Fleckenstein – Fears of a Banking Collapse, Dow 13,000 & Gold
March 5, 2012
Today Bill Fleckenstein, President of Fleckenstein Capital, told King World News the Federal Reserve is totally out of control and thinks nothing of turning the US dollar into confetti. But first, when asked what his biggest concern was going forward, Fleckenstein responded, “The fact that the Europeans have gotten themselves in this mess, where they pretend like they are not going to print money and then they do print money. But they don’t ever print enough to get past this point.”
Bill Fleckenstein continues:
“Nor do they say, ‘Okay, we’re going to actually be a hard currency and suffer the consequences.’ No one is willing to do that in this day and age. So you’ve got this constant distraction of stumbling around in Europe and there is this fear that they will do something really stupid and the banking system will collapse.
Then, (you have) all of the concerns that we have here in America. You have a political process that’s broken, we have a budgetary process that’s broken….