As people continue to wild trading in key global markets, the Godfather of newsletter writers, 90-year-old Richard Russell, warned that we are now living through the greatest coverups and explosions of lies and propaganda in history.
Richard Russell: "The Fed continues to deny inflation. Yet their denials are now almost a joke, with nearly every conceivable item in daily use rising in price. Furthermore, with the minimum wage rising across the nation, inflation is now starting to accelerate.
Industrials are again above the critical 18,000 level, with the Nasdaq above 5,000 again and flirting with a record high. Are the averages forecasting an economic boom ahead? The Transports continue to deny the good times. The lowly Transports are telling us that something is very wrong. The action of one average alone (Industrials) cannot forecast things to come. The Transports continue to negate the Industrials' forecasts of good times ahead.
I just received the latest copy of John Williams’ Shadow Government Statistics. The July 17 issue starts:
“New” recession remains in play. A virtual certainty. Though broad recognition of same still may be a couple of months out. Real earnings for all private employees plunged in the second quarter of 2015.
The Greatest Coverup And Explosion Of Lies And Propaganda In 60 Years
Can John Williams be correct, that the nation is sinking into recession again? If true, we’re living through the greatest coverup and explosion of lies and propaganda that I’ve ever seen in all my years of writing Dow Theory Letters.
Fed To Open Spigots
Writes John Williams, “inflation adjusted June retail sales declined by .6%, weakening annual growth signaled an intensified recession.” The Fed cannot face the idea that they’ve pumped trillions in new money and the US economy is sinking into recession. If the Fed finally concedes that we’re in a recession, it will open the spigots wide, producing something which I think will be close to hyperinflation.
The dollar is rising to new highs. If the recession story is true, the dollar should crash and gold should regain its bull market. In the meantime, turning to Greece, it is testing the patience of the euro nations. My guess is that Greece will end up on its own, and not as a partner in the great euro experiment." I would urge all KWN readers around the world to subscribe to Richard Russell's 90 years of wisdom and remarkable writings at Dow Theory Letters by CLICKING HERE TO SUBSCRIBE.
***ALSO JUST RELEASED: Monday's Panic Selling In The Gold Market Has Only Occurred 6 Times In History – Price Moves After Each Historic Move Are Remarkable CLICK HERE.
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