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Richard Russell - Fiat Money To Meet Its End
In Richard Russell’s latest commentary, the Godfather of newsletter writers discusses bear markets, gold, silver and fiat money. Russell is always focused on the big picture. This time he highlights the biggest fraud of the last half a century and how it will end. Here are a few snippets from his latest commentary...
August 30, 2010
Richard Russell:
Bear markets exist for the purpose of exposing and eliminating the greed, the corruption and the fraud that thrived in the preceding primary bull market.
To my mind, the biggest fraud of the last fifty years has been the rise and acceptance of fiat "money." For that reason, I expect fiat money to meet its end before this bear market breathes its last. Judging by the size of the top, this could be the biggest bear market since the '30s. I believe this bear market means to take us back to basics and truth. That alone implies the end of central bank-created money and the rise of gold and probably silver. It may also end that immoral inflation machine, the Federal Reserve. Wall Street and its bankers now run the nation. That too will end.
The history of money in the US is a legend of lies, manipulation, immorality and greed. I think this bear market will end those lies, one way or another.
Russell on gold and silver:
This only suggests that gold could be rather wild between the months of December through April.
Silver joins gold. This morning silver broke above out of a huge triangle. This is bullish for the whole precious metal spectrum.
Investors sometimes get caught up in the day to day and week to week movements in gold and silver. Don’t waste your time or energy on that, just accumulate. Standing in front of us is the greatest transfer of wealth in history. When the dust settles, those holding the gold will make the rules.
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Eric King
