Eric King: “Where do you see us now after the Dow has risen 11,000 points off the lows?
Fleckenstein: “Nothing is any different than it has been. Prices are just higher and the psychology is just more warped. And that’s going to continue until it stops. The fact of the matter is the Fed and the other central banks have printed so much money that it’s not comprehendible for most people. And the consequence has been that the stock market has gone drastically higher in America and other places.
And that has written the news and caused people to think that everything is going to be fine and the problems that we have either don’t exist or are manageable. It’s all an illusion but that’s been the case. The fact that it continues to be an illusion doesn’t change the fact that the market has been able to go higher despite the ending of QE….
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