Great find V.. Thanks for posting it. Richard Russel had a related theme:

Russell's inner and unexpressed thoughts about the future -- I believe that we're living through a time of historic change for the US and the world. I believe the stock market is telling us an ominous story, but as usual, the stock market is well ahead of the story. I believe the stock market is heading into what may be the worst and most decisive bear market in history. The generations since World War II have been enjoying decades of good times with the help of fiat money and massive borrowing -- a process that has created an international house of cards. The stock market has forecast our great and "borrowed" period of the good life in its own way -- by giving us the greatest bull market in history.

Now the bull market is over, and the great correction (bear market) is upon us, but it's still in its early stages. The bear market will be hair-raising in its intensity and persistence. The bear market will produce losses that will be a wonder to behold.

The bull market was sustained by systematic inflation -- and fiat money created by the central banks of the world. Before the bear market is over, the very worth of fiat money will be in question, and the position of these central banks, including the Fed, will be in jeopardy.

According to Dow Theory, neither the duration nor the extent of a bull or a bear market can be predicted in advance. In my experience, primary movements, both bull and bear, (because of government interference) tend to run further in duration and extent than any one expects.

The first real danger signal -- the signal telling us that the top is in, and that the bear market's upward correction is in the process of breaking up. This signal came when the Dow plunged below its May 7 low of 10380.43.

Bear markets tend to proceed in three psychological or sentiment phases. In bear markets, the various phases are not always signaled by stock levels. It takes experience to identify the various psychological phases of a bull or bear market. In my opinion, we are now in the first phase of the bear market. This is the phase where the excitement and speculative excesses of the preceding bull market's final speculative phase are wiped out.

A second signal telling us that we are definitely in a resumption of the bear market will come if or when the Dow breaks below its March 9, 2009 closing low of 6547.05 low. If that occurs, it will mean that the first psychological phase of the stock market definitely is over, and the second psychological phase is about to begin. The second psychological phase is often the longest phase of a bear market, and it is the phase where stocks go down as they anticipate declining business and lowered corporate earnings. The second phase is the "reality phase" where investors finally realize that something is terribly wrong.

The world is rushing into dollars. The world is clearly treating the US dollar as a "safe haven." As my subscribers must know by now, I view all sovereign fiat currency as questionable. As a matter of fact, I base the world disaster we're now going through on the widespread creation of fiat money. Once bankers (the Fed) realized that they could control the money of nations, they realized that they could control nations. In my own mind, I view central banks and fiat money as "against the gods."

Cental banks create fiat money, denigrate gold, and try to convince the people that the money they print is wealth. That's the great lie behind fiat money. I see one facet of this bear market as the beginning of the end of fiat money. No man and no organization can create wealth with the click of a computer. That's the great immoral fraud underlying this bear market.

Smart investors, investors who know and understand history, are well aware of the fraud of fiat money. Which is why there is a bull market in intrinsic wealth today. Art dealers are amazed at the prices being paid at auction for top-tier art. Diamond dealers can't believe the prices being paid at auction for top-quality diamonds. No-nothings can't understand why gold is selling at historic highs in terms of various fiat currencies.

I view the developing primary bear market as a great moral drama. It's the market's answer to man's greed and his ability to brain-wash his fellow citizens. The gigantic fiat house of cards is slowly coming undone. Wealth is created by the sweat of man and the brain of man. To create "wealth" by fiat money is fraudulent and against both man and the gods. Great bear markets invariably uncover great crimes. This primary bear market will be of historic proportions and earth-shaking proportions.