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Fleckenstein:  “There’s no chance that the outcome in the financial markets in America is a pleasant one because we’ve gotten here because of the printed money.  And so either we have a boatload of inflation and at some point the bond market really gets wrecked and the Fed’s credibility is undermined and we do something about them....


Continue reading the Bill Fleckenstein interview below...




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“This can’t possibly end well.  This has gone on for so long.  It’s still not possible to say when it’s going to change and what’s going to be the catalyst.  The important thing to understand is that this is a very fragile structure.  The market is very crash-prone.  There’s not going to be any liquidity on the downside because of what’s happened in the banks -- the algorithms and all that other stuff.


But none of that matters until it matters.  So you just have to understand what the mosaic is and what the facts are, but you can’t try to act on them until it starts to matter if you are going to express a view that is going against the printing of the central banks.”


Eric King:  “You said (earlier) there might be another bazooka coming (more QE).”


Fleckenstein:  “If the stock market cracks as the Fed tries to taper to zero, which is what I expect, I think Janet Yellen will have to start QE4.  And into that process hopefully some questions come up about the efficacy of the Fed and its policies.”


Eric King:  “But because this has gone on so long and there has been so much money printing, is the endgame worse as the Austrians (economists) think?”


Fleckenstein:  “Yes.  Most likely because more capital has been misallocated and more people have behaved imprudently.  They were kind of lured into it because of the Fed.  You’ve got more bad paper out there in terms of junk paper and things like that. 


But to know, is it going to be that much worse?  Well, it likely will be and almost surely will be, but how much worse and in what way is going to be a function of what we find out that we don’t (already) know.  For instance, when the housing bubble started to burst I knew that the economy was going to get destroyed because the housing bubble had been driving the economy. 


What I didn’t know was that the idiots at Lehman Brothers like Dick Fuld and the rest of these guys at Merrill Lynch and Bear Stearns were the ones owning all that debt on leverage.  And so that took that crisis, when it hit, in a different direction than had some other entity owned all that paper.  So when this thing starts to unwind, how exactly it’s going to go and where it’s going to be hit the hardest, you can’t know until we start to find out exactly who has been misbehaving the worst.” This is a powerful audio interview with Fleckenstein where he discusses gold, silver, the endgame, hyperinflation and more. The incredible audio interview with Bill Fleckenstein is available now and you can listen to it by CLICKING HERE.


IMPORTANT - KWN will be releasing many more interviews today.


© 2014 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 Bill Fleckenstein, Gerald Celente, James Dines, Michael Belkin, Dr. Paul Craig Roberts, Andrew Maguire, Art Cashin, Michael Pento, MEP Nigel Farage, David Stockman, John Hathaway and Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.


Eric King

KingWorldNews.com

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