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Russell: “An interesting life story.  During the Great Depression, my father had a top job in a large and very high class real estate management company known as Bing & Bing, that built and managed many luxury apartment buildings in Manhattan.  At one point the “Dishman Company” (name has been changed) offered my father a lot more money.  My father took the job with Dishman, which he said was the biggest mistake of his life. 


He said that the Dishmans lied to him, and he was miserable there.  Meanwhile, when the president of Bing & Bing returned from a trip, he asked my father why he had left. My father told him about the money, and the president of Bing & Bing said, “I would have met that raise and more. Why didn't you talk to me before you quit?”  My father realized the great mistake he had made, and he cursed the day that he had ever left Bing & Bing to go to the Dishman Company. 


He spent a few years at Dishman during the Depression, and he later had a nervous breakdown, brought on by his frustration at the Dishman Company.  My father later told me, “If you've got a good job and you like it, never go someplace else for the money.  Furthermore, always talk to your boss before you leave.”  I never forgot my father's wise words.  No amount of money is worth a loss of peace of mind.  Peace of mind is priceless, and no amount of material things can replace it.


“To get a grip on how the silver supply has been depleted, remember that the US government owned five billion ounces at the inception of the second World War.  Today they no longer own any silver, and must purchase silver in the open market to feed the coin program of the US mint.  The available silver from mining and recycling each year is barely keeping up with demand.  Not only has production been curtailed because of the low price, but few substitutes for silver have been found by industrial users.  They haven't bothered to look very hard, because silver was cheap and available.  In fact, they have rapidly expanded the number of uses for this miraculous metal.” James Cook, Investment Rarities.


John Williams (Shadow Stats) runs a famous advisory in which he dissects the government's economic data, and reveals the truth about what's really happening.  He notes that the government puts out optimistic data and then a month or two later revises or adjusts the data to tell the real truth.  For instance in a recent message Williams writes, “Payroll and employment numbers remain at horrendous quality, generally not comparable to earlier reporting.”


Many economists follow the so-called leading, coincident and lagging indicators to forecasting the US economy.  But some sophisticated economists follow what they call the “shadow leading indicator.”  This is the ratio of the coincident to the lagging indicator.  This ratio has proven to be very accurate.  This ratio is now in a downtrend, indicating that the US economy is heading down.  Williams believes that first quarter GDP will be down.”


Russell added: I've been reading a lot of history lately, and I'm aghast at the hardships and cruelties that were common in the early years of America, up to around the year 1900.  Imagine brain surgery with no anesthetics.  Imagine the hundreds of thousands of men who died of infections during the Civil War without any antibiotics.  Imagine complicated dentistry without Novocaine. 


Imagine childbirth without antiseptics and under unsanitary conditions.  The 20th century saw the world change, with the arrival of antibiotics, anesthetics and all the miraculous advances in medicine.  Ironically, the 20th century also included two horrendous world wars and the Holocaust.  Unfortunately, the modern world continues to be ruled by fear.  And if I have any purpose on this earth, it is to battle against fear.”


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 has more interviews being released today.


The audio interviews with Dr. Philipa Malmgren, Grant Williams, Dr. Paul Craig Roberts, Bill Fleckenstein, Gerald Celente, Dr. Marc Faber, Egon von Greyerz, Rick Rule, Ben Davies, Andrew Maguire, Art Cashin 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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