Unprecedented Wealth Destruction & Volatility Has Now Begun
kingworldnews.com
June 30, 2013
On the heels of another wild week of trading in global markets, today one of the top economists in the world warned King World News that market participants should expect violent and unprecedented trading in key markets going forward. Michael Pento, founder of Pento Portfolio Strategies, wrote this exclusive piece for KWN.
Pento: “I have warned investors in the past that the Fed’s rapid expansion of credit would cause the U.S. economy to enter a period of unprecedented volatility between inflation and deflation. This would lead to violent moves in most markets, especially interest rate sensitive investments. That time has now arrived….
“The easy monetary policy from most central banks has led to low interest rate addictions and global imbalances on a massive scale. Therefore, any threatened removal of central banks’ liquidity would cause the pendulum to swing intensely from inflation to deflation. Recent communications from the People’s Bank of China and Fed have tried to wean the market’s dependency on free money (although a parade of FOMC members has been trying to recant Bernanke’s comments).
The problem is markets have become so addicted to low interest rates and liquidity injections that even a hint at preparing markets for the eventual increase of rates caused massive repercussions. Perhaps that is the message plunging commodity prices have been telling us.
In China, the threat of withdrawing stimulus caused their interbank lending rate (SHIPOR) to spike from 3%, to over 10% within a week. This tells us Chinese real estate assets are in such distress that banks do not trust each other’s collateral when making overnight loans. Sort of reminds you of the LIBOR market debacle the U.S. suffered through back in 2008, before the S&P 500 plunged 60%.
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