With continued uncertainty in global markets, the Godfather of newsletter writers, 91-year-old Richard Russell, warned that a devastating bear market will destroy the current monetary system.
September 30 (King World News) – Richard Russell: “For those of us who are hoping for the best for the US, (Monday) was a discouraging day. I’m seeing something I haven’t seen in years. Four of the big averages that I follow are all showing triple digit declines. This includes the Industrial average, the Transports, the Nasdaq and the NYSE Composite.
Devastating Bear Market To Correct Gains Since 1932
My thinking is that this is the big bear market that will correct the entire rise from the 1932 low. In all my years of writing since 1958 I have never allowed my subscribers to stay invested through a primary bear market. I have kept my subscribers out of common stocks (except gold). For most of this bear market, we will stay on the sidelines, until I have evidence the bear market has ended.
Nobody knows how low this bear market will go, but I see it as the great adventure of the next few years. It’s been many generations since Americans have seen hard times. I rest on the old axiom “prepare for the worst, and hope for best.”
The Destruction Of Fiat Money And A New Monetary System
The trash of fiat money will disappear, and silver and gold will take their rightful place in the world monetary system. As the old system is destroyed, a better and finer monetary system will grow out of the ashes. My blessings to all my faithful subscribers.”