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Bill Fleckenstein continues:


“Nor do they say, ‘Okay, we’re going to actually be a hard currency and suffer the consequences.’  No one is willing to do that in this day and age.  So you’ve got this constant distraction of stumbling around in Europe and there is this fear that they will do something really stupid and the banking system will collapse.


Then, (you have) all of the concerns that we have here in America.  You have a political process that’s broken, we have a budgetary process that’s broken....


Continue reading the KWN Bill Fleckenstein interview below...  




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“We have a Federal Reserve that’s totally out of control and thinks nothing of turning the currency into confetti.


I guess my biggest concern is that the consequences of the money printing take longer to show up.  If Europe would just print money and people would stop worrying about a deflationary accident, then the bond markets of the world would stop paying a premium to be safe and the world would start to price in the inflationary outcome.


(At that point) Bond markets would sink.  The printing presses would be taken away from the Federal Reserve and other central bankers and the pressure would be on these politicians to fix these problems.


Ultimately we need to get our problems fixed.  We need to address our huge budget imbalances and the belief of so many people that there is a free lunch in America.  We can solve the problems, but we are not going to solve them without our feet at the fire.  The Dow at 13,000 doesn’t get anything done.


So I guess my biggest concern is that the process of taking the printing press away from the central banks will take longer and we’ll get that much further behind in that time.  That’s my biggest concern.”


When asked about the gold smash, Fleckenstein stated, “Whenever the metals go down, they almost always go down violently.  But that’s the nature of corrections in bull markets.  It comes with the territory.  You have to know that this sort of thing happens.


Do you remember back in 2008 when Ben (Bernanke) started quantitative easing.  Gold flushed from $1,000 to $880 or some number and that wasn’t much fun.  But then last summer it was $1,900.  It’s not easy.  I mean if it was really easy and required no effort, no conviction or any of that stuff, then everyone would have gigantic amounts of money.”  


Fleckenstein provided some great clarity as to where we are right now at this particular point in the markets as well as gold and silver.  The KWN interview with Bill Fleckenstein will be available shortly and you can listen to it by CLICKING HERE. 


© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


Eric King

KingWorldNews.com

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