Stockman: “I
think the great ticking time bomb is interest rate swaps. The last
time I checked they were in the range of $500 trillion. Who knows
what’s lurking underneath the surface there?....
Continue reading the David Stockman interview below...
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“All
those positions have been put on over a period of years, or even
decades, in which the price of bonds has been rising steadily for the
last 30 years. But I think we’ve reached the end of that long 32-year
interest rate cycle.
We are
in the turning zone and rates are going to revert to more normal levels
over time, and that’s going to fundamentally change the valuation of all
of those massive positions ($500 trillion worth) that have been put
on. I don’t think anyone has any idea how that will unfold, unravel,
and dislocate, but I don’t think it’s neutral.”
Eric King: “What is your greatest fear, David?”
Stockman: “The
single greatest danger is that the game the central banks are playing
today will come to an abrupt and destructive end. That’s the danger
because the whole system is now running off the short-run maneuvers,
liquidity, and guidance that the central banks are injecting into the
market every day. The danger is that one of these days the whole system
will fail because it is unnatural and artificial, and when that happens
it’s going to be a pretty difficult (and chaotic) time.”
IMPORTANT - Part
II of Stockman’s interview is only a small portion of what had to say
in his extraordinary audio interview. The KWN audio interview with
David Stockman discussing financial instability and collapse, gold, the
end game and much more is available now and you can listen to it by CLICKING HERE.
IMPORTANT - KWN will be releasing interviews all day today with David Stockman and others.
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The audio interviews with
David Stockman, John Mauldin, Eric Sprott, Bill Fleckenstein, Egon von
Greyerz, Dr. Paul Craig Roberts, MEP Nigel Farage, James Dines, Gerald
Celente, Andrew Maguire, Art Cashin and Dr. Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.
Eric King
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