Today Bill Fleckenstein, President of Fleckenstein Capital, told King World News that Fed Chairman Bernanke clearly does not understand the business cycle we are in and his comments about the gold standard are wrong. Here is what Fleckenstein had to say about the situation: “When Bernanke speaks or Greenspan speaks, basically I just ignore them because they are the architects of the current problems that we have. The average person has no clue that the root of almost all of these problems we face is irresponsible money printing on the part of the Federal Reserve.”
Bill Fleckenstein continues:
“I read that Bernanke said the gold standard was a bad idea because it didn’t allow the flexibility that he perceived we needed to have in order to engineer us out of trouble. The man clearly does not understand the business cycle.
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