As the world continues to digest breaking news out of Greece, today the Godfather of newsletter writers, 90-year old Richard Russell, warned that the global crisis will get even worse, so investors need to dump all common stocks and buy gold and silver. Russell also discussed why even tougher times are still ahead for the world.
Richard Russell: “I had expected an upside blow-off to occur, based on the trillions of fiat money that has recently been created. I had also expected the world’s debt load to be lowered. However, I now see that instead of world debt heading lower, the debt load has actually been accelerating to the upside. The world’s balance sheet is now worse than ever.
Dump All Common Stocks – Buy Gold And Silver
I’m afraid that the prevailing forces of deflation will take over. If we go into a spiral of deflation, it will surely bring about hard times – harder times than the generations since WWII have seen. On this basis, I advise my subscribers to buy and hold physical silver and gold and be out of all common stocks.
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