Mike Pento Rages Against The Central Planning Committee And Moral Hazard
Courtesy of Tyler Durden at Zero Hedge
Delta Global’s Michael Pento refuses to go gently into that good central planning night:
[The Fed] is making the situation much, much worse and they actually caused the problem to begin with. They have the foolish belief that they can pick the right interest rate. The interest rate should be a function of the supply of savings versus the demand for money. If you have one person or twelve people on the FOMC deciding that interest rates should be 1% or 0% they distort the cost of money and they cause the demand for money to rise, they cause the amount of money in circulation to skyrocket, and then you get this rolling bubble economy. That has to stop, that’s where we have to start…We have now inculcated firmly this bailout mentality in the country, and that also has to stop.
Comrade Pento, Comrade Pento… Do you know the meaning of the word Gulag? We sincerely suggest you familiarize yourself from a distance, before you are forced to make appropriate acquaintances in person. Please cease your spreading of objective and honest truth before the same FOMC you so vocally complain about, and its downstream apparatchiks, eliminate that particular optionality. Sincerely Yours, Liberty 33.
