The U.S. Economy Is Even Weaker Than The Numbers: Jim Rickard

 

5 Sep 15

 

The agencies that include the CIA, FBI, Army, and Navy, have already begun to estimate the impact of the fall of the dollar as the global reserve currency. And our reign as the world’s leading super power being annihilated in a way equivalent to the end of the British Empire, post-World War II.

And the end game could be a nightmarish scenario, where the world falls into an extended period of global anarchy.

Jim Rickards fears he and his colleagues’ warnings are being ignored by our political leaders and the Federal Reserve, and we’re on the verge of entering the darkest economic period in our nation’s history.

One that will ignite a 25-year Great Depression.

 

“The System Is Highly Unstable—If [Confidence] Is Lost, It Can Melt Down Very Quickly”

During a time of increasing uncertainty in global financial markets, James G. Rickards, best-selling author and advisor to US Department of Defense and Intelligence Communities, was kind enough to share a few comments. 

When asked about People’s Bank of China’s recently announced gold reserve holdings numbers, James noted that, “I’ve been [to] China and [spoke] to secure logistics people, that [told me] gold is being brought in completely off the books…over land using People’s Liberation Army assets…coming in from Kazakhstan, maybe Russia.”

“[So] I’m not saying the People’s Bank of China is lying about their gold [holdings]…But whether to ignore how much gold [affiliates hold] off the books is the question…I think it’s reasonable to estimate at least 3000 tons…[but] there’s reason to think it could be [much] more.”

James also shared a recent conversation with former Federal Reserve Chairman Paul Volcker, in which Mr. Volker explained he “was one of the people in the room [at Camp David]” when the decision was made to close the gold window.

“What Nixon actually said—and Paul Volcker confirmed this when I spoke to him—is that they didn’t think they were going off the gold standard…[It] was a temporary suspension until the major global powers could get together…rewrite the system and…get back to a gold standard…at a different [much higher] gold price.”

Since the closing of the gold window there has been confidence in the system. “But if you push one wrong button, the whole thing melts down catastrophically,” James added. “You create a chain reaction…[where] I see gold going to $5000, $7000, [even] $10,000 an oz.” Read More

 

Jim Rickards: When People Say Gold Is Up, I See The Dollar As Down

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