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Tuesday, 30 June 2015
Bill Fleckenstein – This Is Only The Beginning Of A Massive Global Crisis And Full-Blown Panic, Plus A Bonus Q&A
With the Dow closing below 17,600 and bonds surged, today one of the greats in the business sent King World News a fantastic piece warning this is only the beginning of a massive global crisis and full-blown panic, plus a remarkable bonus Q&A that includes everything from the chaos in Greece to gold, silver, what investors should be doing with their money and more.
By Bill Fleckenstein President Of Fleckenstein Capital
June 29 (King World News) – As everyone now knows, the weakens saw a trifecta of major news. Obviously, the first piece of news was the calling of the Greek referendum, which basically will lead to a lose/lose choice between chaos and more chaos (more about that below).
They there was the rate cut and reserve requirement reduction on the part of the Chinese, and lastly, the move on the part of the governor of Puerto Rico, who said the country needed to get out of its "death spiral" and would make creditors take a haircut — something "authorities" and central bankers have been loath to see occur, as they continually try to protect lenders and bond holders worldwide from having to pay for their bad decisions. Besides generalized central bank bad policy and incompetence, not forcing creditors to take a hit has only increased moral hazards. Read more here