from King World News
The Godfather of newsletter writers, Richard Russell, had some ominous warnings at the end of last year. This is part of a weekly series KWN is running from the legendary financial writer.
Richard Russell: “Normally, free markets allocate capital very efficiently. But the Federal Reserve has taken over the free market and as a result, money has gone mostly to the upper 1%. One of the results is that savers are unable to get satisfactory returns on their money.
In desperation, Americans have turned to junk bonds as a source of income. Long-term Treasury bonds sell at fantastic prices and provide yields in the 2-3 % range.