Long time and highly respected market analyst Richard Russell spoke with Eric King of King World News. In the interview Russell warned of a coming financial meltdown that he says will totally destroy the current financial system. The 60-year market veteran also discussed the fact that the world may now be witnessing a devastating once in 600-year event.
Richard further shares his outlook regarding the major markets and shocks readers with this prediction…
“I believe an entirely new system will be needed in view of the world being choked on ever-increasing debts. But before a new system can be instituted, the old (current) system will have to be destroyed. This, I’m afraid, will necessitate a brutal bear market that will bring about the absolute need for change.
Change will be very painful. I don’t know what will survive the coming changes, but I’m convinced that there will be two survivors — silver and gold.
In its battle to make its fiat currency the only legal currency, the Fed has adopted a strategy of denouncing the precious metals. But ultimately the truth will win out, and the fiat dollar will join all the other dead fiat currencies that have become footnotes in economic history. Remember every currency that has left the gold standard has died. Without the backing of gold, no currency has survived, and there are no exceptions. Sooner or later, a new world reserve currency will be adopted. It will be at least partly backed by gold.”
Read the complete interview at King World News