Richard Russell: “The fundamentals in the US and the world are enough to turn your hair gray. Debt worldwide is out of control. Total debt to GDP in most countries in the world is at a mind-blowing 300-400%. It’s obvious that this debt will never be repaid. As the US continues to grow, it is forced to borrow more money.
The Fed now owns $2.2 trillion in federal debt. This year, in 2013, the Fed has purchased more debt than the Treasury has issued. I could go on and on about the horrors of the debt situation. But remember, the market is not stupid. It contains all the information known to everybody. This is the reason that I follow the markets so closely. If we are heading into a brick wall, the market will know it and reflect it.
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