On the heels of a chaotic trading week in global markets, particularly in currencies, today a legend in the business warned King World News that the worldwide liquidation scramble could morph into a full-blown 2008-style collapse.

50-year veteran Art Cashin warned the worldwide liquidation scramble may morph into a 2008-style collapseKing World News - Art Cashin Warns Worldwide Liquidation Scramble Could Morph Into Full-Blown 2008-Style Collapse

Art Cashin:  “There is great instability in the currency markets around the world and it will not make for too restful a weekend here until we get a chance to see how this all begins to play out.

There Is A Worldwide Liquidation Scramble

The other thing they (traders) noted is that commodities, things like copper and other base metals along with the grains, are selling at very, very low prices.  And it looks like all around the world, nations are straining because their economies are slowing down and there is a liquidation scramble.

It is hard for me to believe that with commodity prices dropping the way they are the Fed will be comfortable raising rates because this looks like more deflationary pressure coming in the short run.

You’re seeing the CRB Commodity Index at multi-year lows.  You look at things like copper, it’s almost half the price of what it was.  Coal and coal companies are going out of business.  You’re going to find some of these commodity related businesses not only not being able to pay their dividends, they won’t be able to pay their debt.  I’m looking for some insolvencies there and that’s going to reverberate through many of the other markets.

King World News - Richard Russell - The Big Picture, Chaos In China And The Monster That's Scaring All Investors

Things Could Begin To Get Out Of Control 2008-Style — Plan Your Exit

My concern is that the central banks continue to be in almost a game of ‘chicken’ here.  And as we saw in 2008, and at other times in my 50-year career, markets can sometimes tilt and totter out of control.  I don’t think anybody is in a full position to control things here, and unless they (central banks) work together, and the signs of a currency war don’t indicate that’s happening, then things could begin to move out of control.

You could begin to see some of the emerging nations suffer, fail to pay their debts and start to see that situation spiraling (downward).  We’ve seen it before.  We’ve seen things like this in 2008, and the only way you get through 50 years in this business is whenever I walk in a room I look for the exit sign to know where my out is.” ***KWN has now released the incredible audio interview with 50-year veteran Art Cashin, where he discusses why the worldwide liquidation scramble could morph into a full-blown 2008-style collapse, the chaos in China, global stock markets, commodity markets, whether the U.S. stock market has finally put in a major top and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.

***ALSO JUST RELEASED: All Hell Is About To Break Loose As The World Hurtles Into Chaos And Unprecedented Levels Of Fear CLICK HERE.

Art Cashin mp3 8:15:2015

***KWN has also now released the extraordinary audio interview with Michael Pento, where he discusses why the fantasy is now coming unraveled, what this will mean for the gold and silver markets and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.

KWN Pento mp3 8:16:2015

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The audio interviews with Art Cashin, Rick Rule, Gerald Celente, Bill Fleckenstein, Dr. Paul Craig Roberts, Robert Arnott, Eric Sprott, John Mauldin, Stephen Leeb, Egon von Greyerz, Nomi Prins, Andrew Maguire, Michael Pento, David Stockman, Dr. Philippa Malmgren, Marc Faber, Felix Zulauf and Rick Santelli are available now and you can listen to them by CLICKING HERE.