Pento: “The confiscation of wealth isn’t a new phenomenon. For many years it has been done through insidious inflation, and then what happened in Cyprus, and now in Poland. But the United States still prefers surreptitious use of inflation to steal from its citizens.
I think the confiscation of savings and wealth is going to continue to occur. It’s going to increase in intensity, and this will go on for years and years before they resort to more overt action of direct confiscation of wealth.”
Eric King: “Michael, you say that government theft of assets will increase as they become more desperate?”
Pento: “Yes, absolutely. There is no doubt in my mind that as revenue shortfalls intensify, they are going to resort more and more to inflation, possible default, and direct confiscation of wealth.”
Pento also discussed gold: “Investors have to own some physical gold and silver as insurance. The metals have faced a headwind, but when the Fed acquiesces to the notion that they cannot taper, this is when you will see some major upside movements in gold and silver.
Source King World News