As people continue to digest breaking news out of Greece and Ukraine, today the Godfather of newsletter writers, 90-year-old Richard Russell, warned central bankers are now moving to protect themselves ahead of a historic global crash.

Richard Russell:  “Everybody and his brother are talking about when the Fed may raise rates, but few are talking about why the Fed may raise rates. But Richard Russell knows. The Fed will raise rates to protect its fanny. Remember when Alan Greenspan let the housing market go crazy and then crash? Greenspan’s answer was that nobody can tell when things get too hot, but after they crash, we should simply clean up the mess.

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