Today a legend in the business spoke with King World News about the terrifying thing about this mania.
Earlier this week Stan Druckenmiller was quoted at the Ira Sohn Conference as saying that the stock market, “has exhausted itself” and that he had rebuilt his gold holdings into his largest currency position. Naturally that wasn’t reported by the usual bullish media outlets. He was also quoted recently as saying, “The Fed has borrowed more from future consumption than ever before. If we have borrowed more from our future than any time in history and markets value the future, we should be selling at a discount, not a premium to historic valuations.” So it appears that he and I agree on the subject of the stock market. — Bill Fleckenstein
Eric King: “When it comes to printing money, you and I kept saying for a long time, and I’ve discussed this with others like David Tice, that you eventually have to print more and more money just to create $1 of GDP. So you get to $3, $4, $5, $6 (of printed money just to create just $1 of GDP). That has to end in disaster, doesn’t it?”
FIREPOWER: This Is What Is So Terrifying About This Mania
Bill Fleckenstein: “Yes. But we don’t know when. Eric, I’ve written about this forever. There is so much money that has been printed, it is not comprehensible what it will do exactly and how long it will take to unwind. The Fed itself has printed roughly $3.5 trillion since the 2008 crisis. The Y2K liquidity injection in December of 1999 was $35 billion. They (the Fed) took it out (of the system) a few weeks later. In my opinion that $35 billion gave us the blowoff top in the Nasdaq (in 2000). We already had a mania that was underway. If that analysis is anywhere near accurate, now they have printed $3.5 trillion — 100-times more! … This has never been done in the history of the world. And it’s so big…KWN has now released one of Bill Fleckenstein’s greatest audio interviews ever and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***KWN has also released the fascinating audio interview with Rick Rule discussing stock picks for gold, silver, and uranium, as well as the big picture for the gold and silver markets and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: ALERT: Commercials Cover All-Time Record Number Of Silver Short Positions! Also Covering Gold Shorts! CLICK HERE.
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