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Russell: “I think the battle cry of next year will be the drastic separation between the wealthy and the middle classes.  A second controversy will be the amazing rise of debt and its deflationary consequences.  Another trend will be the rise of technology, and its taking the place of workers. 


In medicine, the emphasis will be US and worldwide research on the human brain.  A rising world problem will be the prevalence of depression.  Surviving in the modern world becomes more difficult as people face an increasing list of complications, such as Obamacare and America’s confusing parade of taxes.  Rising debt leads to deflationary forces, and the Fed’s QE antics will not produce enough money to offset the surging levels of debt.


My guess is that Janet Yellen will have to open the spigots ever wider to counteract the deflationary forces of debt.  In the year 2014 our greatest enemy will be debt.  The Fed’s debt basket has now increased to over $4 trillion, and is almost beyond the scope of the average mind to digest.


On the optimistic side, brain research is exploding via universities and hospitals across the face of the planet.  I expect progress to be made in the fields of Alzheimer’s, depression, Multiple Sclerosis and Parkinson’s. 


On the pessimistic side, I expect life to be increasingly difficult for the middle and the poor classes in America.  Subtle inflation will impact food, medicine and college tuition. 


Best of all, I believe there is a rise in world consciousness which will bring about pressure for world peace.  Love will make progress against the curse of the world, which is fear.  Here’s to a happy and prosperous 2014!

.........................................


The S&P is selling at 15.9 time this year's estimated earnings.  This puts the stock market at nose bleed high territory, which means that stocks will have to tack on surging earnings to justify these prices.  No matter, the thing that has been driving stocks higher is not earnings but price/earnings ratios.  Investor's bullishness trumps valuations in this market, and that alone is a reason to be cautious.


As the stock market levitates, fund managers are faced with a difficult decision -- should they skip this rally or can they really afford to remain “safe” on the sidelines?  No money manager can afford to be out of a playable rally, and so most of the nervous money managers are forced to join the festivities, whether they like the valuations or not.


Meanwhile, gold sentiment is beginning to change, and stories are heard of certain funds returning to gold.  This presents a problem for those gold bugs who are still on the sidelines.  To buy or to wait?  My guess is that true gold-philes will begin to buy as long as gold continues to stand its ground.  It appears that 1250 is the major support line for gold.  The longer gold holds above 1250, the stronger it will appear.  I continue to believe that the US dollar is KEY to this market.  As long as the dollar index holds above 78, all will be well.”


To subscribe to Richard Russell’s Dow Theory Letters CLICK HERE.


© 2014 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


IMPORTANT - KWN will be releasing interviews all day today.


The audio interviews with Rob Arnott, William Kaye, David Stockman, Rick Rule, John Mauldin, Bill Fleckenstein, Dr. Stephen Leeb, Egon von Greyerz, Art Cashin, James Turk, Dr. Paul Craig Roberts, Dr. Marc Faber and Eric Sprott are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.


Eric King

KingWorldNews.com

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