“The fact is that the Fed is happy with 2% inflation each and every year. Compound 2% inflation year after year, and you know what's happening? -- you've effectively wiped out the middle class. Between inflation, stagnant wages, higher taxes, and no jobs, the middle class has hit the brick wall like a fresh egg hitting the trunk of a redwood tree.

Why are you fearful, oh ye of little faith?” asked Jesus. And the answer is that I've been fearful all my life. It's probably a result or a reaction from growing up during the Great Depression and having my wits scared out of me during my stint in World War II. Today's young ones are fearful because they can't find jobs. Stop worrying, guys and gals, believe me it could be worse.

At present, I have no particular or specific thoughts about what the market may be telling us. But my faithful PTI remains bullish, and as I've said maybe a thousand times before, ‘My PTI is smarter than I am.’

I feel nervous when I can make an argument for the market -- either way -- bullish or bearish. I stated on yesterday's site that I've had my fill of this market. Let the Dow go to a new high over 14,000, and I'll just heave a sigh of relief.

From a Dow Theory standpoint, neither the Industrials nor the lagging Transports have

During the Depression wealthy individuals husbanded their dollars, and later got rich buying the battered remains of the Jazz Age of the twenties. It may not be that easy and cut and dried this time around. This time history may not rhyme.

As for gold, it continues to creep up toward the 1700s. Come to think of it, this is a creepy market. Nothing's moving fast -- just endless creeping.

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/3/25_Richard_Russell_-_Gold_%26_Silver_Being_Bought_Up_By_Billionaires.html