Jim Rickards: We're Witnessing One Of The Greatest Failed Experiments In Economic History
It all ends in the collapse of the dollar
Jim Rickards, author of the best-seller Currency Wars, sees the world’s central banks embroiled in a “race to debase” their currencies in order to restore — at any cost — growth to their weakened economies.
In the midst of the fight, the US Federal Reserve wields oversized power due to the dollar’s unique position as the global reserve currency. As a result, actions by the Fed create huge percussive ripples across the battlefield, often influencing events in ways little understood by the players — and especially by the Fed itself.
In Rickards’ words, the policymakers at the Fed “think they are dialing a thermostat up and down, but they’re actually playing with a nuclear reactor — and they could melt the whole thing down”:
It will play out in all markets. When I say collapse, it is a loss of confidence in paper money.
Take the Fed, for example. The Fed has printed almost $3 trillion since 2007. Now, that is without a liquidity crisis. I mean, we did have a liquidity crisis in 2008. And the first round – I would say QE1 was a legitimate central-bank response to liquidity crisis. But QE2 and QE3: we will look back over them and we will see them as enormous blunders in one of the greatest failed experiments in economic history.
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Whistler Blowers, Insiders
That was the plan to melt the whole thing down … He will understand later …when he’s presented with his very own microchip