The Greatest Financial Mess in World History

Friday, July 18, 2003 | 09:14 AM

Its not that I agree with Russell (I don't), but when a guy that's been around forever, and has such a terrific track record, says stuff like this, it's well worth noting:

Quote of the day:

"The U.S. is heading for maybe the greatest financial mess in world history. The U.S. is far too extended financially, militarily and socially in the way of entitlements that we can't afford . . . As the bear's grip tightens on the economy, the first rush will be to accumulate dollars . . . But when the nation hits the wall of [the Federal Government's unfunded liabilities, estimated at more than $40 trillion], the dollar will start to unravel as the U.S. attempts to print its way out of disaster. That's when people will turn to gold."

-Richard Russell
July 6, 2003, CBS

NOTE: Russell, aged 79, is known as the dean of the investment newsletter industry. He has been publishing his "Dow Theory Letters" since 1958. His stock market timing record is in first place (on a risk-adjusted basis) among all market timing newsletters tracked by the Hulbert Financial Digest.

Friday, July 18, 2003 | 09:14 AM | Permalink | Comments (0) add to | digg digg this! | technorati add to technorati | email email this post



The comments to this entry are closed.

Recent Posts

December 2008
Sun Mon Tue Wed Thu Fri Sat
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      


Complete Archives List



Category Cloud

On the Nightstand

On the Nightstand

 Subscribe in a reader

Get The Big Picture!
Enter your email address:

Read our privacy policy

Essays & Effluvia

The Apprenticed Investor

Apprenticed Investor

About Me

About Me
email me

Favorite Posts

Tools and Feeds

AddThis Social Bookmark Button

Add to Google Reader or Homepage

Subscribe to The Big Picture

Powered by FeedBurner

Add to Technorati Favorites


My Wishlist

Worth Perusing

Worth Perusing

mp3s Spinning

MP3s Spinning

My Photo



Odds & Ends

Site by Moxie Design Studios™