"
With gold holding near the $1,625 level and global stock markets
attempting to stabilize, the Godfather of newsletter writers, Richard Russell,
discussed Chinese gold purchases and warned about an imminent collapse and
depression in Europe and urged investors to protect themselves: “Older subscribers probably remember the brilliant
Richard Koo. He was the FIRST to warn of the coming balance sheet recession.
In yesterday's Financial Times Koo warns that if the ECB cuts back on money
creation, Europe could be in for an economic depression.”
Richard Russell
continues:
“Koo finds agreement from Nouriel Roubini, the famous
NYU prof. who was the first to warn of a coming housing collapse. Says Roubini,
‘Europe could get worse than Japan. Japan had a Great Recession and a Great
Stagnation, but it never had a Great Depression. But a recession in some
Eurozone countries could become a depression, just like the 1930s.’
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