"The 'good 'ol days' can't go on indefinitely. We've already spent it and gone through the 'good days.' The decade of 2010 might be called 'the reality decade' or the 'decade when America faced the math.' Could the US default on its debt the way it defaulted on gold transfer payments in 1971? Yes, it could. Could the dollar collapse prior to a debt default? Yes it could. If the dollar collapsed, where would safety lie? It would reside in items of intrinsic value such as real estate, gems and gold. Our irresponsible politicians plus the Federal Reserve and its 'counterfeit money' (I'm referring to the unconstitutional Federal Reserve Notes) have placed the nation on the edge of the cliff. Will we step back or will we go over? That's the great question of our future. Either way, the once-great American empire will lose its power and its fabulous standard of living. Did I say 'fabulous?' Yes, what I meant was -- fabulous in the eyes of the Chinese, the Indians and most Africans and Asians. Fabulous to half the population of the world, most of whom live in poverty or just above it."
Richard Russell, The Dow Theory Letters - 9/28/09