“I expect government lies and propaganda to reach a crescendo. I’m bracing myself for a parade of surprises”: Richard Russell, author of the world’s longest-running investment letter, Dow Theory Letters went bullish on Gold below $300 in 2002, has stayed bullish and remains Long Term bullish to this day:
Politicians love power and perks. But to keep those two, they must also keep their jobs. Therefore, coming up, I expect an extreme in dirty politics and internecine political battles. The year 2011 should wind up as a banner year for political and economic propaganda, all lies and bull-shit.”
Russell argues despite the financial markets & the well heeled have recovered since the bottom in 2009 the large majority of lower- and middle-class Americans have not. Most U.S. citizens are still struggling and Richard believes are because of the policies of the Fed.
“An increasingly large percentage of America’s population is approaching ‘retirement age.’ Even the huge baby boomer population is beginning to move into the age of retirement. Many Americans have saved during the greater part of their lives for their hoped-for retirement.”
“Over recent years, the Fed has effectively kept short rates in the zero zone. This means that the thrifty, the savers, those who are about to retire, receive literally nothing on their hard-earned savings. However, the zero short rates are a fabulous gift to the banks. The banks borrow at a cost of literally nothing and then buy Treasuries which pay them better than 3%. The result is that they’re playing the yield curve and allowing their profits to surge. As I’ve said before, the Federal Reserve was created secretly by bankers. The Fed is owned by bankers, and it was created for banks and bankers. Bonuses at the big banks are currently larger than ever as are dividends. In the meantime, Americans of retirement age have run head first into the brick wall of zero returns.”
“So today, if you are ready to retire, you have a painful choice — you can live off your capital (for as long as it lasts) or you are forced to keep your day job. Your retirement has become a fantasy. The benefits of being thrifty, being a saver, are out the window. The Fed has seen to that.”
“I said it years ago. ‘In the coming era, Americans are going to need one thing above all — INCOME.’ Today, you receive no income from your savings. This means that today, your best single possession is your job. Ironically, at present there are a record number of Americans out of a job. In fact, the whole situation today is known as ‘the jobless recovery.’”
“The banks have recovered, Wall Street has recovered, the wealthy with big incomes have recovered, but the average Joe has not recovered. He possesses only one powerful item — his VOTE.”
Richard Russell, author of the world’s longest-running investment letter, Dow Theory Letters went bullish on Gold below $300 in 2002, has stayed bullish and remains L/T bullish to this day:
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