to say the least:
http://observer.com/2015/01/borscht-belt-will-israel-spurn-america-for-russia/
Mohammad,
Not going to happen.
Greg
Great interview. Sober common sense. While Mr Pento is correct about the inevitability and consequences of normalization of interest rates, I suspect we will not see that until the global macro currency reset.
Thought this was good……… ”
Every man has a right to his own opinion, but no man has a right to be wrong in his facts…
Gold has worked down from Alexander’s time. When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory.” Bernard Baruch
You would think that after the ECB’s printing, money should flow into Europe. Don’t understand the 300 point move on the Dow Jones. You would think that money would raise equity shares in Europe. Retail sales for the holidays were bad. I’m sure they will hang onto their temporary workers and give them full-time positions. Good to see gold and silver up today. The market makes no sense. It will be our turn next. Japan will have another go at it, then back to the ECB. But, not to worry because everything will work out.
Think about all the economic textbooks that will have to be re-written. What’s bad for the economy is good for equities. What’s good for the economy is bad for equities. More countries print, the lower the value of precious metals. If unemployment goes up, equities rise. If housing prices fall, equities rise. If interest rates rise the economy falls. If deflation gets out of hand, equities rise. If we have high inflation we cannot raise interest rates.
Brian, that very “economics” book has already been written–it’s called “1984”, 30-years now PAST its “use by” date! Great observations. Thanks and best always. PM
While the US main stream media have been reporting that Russia is in dire straits, so much so that they need to sell their gold, the facts indicate otherwise.
In November and December Russia added 600,000 ounces of gold each month to its reserves:
https://smaulgld.com/russia-adds-600000-ounces-gold-reserves-december/
Greg this is a game changer.
http://www.bbc.com/news/world-middle-east-30945324
King Abdullah was the only one left that any loyalty to us as a nation.
The Petrodollar died with him.
we picked on same line simultaneously…lol
Greg,
He is been sick for a while and I wonder when really he died, I also wonder if the drop in price of oil would of taken place had he been in the driving seat, remember how close he was from the Bush’s, and such drop in oil prices hurts the oil industry in US including the Bush family. If that is true I wonder what the new policy taking place in Saudi Arabia, This is something very important game changer, to support my suspicion of changed policy is the coupe de tat taking place in the backyard of Saudi arabia (yemen) and not a single response from the Saudis, at the time when King Abdulla was active and in the driving seat he was close to invading Yemen and getting rid of Huthis.
http://news.yahoo.com/saudi-state-tv-reports-king-abdullah-died-90-232925751.html
Mohammad
Mohammad,
Yemen is now the big problem for the Royal Family and Saudi Arabia.
Greg
mohammad I really appreciate your perspective…… This is just one more piece in the instability puzzle. I think we’ve already tested the lows in oil and the change is coming. I believe the bankers pushed the price down and are ready for the reversal. Yes, politics run rampant but profits (money) is what drives these guys. They don’t care about people or countries……… All the pieces are in place. Time for STHTF
What will happen to those with students loans? would you be rushing to pay those off?
nm…one day at a time. Don’t sweat it and keep your money. Use it to buy life sustaining tangible items.
Personally, the gub can’t pour piss out of a boot without directions on the heal. Same with the banks…what they do is so fkg dishonest, inhuman and unearthly that I really can’t hardly discuss it any longer. If what we think is going to happen, it will be back to the days of old. A meal that you hunted, gathered or grew at the end of a day of hard labor. Let me tell you…it will be far better to live this way than the sick direction that a handful are forcing us. Transhumanism, jammed into a tiny space in some city like Detroit or Chicago, feeding us the green crap…if they let you live. I think you get it.
Don’t sweat the small stuff, there will be more important things to deal with like staying alive. The bastards that have caused all of this are about to be sent back to where they belong.
God built this earth to operate in a simple way…I guarantee it is not the way they are operating it currently. I pray that intervention is soon for the sake of future generations of those that understand how it is. Not programmed to what it is not.
One day at a time…oh, I said that already.
“don’t go down without one helluva fight”
The Saudi phrase, “my father rode a camel, I drove a expensive car, my son flew in his G5…his son will ride a camel” may come to pass for them and something similar for us.
Greg:
Your 2015 guests have been sensational! The Michael Pento interview was an intellectual shot of Everclear. I am still cringing. You can never scientifically predict the exact timing of a major economic implosion event, but it is apparent that we are there. Whether it is tomorrow or the end of the year is irrelevant. We know we are about to be hit by a Category 5 event. You are the best in the information communication arena period!
Thank you Sayonara.
Greg
Japan r puppets as PC Roberts says. They print and buy US Debt! Buy US stocks, buy Canadian Banks, Euro Bank stocks (and yes Japnaese stocks)) They r an Occupied country with US soldiers there. Get it. The are a colony of USA!
Hi Greg,,,Always enjoy your interviews.. Question…..With Europe making the decision to print Mad Money…Do you think its a good idea to fire up the Forex account and bet the euro goes to parity against the $? At $1.12 now, going to parity, one could make a quick killing..Thoughts??? Thanks and God Bless…
Darren,
This would be akin to opening a wireless E-Trade account on the Titanic. Spend all you time getting prepared not trading the crash. I suspect many will be burned badly doing this. Don’t be one of them.
Greg