This post Rickards: Elements For Financial Lockdown Are In Place appeared first on Daily Reckoning.
James G. Rickards joined up with the Mises Institute to discuss his latest book out now, The Road to Ruin and how the financial lockdown could come sooner than expected. During the conversation Jim Rickards speaks with Jeff Deist and highlights the financial elites plan for the looming economic crisis, the central bank agenda and highlights exactly how people can protect themselves.
“The elites see the crisis coming. That is something they are sharing with each other, not everyday citizens.” He went on to note his specific research and said that, “It is not speculation. All the elements to lock down the financial system, freeze your money, shut down ATMs has all been done before. That is what is happening now. All the elements are in place.”
James Rickards is a New York Times best selling author and has worked with the US intelligence community in advising on international economic issues. Rickards spent over three decades working in capital markets on Wall Street and within the financial sector. If you’d like to learn how to get your own free copy of Rickards latest book, The Road to Ruin, and have it sent directly to your doorstep, click here for more information.
“Catastrophic risk in complex systems, they do collapse periodically. They do implode on, they fold in on themselves. The worst thing that could happen is an exponential function of scale. What that means is that when you double the size of the system you don’t double the size of the risk. You probably increase the risk by a factor of ten. If you quadruple the size of the system, you probably increase the risk by a factor of 100. In other words, it is an exponential relationship.”
The best selling author highlighted, “Now look at the biggest banks in 2008. The banks that were too big to fail. Those five biggest banks in the United States today are bigger than they were in 2008. They have a larger percentage of all banking assets in the US. Their derivatives books are much bigger. They are more interconnected. This is all interconnected globally. Everything that was too big to fail in 2008 is much, much bigger today.”
When asked about the looming crisis and a financial lockdown he spoke candidly saying, “If you take the point that catastrophic risk increases exponentially, that means that if we have double or tripled the system, the risk is way up beyond anything we could imagine. Beyond anything we have ever seen before. The central banks are tapped out. The central banks are impotent in being able to stop it. We are going to have a crisis worse than any other. The central banks are going to be powerless to stop it. That’s why they are going to lockdown the system and freeze your money.”
Ed. Note: Sign up for a FREE subscription to The Daily Reckoning, and you’ll receive regular insights for specific profit opportunities. By taking advantage now, you’re ensuring that you’ll be set up for updates and issues in the future. It’s FREE.
The post Rickards: Elements For Financial Lockdown Are In Place appeared first on Daily Reckoning.
This story originally appeared in the Daily Reckoning