As people continue to digest breaking news out of Greece and around the world, the Godfather of newsletter writers, 90-year-old Richard Russell, warned that central banks of the world are engaged in a desperate battle and that the ongoing financial crisis is leading people to take drastic measures in order to survive.
Central Banks Of The World Engaged In A Desperate Battle
Richard Russell: "The central banks of the world are pumping liquidity into the global economic system in an effort to thwart the current forces of deleveraging and deflation.
Meanwhile, Here Is What The Big Money Is Doing
The big money, the smart money, sees the picture, and they have been moving into tangible items, which tend to hold their purchasing power in the face of a dollar correction and possible eventual dollar collapse. Thus the auction dollar prices of great art, top quality jewelry, diamonds and classic cars have been exploding.
Here Is What People Need To Do To Protect Themselves
However the great mass of people cannot afford top quality auction items. Subscribers who cannot afford to buy Picassos or classic BMWs should protect themselves from the coming dollar collapse by buying silver and gold. The Fed, the guardians of our currency, has been doing whatever it can to keep the dollar price of gold down.
No Fiat Money Has Ever Survived
These are historic times, and the fate of fiat money will be to face reality. Remember, in all history, no fiat money has ever survived. From the greenbacks of the US Civil War to the present, the history of all fiat currency has been the same. The Continentals of the 1700s led to the expression, “Not worth a Continental damn.” Silver and gold have retained purchasing power for 6000 years. Currency which retains its purchasing power by fiat always faces the same fate and becomes worthless." You can subscribe to Richard Russell's 90 years of wisdom and remarkable writings at Dow Theory Letters by CLICKING HERE TO SUBSCRIBE.
***ALSO JUST RELEASED: Bill Fleckenstein – A Massive Stock Market Crash Is Coming, Despite The Not So Invisible Hand Controlling Markets CLICK HERE.
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