- Fleckenstein – Gold & A U.S. Collapse That Will Rival Greece!
Today Bill Fleckenstein warned King World News that we may see a “brutal” collapse in the United States that will be similar to the carnage and suffering which has taken place in Greece. Fleckenstein also discussed gold backwardation as well as the bullish dynamics of the gold market. Below is what Fleckenstein, who is President of Fleckenstein Capital, had to say in this powerful interview.
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?….