As people continue to digest breaking news out of Greece and around the world, the Godfather of newsletter writers, 90-year-old Richard Russell, warned that panic will set in if we get confirmation that economist John William’s dire prediction is now unfolding.
Richard Russell: “The economist Richard Koo calls this the balance sheet recession. The problem here and in the whole world is a four letter word — debt. Despite the fact that the Fed has been spewing forth trillions of dollars of fiat money, the retail public, chocked up with debt, is saving and paying off debt rather than spending more. The balance sheets of the retail public, the US, and the world, are loaded with debt.
U.S. Economy Based On Wishes, Lies And Propaganda
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