(TRUNEWS) Top Austrian economics expert, Michael Pento, said there were no free markets left in the world, and global central banks have distorted every asset class on the planet.
Pento’s statements were made during an interview with Rick Wiles of TRUNEWS on Tuesday, when asked where society stood in the current break up of the financial system.
As a dedicated steward of free market capitalism, Pento has long been an opponent to Keynesian economics strategies, such as quantitative easing (QE), bond market manipulation and currency devaluetion.
In his book, ‘The Coming Bond Market Collapse: How to Survive the Demise of the U.S. Debt Market’, Pento outlined what he believed to be the fast approaching end stage of the biggest asset bubble in history. He now believes that time has arrived.
During the interview, Pento said that Central banks around the globe have “leveraged up the entire worldwide amount of debt to an unprecedented level,” and that under the current strategy there is “no limit to the amount of paper confetti they will print,” to keep the system running.
“There is no foreseeable escape from their domination of interest rates, domination of the sovereign debt market, and domination of oil markets,” Pento said, while emphasizing the extent of the ‘deep hole’ the western financial system was sinking into.
Pento also noted during the interview that the major pivot for the U.S. arm of the western financial system came in October of 2014, when the Federal Reserve made the decision to end their program of QE, which had printed and injected roughly $3.8 trillion into the bond market.
During the interview Pento referenced statements made last week at the World Economic Forum in Davos, Switzerland by Bank of Japan Govenor, Haruhiko Kuroda, who said he wanted to buy the remainder of Japanese bonds his bank did not already own, in order to stimulate the Japanese economy.
Pento predicted in the interview that commodity and asset bubbles around the globe will not last past the fall of this year, joining the analysis of Rick Wiles, and previous TRUNEWS guest F. William Engdahl, in their predictions of economic turbulence and war by the end of 2016.
For the full episode listen to the Tuesday, January 26th edition of TRUNEWS.
Mr. Michael Pento serves as the President and founder of Pento Portfolio Strategies. Mr. Pento is a well-established specialist in the Austrian School of economics and a regular guest on CNBC, Bloomberg, FOX Business News and other national media outlets. His market analysis can also be read in most major financial publications, including the Wall Street Journal. He also acts as a Financial Columnist for Forbes, a contributing writer to TheStreet.com and is a blogger at the Huffington Post. Every week Mr. Pento records a 5 minute podcast containing his interpretation of the most salient financial news. It’s called the Mid-week Reality Check and it contains Michael’s thoughts on how to keep Wall Street and your money real
Michael Pento’s website
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