kingworldnews.com / February 28, 2015
On the heels of another wild trading week in world markets, today one of the top economists in the world sent King World News an incredibly powerful piece warning that the global economy and financial system are on the edge of total collapse. Below is the fantastic piece from Michael Pento.
March 1 – (King World News) – In 1982 the artist formally known as Prince released a popular party anthem called “1999.” The song was a premonition that 1999 would be a year we would all aspire to “party like.” It was obvious that Prince was making reference to the excitement associated with ringing in a new century. Unbeknownst to him, the accommodative policies of the Federal Reserve would lead to a festal bubble in NASDAQ stocks, making his call to party in 1999 that much more appropriate.
After that hangover lapsed, our central bank — in full cooperation with the Wall Street casino — was once again donning party hats by the mid-2000s.The Fed’s cheap money, along with the private banks’ proclivity to create credit, produced similar merriment in the housing market. The fallout after this party ended was much more severe than the previous monetary orgy.
Today, even as most Americans are still suffering the ill effects brought forth by all the aforementioned partying, the festivities on Wall Street’s trading floors have reached their apogee. Although GDP growth has remained below trend for years and household incomes have stagnated, the corrupt carnival barkers who dominate the financial services industry have caused investors to party like its 1999 and 2007 combined….