Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Michael Pento's Mea Culpa

Courtesy of Tyler Durden

Mea Culpa

By Michael Pento

Apparently I was wrong. You have to be a complete lunatic to embrace a gold standard or even suggesting our central bank behaves as if we were on one. After debating with Mr. Mark Vitner of Wachovia on CNBC this morning, I now realize that the Fed has done a wonderful job all along. They have prevented all recessions, defended our currency and have prevented all asset bubbles from occurring.

It was perfectly justified to have Pets.com trade at 15 million times the eyeballs that clicked on their web site. Who needs earnings when you are part of the new internet phenomenon? It was also fine to flip a condo 5 times before it was even built. After all, shouldn’t a house that slowly disintegrates into the soil appreciate at 4 times the rate of inflation?

We need more asset bubbles, a lower dollar, less savings and more consumption.  We need to print more money and let the Chinese worry about producing stuff. Our money is prettier and now comes in new and exciting colors. And as long as foreigners buy our Treasuries, who cares about how large the debt grows.

I just feel better knowing the Fed is there to bail out rich folks, bankers and those in debt. We need a flexible currency that can slowly wipeout the middle class and those dumb enough to save money. I say long live Banana Ben!


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!