Bill Fleckenstein was in rare form in this\u00a0interview\u00a0with Eric King over the weekend (partial transcript is\u00a0here) as he lamented the mess that the Federal Reserve has gotten us all into and the ongoing charade that everything is going to turn out just fine.<\/p>\n
\u2026 the Fed has overdone it.<\/p>\n
Now, not everyone will conclude that and they won\u2019t conclude it right away. And the Fed will fight that, and they will keep printing, but we will be on our way to the 1970s.<\/p>\n
Maybe people will start to look at the stagflationary environment that we actually have, the horrendous job growth, weak GDP, and inflation that\u2019s probably twice as high as whatever real GDP is, and it will be seen as stagflation, and that will have consequences.<\/p>\n
But right now, people continue to believe that the same idiots that created all of these problems, namely the central banks, are going to somehow get us out of it<\/strong>\u00a0with the exact same policies that got us into it, only at a much higher (aggressive) level of pursuing those policies.<\/p>\nWe\u2019ve had so much artificial stimulus, and we\u2019ve misallocated so much capital. And over the couple of decades we\u2019ve been doing this we\u2019ve kind of broken the economy and the financial system. So, I don\u2019t think you can worry about what\u2019s on the other side. We haven\u2019t even gotten people to understand the charade that we have.<\/p>\n
What the masses have done over and over again is to believe one more time that it\u2019s all going to be OK<\/strong>\u00a0\u2026 We are in a unique moment in history. The whole world is printing confetti, and (yet) people seem to think that\u2019s going to work out fine.<\/p><\/blockquote>\nI guess time will tell. Back in 2005 or 2006, virtually no one thought we were headed for the worst financial crisis since the Great Depression and now, five years, later, there is an ongoing discussion about whether our problems are cyclical or structural, but, as in 2005 and 2006, virtually no one thinks we\u2019re headed for another crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bill Fleckenstein was in rare form in this\u00a0interview\u00a0with Eric King over the weekend (partial transcript is\u00a0here) as he lamented the mess that the Federal Reserve has gotten us all into and the ongoing charade that everything is going to turn out just fine. \u2026 the Fed has overdone it. Now,… Continue Reading Fleck Not Happy<\/span><\/i><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\nFleck Not Happy - The Mess That Greenspan Made<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timiacono.com\/index.php\/2013\/09\/09\/fleck-not-happy\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fleck Not Happy - The Mess That Greenspan Made\" \/>\n<meta property=\"og:description\" content=\"Bill Fleckenstein was in rare form in this\u00a0interview\u00a0with Eric King over the weekend (partial transcript is\u00a0here) as he lamented the mess that the Federal Reserve has gotten us all into and the ongoing charade that everything is going to turn out just fine. \u2026 the Fed has overdone it. Now,… Continue Reading Fleck Not Happy\" \/>\n<meta property=\"og:url\" content=\"https:\/\/timiacono.com\/index.php\/2013\/09\/09\/fleck-not-happy\/\" \/>\n<meta property=\"og:site_name\" content=\"The Mess That Greenspan Made\" \/>\n<meta property=\"article:published_time\" content=\"2013-09-09T15:16:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-06-16T15:17:27+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\">\n\t<meta name=\"twitter:data1\" content=\"1 minute\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/timiacono.com\/#website\",\"url\":\"https:\/\/timiacono.com\/\",\"name\":\"The Mess That Greenspan Made\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/timiacono.com\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/timiacono.com\/index.php\/2013\/09\/09\/fleck-not-happy\/#webpage\",\"url\":\"https:\/\/timiacono.com\/index.php\/2013\/09\/09\/fleck-not-happy\/\",\"name\":\"Fleck Not Happy - The Mess That Greenspan Made\",\"isPartOf\":{\"@id\":\"https:\/\/timiacono.com\/#website\"},\"datePublished\":\"2013-09-09T15:16:59+00:00\",\"dateModified\":\"2019-06-16T15:17:27+00:00\",\"author\":{\"@id\":\"https:\/\/timiacono.com\/#\/schema\/person\/a06ca3e96a3bd4687b6cf4059cc533c9\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/timiacono.com\/index.php\/2013\/09\/09\/fleck-not-happy\/\"]}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/timiacono.com\/#\/schema\/person\/a06ca3e96a3bd4687b6cf4059cc533c9\",\"name\":\"timiacono\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/timiacono.com\/#personlogo\",\"inLanguage\":\"en-GB\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/643084f9dd2199caa1626e7fc69324fb?s=96&d=mm&r=g\",\"caption\":\"timiacono\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/timiacono.com\/index.php\/wp-json\/wp\/v2\/posts\/127"}],"collection":[{"href":"https:\/\/timiacono.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timiacono.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timiacono.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timiacono.com\/index.php\/wp-json\/wp\/v2\/comments?post=127"}],"version-history":[{"count":1,"href":"https:\/\/timiacono.com\/index.php\/wp-json\/wp\/v2\/posts\/127\/revisions"}],"predecessor-version":[{"id":128,"href":"https:\/\/timiacono.com\/index.php\/wp-json\/wp\/v2\/posts\/127\/revisions\/128"}],"wp:attachment":[{"href":"https:\/\/timiacono.com\/index.php\/wp-json\/wp\/v2\/media?parent=127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timiacono.com\/index.php\/wp-json\/wp\/v2\/categories?post=127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timiacono.com\/index.php\/wp-json\/wp\/v2\/tags?post=127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}