Richard Russell - The Stock Market Is Crumbling

Started by CrackSmokeRepublican, August 24, 2010, 12:05:14 AM

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CrackSmokeRepublican

Caution... Bear zone...

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Richard Russell - The Stock Market Is Crumbling
 

The Godfather of newsletter writers, Richard Russell, summed up our situation as follows, "crumbling."  Again I will repeat what I have always liked about Russell is that he likes to focus on the big picture.  What is the big picture?  Here are a few snippets from his latest commentary...

August 21, 2010

Richard Russell:


On to the markets. The stock market is crumbling -- actually crumbling before our very eyes.  


...I'm saying that half the issues in the Dow, the NYSE, S&P and NASDAQ have now sunk below their important 200-day moving averages. And the same is true of the big stock averages.


And the incredible thing is that even as the stock market is falling apart, the experts and the media are taking in and believing the government reports, and they think everything is bright and sunny.. It's as if they can't see or take in what the market is doing -- the whole financial world seems to be brain-washed...I've never seen anything like it.


The Russell opinion. It's the markets that are telling the real story, not the analysts or the government..Believe me if the stock market continues the way its been going (particularly if it crashes) it's going to scare the living hell out of America's consumers. If consumers freeze up, you're going to see all the deflation you want. So who to believe, the analysts and economist or the stock and bond markets?


At this point, who's running the nation? It's not Obama, it's not Geithner or Bernanke, it's not even the Fed -- IT'S THE MARKETS. And we'll watch 'em as intently as a barn owl watches a mouse.


A final take -- It's simply uncanny to see the stock market (most stocks) falling apart while the media and the government tells us that "things are looking better." It's as if the nation is watching a horror movie and is reacting with a case of the giggles.


As for Richard Russell, he's resting easy. I've been urging my subscribers to "clean house" and be OUT of all stocks. I think (hope) I've got a lot of happy, solvent subscribers, which is exactly what I want as this market teeters on the edge of an historic collapse.


Question -- Russell, recently you wrote up certain utilities as a source of income. What are your latest thoughts now?


Answer -- My thoughts now is that I want subscribers OUT of all stocks and bonds except for gold and gold items. Before this bear market is over, it's going to take down everything. We're in cash and gold, and probably less cash as time goes along.


This is not a recession, but rather a depression.  Recessions tend to break people, depressions on the other hand tend to consume them.

http://kingworldnews.com/kingworldnews/ ... bling.html
After the Revolution of 1905, the Czar had prudently prepared for further outbreaks by transferring some $400 million in cash to the New York banks, Chase, National City, Guaranty Trust, J.P.Morgan Co., and Hanover Trust. In 1914, these same banks bought the controlling number of shares in the newly organized Federal Reserve Bank of New York, paying for the stock with the Czar\'s sequestered funds. In November 1917,  Red Guards drove a truck to the Imperial Bank and removed the Romanoff gold and jewels. The gold was later shipped directly to Kuhn, Loeb Co. in New York.-- Curse of Canaan