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Russell: “Gold symbolizes the omnipresence and all-power of God.” Emmet Fox


I've lived through many primary bear markets and recessions and believe me, they are always miserable. Some have been saved through the old limerick, “He who panics and runs away lives to invest another day.” 


During the 1800s there were many panics and recessions. This finally paved the way for a central bank and the Federal Reserve in 1913.


Returning to the problem of today's insane debts, I don't see the US following Argentina's example and reneging on our debts. No, I believe we'll follow the Fed's example and attempt to INFLATE our debts away -- in other words, to minimize the enormity of our debt through inflation.


If you owe ten thousand dollars, and you have total wealth of five thousand you are bankrupt. But if you owe ten thousand dollars and you have wealth in the millions of dollars, your ten thousand dollar debt is nothing but a minor annoyance.

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I am asked how I have dealt with my own fears. Through debilitating fears due to surviving bear markets and panics, I have learned to depend on God for my safety. My safety, and my source of everything, is God. Fear is always based on a lack of belief in God.


Late Notes -- The stock market was higher across the board today. Precious metals backed off a bit, with gold down 5.9 but still comfortably above the 1200 level. I continue to think that gold is building a strong base while holding within its trading range of 1200-1400. I gather the Fed is continuing its schedule to eliminate QE by October. My intuitive guess: when the Fed ends QE around October, the market will do the unexpected, which will be to surge higher. There are now 6 distribution days for the S&P and 5 for the NASDAQ. I take this to be evidence of money managers taking profits and lightening their stock positions. 


China is on a mission to increase gold as part of its reserves, and in my mind I call it “the Chinese put” under gold. While the US stupidly continues to despise gold, the rest of the world accumulates gold whenever the price drops a bit. To my mind, gold represents the truth while fiat money represents a man-made lie. Interestingly the Bible repeatedly mentions silver and gold, but never a word about fiat money.


Along these same lines, this was an important previous note from Richard Russell:  “No fiat money has lasted for as long as a century.  The US has had prior experience with fiat money -- the Civil War Greenbacks, the “Bills of Credit” of the original American colonies, the ill-fated Continentals during the Civil War.  None of these have survived, and neither will the Federal Reserve notes that we now refer to as “dollars.”


I dislike falling back on the morality argument, but consider this.  I may work a lifetime for five million dollars.  Yet some academic working for the Federal Reserve can press some keys on a computer and create ten billion dollars instantly without working up a sweat.  Is the ten billion dollars he creates moral money?  Did anyone work for the money?  Did anyone take a risk for the money?  Did anyone drop a bead of sweat for it?  No, then I claim it is immoral and actually evil money, and as such it is doomed.  


The only power evil has is the power to destroy itself.  I affirm that the Federal Reserve note is doomed.  When the Federal Reserve note goes down the drain, all fiat money in the world will go down with it.  Today information travels around the world with the speed of NOW.  People around the planet will see that fiat money is a fantasy and a counterfeit fraud foisted upon them by unconscionable and unscrupulous bankers.  It is then that the crowd will turn to gold, in much the way that people turned to gold back in 1978 to 1980.”


To subscribe to legendary 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 many more interviews being released today.


The audio interviews with Andrew Huszar, Dr. Paul Craig Roberts, Andrew Maguire, Art Cashin, Michael Pento, Gerald Celente, MEP Nigel Farage, Eric Sprott, Bill Fleckenstein, David Stockman, William Kaye, and Marc Faber 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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