Fleckenstein - Fed Idiots Wrong, Big Problems in Europe & US

On the heels of the release of the Fed statement and the Bernanke press conference, today King World News interviewed Bill Fleckenstein, President of Fleckenstein Capital, to get his take on the situation. Fleckenstein told KWN the economy will roll over, Europe will go into the abyss and the Fed will be forced to ease. He also described the Fed as “idiots” and said they are completely wrong about what they are saying: “Let’s take a step back for a second. Who are these people? They’re the same idiots that never saw anything coming. So whatever they think they see or whatever they want to talk about is meaningless because they are probably wrong about what they think.”

Bill Fleckenstein continues:

“For this five minutes they think the economy is okay, and it isn’t. They seem to think Europe’s kind of okay, and it’s not. So the next thing you know they will have to realize they are not so right about being sanguine and then they will have to do a U-turn.

How is that any different than what we’ve seen in the last decade?....

Continue reading the Bill Fleckenstein interview

Comments

Post a Comment

Popular posts from this blog

Kyle Bass On Rehypothecation And Other Keynesian Endgame Scenarios

If readers have the sense there has been a deluge of Kyle Bass reading (and viewing) materials on Zero Hedge in the past two weeks, it is because there has been: and why not - after all, unlike all other cheap talking heads, and know-nothing pundits who merely need a suit to make an appearance on one of the TV's financial comedy channels, Kyle has been consistent in the most important thing - telling the truth. Today, he took his resurgent popularity to CNBC which always knows which way the winds blow, and told David Faber more or less everything that Zero Hedge readers know already about Europe's collapse, on why the ECB will print but only after a default, and about the inevitable global debt restructuring. There was a twist: as most regulars here know, the key topic of the past week, of December, and potentially of 2011, is the limitless "fractional Prime Broker lending" of assets-cum-liabilities (and when it comes to the realization that one's gold itself m
Read more

Jim Sinclair - CB’s Trying to Keep Gold from Rising Violently

Today legendary trader and investor Jim Sinclair told King World News that central banks are trying to keep the price of gold from rising violently. Sinclair also believes we are entering a period where currencies will lose their ability to function as money and instead will act more like casino chips, while gold ascends. Here is what Sinclair had to say about the ongoing financial crisis: “What needs to be understood by our listeners, Eric, is when a haircut takes place, what you give with one hand, you take with another. Now the problem becomes the problem of a bank’s asset having been reduced and the bank’s ability to function reduced and the bank’s abilities to positively pass tests of liquidity have been reduced. And the psychology of the stability of a system has been reduced.” Jim Sinclair continues: “When that takes place there has to be something on the other side called liquidity, which is injected into the banks to overcome the haircut reduction. Not only that, but
Read more