"The willingness to use the printing press is going to be the ultimate undoing of the current equity upcycle. At some point there will be too much inflation and the bond market (U.S. Treasuries) will crack or because we are printing too many green pieces of paper, the dollar will crack (rapid decline as investors dump dollar), and then the bond market will crack. Regardless, at some point in the future we will be stopped from trying to print our way out of prosperity, because it just cannot be done".
- Bill Fleckenstein, author of the excellent book Greenspan's Bubbles, in an interview on King World News.
Wednesday, September 23, 2009
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