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The Greatest Financial Mess in World History

Posted By Barry Ritholtz On July 18, 2003 @ 9:14 am In Finance | Comments Disabled

Its not that I agree with Russell (I don’t), but when a guy that’s been around forever, and has such a terrific track record, says stuff like this, it’s well worth noting:

Quote of the day:

“The U.S. is heading for maybe the greatest financial mess in world history. The U.S. is far too extended financially, militarily and socially in the way of entitlements that we can’t afford . . . As the bear’s grip tightens on the economy, the first rush will be to accumulate dollars . . . But when the nation hits the wall of [the Federal Government's unfunded liabilities, estimated at more than $40 trillion], the dollar will start to unravel as the U.S. attempts to print its way out of disaster. That’s when people will turn to gold.”

-Richard Russell [1]
July 6, 2003, CBS Marketwatch.com.

NOTE: Russell, aged 79, is known as the dean of the investment newsletter industry. He has been publishing his “Dow Theory Letters” since 1958. His stock market timing record is in first place (on a risk-adjusted basis) among all market timing newsletters tracked by the Hulbert Financial Digest.

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URLs in this post:

[1] Richard Russell: http://cbs.marketwatch.com/news/story.asp?guid=%7B9AE2DD7F%2DDB13%2D451E%2DBB2C%2D564DD2DDAE09%7D&siteid=mktw

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