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Eric King:  “It sounds like there is going to be hell to pay (for the irrational policies of central planners).  Is there something nasty in front of us that may be equivalent to the Great Depression, or is that too much (doom)?”


Fleckenstein:  “We would have had the functional equivalent of a depression after the 2008 crisis.  That’s where we were headed.  The difference was right there in 2008/2009, had they not done what they had done the banking system might literally have collapsed.


I think perhaps a lot of banks are in better shape (today than they were then) ... But what we don’t know is, are the derivatives books going to have serious problems when the bond market starts to tank?....


Continue reading the Bill Fleckenstein interview below...




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“Other markets have had big moves, whether it’s in the currency markets or the stock markets, and derivatives have been a talking point on banks’ books.  But we really haven’t seen bonds in a bear market.  So the banks could get in a lot of trouble because of that.


The crisis will be the government debt and additional interest costs which will add a couple of hundred billion dollars, on top of what’s already there, to the government debt as rates rise ... I don’t know that the financial system will come close to collapse again, so the next crisis will be different than 2008.  But could we have something akin to a depression?  Yes.


It would be unlikely to be as bad as the depression of the 1930s because we have so many stabilizers in terms of the people on food stamps, welfare and all of that stuff.  But having said that, it will be plenty brutal.  Ask the Greeks how they are doing.  It will be some variation of that.  It’s going to be brutal.”


Here is a small portion of what Fleckenstein had to say regarding gold:  “The world believes in Goldilocks, and when the world believes in Goldilocks they don’t feel they need gold.  But the dynamics of the gold market are kind of extraordinary in that we’ve had this near-term backwardation for 17 straight business days as you and I speak, and so there is real tightness in the short end of the market. 


There still continues to be plenty of shorts (in gold).  I think a lot of guys got out of the market, so I think the next leg of the bull market could be pretty wild once it actually starts to respond to news in a positive way.”


© 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.


IMPORTANT - This was one of Bill Fleckenstein’s best audio interviews ever.  The above section was just a small portion of what Fleckenstein had to say as he discussed the coming financial chaos and gold and silver.  The extraordinary audio interview with Bill Fleckenstein is available now and you can listen to it by CLICKING HERE. 


The audio interviews with Bill Fleckenstein, Eric Sprott, Egon von Greyerz, David Stockman, Andrew Maguire, John Mauldin, Dr. Paul Craig Roberts, Art Cashin, William Kaye, Marc Faber and Dr. Benn Steil are available now.  Also, other outstanding recent KWN interviews include Jim Grant and Felix Zulauf to listen CLICKING HERE.


Eric King

KingWorldNews.com

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