Rosen:  “We are now at a fork in the road for the markets and there is no way back.  Either we are going to enter an electronic hyperinflation, or we head south and the major averages will collapse.  But, regardless, gold is going to super-spike....

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“According to my work we will have an indication sometime in March of next year as to which road is going to be taken.  Now, between October of this year and March of next year, I suspect the sh*t is going to hit the fan in a big way.  In fact, I strongly believe that stocks will collapse by nearly 70%.  All of this can be seen in the patterns that are repeating from the 1960s and 1970s. 

The big difference is that the current patterns are major wave IV’s, and they are consuming twice the amount of time now vs the ‘60s and ‘70s (see chart below).

I would just like to add something here.  I did two combat tours in Korea during the Korean War, and when I got out of the service I talked to a friend of mine about Wall Street.  I got back home and told my father, ‘Dad, I’m going down to Wall Street to get a job.’  My father got hysterical.  Never mind that I had just come back home from two combat tours, instead, my father screamed at me, ‘They are nothing but a bunch of Goddamn crooks.’  I said, ‘Really?’  He said, ‘Yes.’  He was furious that I was going to take a job on Wall Street.

Remember, this was coming from the man who was a partner at one of the largest law firms in the world (Otterbourg in New York City),  so he knew what really took place on Wall Street.  This was also the man who tried the original cases that formed the bankruptcy laws in the United States -- and believe me he was busy as hell with work back during the Great Depression of the 1930s. 

So, back to the end of the Korean War and my looking to get a job on Wall Street ... I said to myself, ‘I think I will go down there and see for myself, and I’ll prove the old guy wrong.’  Well (laughter ensues), after 60-years around this business I can tell you my father was right.  A friend of mine introduced me to Sandy Weill, yes the same Sandy Weill that everybody knows.  He had a small firm called, ‘Carter, Berlind & Weill.’  Then, Arthur Levitt, the former head of the SEC, joined and he became a partner.  But Sandy Weill was a former director of F. W. Woolworth (Woolworths).  One day he walks into our brokers office and he says, ‘Buy Woolworths.  We’re going to split the stock 3-for-1, and we’re going to raise the dividend.’ 

I remember every broker got on the phone and told every account to buy Woolworths because they were going to split the stock and raise the dividend.  Lo-and-behold they split stock and raised the dividend and everybody’s account made a bundle.  Today that’s called, ‘Insider Trading.’ 

But then again, Sandy Weill gave a lot of money to charity.  The fact that he broke the Glass-Steagall Laws didn’t seem to matter.  I don’t know who the hell he paid off to do that, if anybody, but he did give a lot of money to charity.  He (Sandy) was a good man.  And for a guy who was discharged from the army with $1,500 in his pocket, and who started out as a ‘runner’ on Wall Street, he became a really big success.

But getting back to the market, we will know in short order whether we will be going the way of electronic hyperinflation, or whether the averages are going to collapse nearly 70%.  This will be the key:  A Federal Open Market Committee Meeting will take place in March of 2014.  I don’t know what the hell they are going to do at that meeting with regards to QE, but at that point in time we will know whether we are headed for hyperinflation, or whether the stock averages will  completely and utterly collapse.  Either way, what I can promise you is that the price of gold will be on an absolute tear to the upside during this chaos.”

IMPORTANT - Due to the price action, KWN will be releasing interviews all day today.

King World News note:  The Otterbourg law firm, 4 years ago, invited Ron Rosen as a special guest, because he is one of the descendants of the original partners, to celebrate their 100th anniversary, or ‘Centennial.’  You can read more about the Otterbourg law firm and Ron Rosen’s father Aaron Rosen by CLICKING HERE.

© 2013 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.

The audio interviews with Eric Sprott, Grant Williams, Rob Arnott, Andrew Maguire, Art Cashin, Egon von Greyerz, Bill Fleckenstein, David Stockman, Robin Griffiths, Jim Grant, William Kaye and Dr. Paul Craig Roberts are available now. Other recent KWN interviews include Marc Faber and Felix Zulauf to listen CLICKING HERE.

Eric King

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