Please don’t believe the hype that the American economy is healing. While it is true that some data is showing improvement, the true fundamentals of the economy continue to erode… Don’t believe the lie that the Fed’s money printing is laying fallow at the central bank and that inflation isn’t harming the American middle class and the economy. [Let me tell you the truth!]
So said Michael Pento (www.pentoport.com) in edited excerpts from his interview with King World News which can be read here in its entirety.
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Systemic-solvency and liquidity issues continue to plague the Fed and to restrain U.S. economic activity. Bank lending remains impaired, household income has taken a new hit, annual and monthly growth in the broad money supply appears to be stalling, again and U6 unemployment levels are at staggering levels. These ongoing financial problems have horrendous implications for the markets and systemic stability. [Let me explain.]
Recent favourable macroeconomic data has suggested that the U.S. economy could be back on track but the recent uplift in the economy only hides more fundamental problems…[The truth of the matter is that] US economic growth will remain weak and below trend throughout 2012 as a result of net exports continuing to be a drag and the Fed being unable, in the face of political constraints, [to do enough, soon enough,] to help the economy significantly… [Let me explain more fully why that is going to be the case.] Words: 950