Richard Russell – Damn The Avalanche Of US Lies & Propaganda
June 17, 2014
At nearly 90 years old, the Godfather of newsletter writers, Richard Russell, once again railed against the U.S. government for its “unending stream of lies and propaganda.” The 60-year market veteran included 3 extremely important charts of key markets along with his scathing indictment of the United States.
Russell: “The big picture as Richard Russell sees it: A primary bear market in the stock market and the US economy began in 2007. The bear market in the US economy is continuing to this day. But the Federal Reserve stepped in and manipulated the stock and bond markets, eliminating the discounting functions of these markets.
The recession which started in 2007 continues to this day. The first quarter of 2014 showed GDP down 1%. Conventional wisdom believes that the second quarter will show an improving GDP. My thinking is that since we are still in a continuing recession, Wall Street and Main Street will be absolutely shocked when they learn that second quarter’s GDP was down and that we’re still in recession. (Note — two successive down-quarters meet the definition of a recession).
The government and the Fed have lied to us about inflation and the economy and employment. We’ve been living under an unending stream of lies and propaganda. I think the cork is finally bursting out of the bottle.