Richard Russell – I’m Afraid We’ll See Blood Spilled In America

Monday, May 19, 2014
By Paul Martin
May 20, 2014

Today KWN is publishing another important piece that was written by a 60-year market veteran. At nearly 90 years old, the Godfather of newsletter writers, Richard Russell, warns that we will see blood in the streets as Americans revolt because of skyrocketing food prices. Russell also discusses the missing U.S. gold hoard and more.

Russell: “Headline in today’s WSJ: “Lackluster Earnings Leave Stocks on Thin Ice.” The article continues — “Investors had expected results to improve in the second quarter. Analysts are forecasting a 6% profit gain. Yet of companies offering guidance, 72% have warned that second quarter results could fall short of Wall Street’s expectations, which isn’t great but is better than the 80% level of the past three quarters.”

People are frightened, and they are ready to believe that a catastrophe lies just around the corner. They are pulling their hair out trying to find some way of creating income. In their frantic search for income, people are ready to believe any hare-brained scheme that promises them profits and income.

Out of all this comes the concept of income inequality. Income inequality has been with us forever. Remember John D. Rockefeller and JP Morgan? Now Mayor Bill De Blassio of NYC thinks he can solve the inequality problem by taxing the hell out of the “rich.” He’s scaring wealthy New Yorkers half to death, and many are leaving the city.

But the problem is not with the rich. The problem is with the collapse of the middle class into the lower class. The thinking is to tax the rich or raise the workers’ salaries to end inequality. Now we see an effort to raise the minimum wage of fast-food workers to $15 an hour. And this effort has gone international. Workers in fast food outlets all over the world are pushing for wages of $15 an hour. Of course this won’t work unless we see burgers at $20 a pop and Cokes at $10 a cup.

But the movement is indicative. People in the US and all over the world need income and a living wage. People believe that if a CEO receives payment 300 times larger than his average worker’s pay, then something is terribly wrong and the situation must change. When it changes, everything, at least theoretically, will be hunky dory.

The Rest…HERE

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