Today David Stockman warned King World News about what he says will dislocate every market in the world, including stocks, bonds, commodities, and real estate.  KWN takes Stockman’s warnings very seriously because he is the man former President Reagan called on in 1981, during that crisis, to become Director of the Office of Management and Budget and help save the United States from collapse.  Below is what Stockman, author of the website contracorner, had to say in his powerful interview.

Eric King:  “What the Bank of Japan just did, you obviously had a big piece that you put together on that (unprecedented move).  Aren’t Europe and the United States going to have to respond to that with their own money printing?  They can’t just let Japan lead the race to the bottom (in the currency wars).  And doesn’t that force the other Asian countries to print more money as well?”

Stockman:  “Exactly.  This is getting downright stupid.  As I said the other day, ‘The Bank of Japan jumped the shark.’  The idea that they are going to create balance sheet, or liquidity, at the rate $3 trillion a year, when you look at the equivalent in terms of a U.S. sized economy, when they have already massively expanded their balance sheet, is almost hard to believe….

Continue reading the David Stockman interview below…


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“They’ve trashed the yen in the last 2 years. (Laughter).  It’s dropped from under 80 (vs the U.S. dollar) to 116.  I’m sure in a short period of time it will be through 120 — that’s the historic support.  Once it breaks through there it’s heading for 140 or even beyond.

So we are in a new ballgame here.  We’re in an out-and-out currency war.  The rest of east Asia can’t live with the yen plummeting at that rate, and to those levels — they will have to devalue.  As the rest of east Asia devalues, China, South Korea, Indonesia, and the rest, it will unleash a tremendous deflationary wave worldwide.

That is then going to unsettle and dislocate almost every market there is — stocks, bonds, commodities, derivatives, and real estate.  I think everything is now in jeopardy because the central banks finally reached the point of such great desperation that they’ve lost control.” A second written interview with Stockman will be released within hours. This was just a small portion of what David Stockman had to say in his one of his most extraordinary audio interviews ever.  The audio with Stockman will be available later today and you can listen to it by CLICKING HERE. 

King World News - David A. Stockman - The Great DeformationDavid A. Stockman: Former Dir. of the US Office of Management and Budget, Economic Policy Maker, Politician, Financier & Acclaimed Author of New York Times best-seller, “The Great Deformation: The Corruption of Capitalism in America. To order from Amazon CLICK HERE.

IMPORTANT – KWN has many more interviews being released today.

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The audio interviews with William Kaye, Dr. Paul Craig Roberts, Andrew Maguire, Eric Sprott, Bill Fleckenstein, Rick Santelli, Rick Rule, Andrew Huszar, John Mauldin, Egon von Greyerz, Michael Belkin, and Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf — to listen CLICK HERE.

Eric King
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