Tuesday, July 22, 2003

More Joyful Noises From a Wall Street Oldster

"Russell, the dean of the investment newsletter industry, turns 79 on Tuesday. Russell celebrated his birthday early by selling all his bonds this past Tuesday -- 'every last one.'

Why did Russell do it? Because 'the U.S. is heading for maybe the greatest financial mess in world history.' "

. . .

"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."

See similar recent opinions by John Templeton and Warren Buffett below.


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