Visitors Now:
Total Visits:
Total Stories:
Profile image
By The Daily Reckoning (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Rickards: Elements For Financial Lockdown Are In Place

Wednesday, November 23, 2016 7:59
% of readers think this story is Fact. Add your two cents.

(Before It's News)

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.”  

To listen to the entire Mises Institute podcast click here.

Regards,

Craig Wilson, @craig_wilson7
for the Daily Reckoning

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 . The Daily Reckoning, offers a uniquely refreshing, perspective on the global economy, investing, gold, stocks and today’s markets. Its been called “the most entertaining read of the day.

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.