Arab Today, arab today us is insolvent but will print dollars like confetti
Last Updated : GMT 21:39:32
Arab Today, arab today
Arab Today, arab today

US is insolvent but will print dollars like confetti

Arab Today, arab today

Arab Today, arab today US is insolvent but will print dollars like confetti

New York - Arabstoday

Michael Pento, a senior economist at Euro Pacific Capital, believes President Barack Obama’s claims that the US is still worthy of a top-credit rating is nothing more than empty confidence-building rhetoric. “We saw the markets vote on what the president had to say, and what Mr. Geithner had to say. Obviously the market believes in what Standard & Poor’s has done, and the US is no longer, unfortunately, a AAA credit rated country,” Pento told RT. Pento says that although many people may blame Obama for the state of the economy, in fact he just inherited a lousy situation. “Right now our deficits annually are 10 percent of GDP,” he said. “Our GDP is growing -1 percent. So it doesn’t matter what Obama says, I don’t want to blame Republicans or blame Democrats, but I will congratulate the Tea Party for making this a salient discussion.” Pento believes the US’s debt is intractable and that the country is becoming insolvent. “Once the Chinese fully understand it, and once the Japanese and Europeans, and all our foreign creditors, sense the idea that we cannot pay back our debt without inflation, and monetizing, and counterfeiting, there will be a blood-coated treasury auction which will send interest rates to the moon, or at least high single digits,” he predicted. “And then it will be clear as day that the US is insolvent,” he added. “And that is what the S&P is trying to avoid. They should be applauded and congratulated, and not vilified the way they are being in the mainstream media.” Though Pento’s long-term predictions are quite grim, he still believes it is really a buying opportunity right now. “The rally is going to start tomorrow, when Ben Bernanke gets up and exclaims the beginning of QE3,” he forecasted. “We are going to print dollars like confetti. So in nominal terms, the average will go up, and people will say ‘Oh, gee! What a hero Ben Bernanke has become!’ Of course, your money is not going to buy you much, but it will look good on paper.” Marko Pietropoli, a financial adviser at RM Wealth Management in London, says that in the absence of any positive indicators, the overall market trend will continue to be downward for some time. “There are a lot of issues that need to be sorted out,” he said. “And I can’t see how they are going to be sorted out in the near term. And it’s very difficult to see where the growth is going to come from moving forward.”

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us is insolvent but will print dollars like confetti Arab Today, arab today us is insolvent but will print dollars like confetti

 



Arab Today, arab today
Arab Today, arab today Reveals his participation in "Fashion Star" TV show

GMT 12:49 2017 Wednesday ,01 March

Reveals his participation in "Fashion Star" TV show
Arab Today, arab today Egyptair and Etihad Airways sign partnership

GMT 21:08 2017 Wednesday ,01 March

Egyptair and Etihad Airways sign partnership
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN report confirms war crimes were committed

GMT 20:43 2017 Wednesday ,01 March

UN report confirms war crimes were committed
Arab Today, arab today NUMP's conference to discuss proplems

GMT 13:40 2017 Wednesday ,01 March

NUMP's conference to discuss proplems
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Lasers flesh out dino-bird profile

GMT 12:24 2017 Wednesday ,01 March

Lasers flesh out dino-bird profile
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Najla Badr will participate in “30 Days” drama

GMT 06:23 2017 Monday ,27 February

Najla Badr will participate in “30 Days” drama
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:54 2017 Wednesday ,01 March

Shanghai expands public smoking ban

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom,China plunges into biz

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:27 2017 Wednesday ,01 March

GSMA: 5 billion mobile phone users in 2017

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday