By Greg Hunter’s USAWatchdog.com
Financial expert and best-selling author James Rickards says another economic collapse is coming. Rickards contends, “It’s very clear, and you can prove this scientifically.
The next collapse will be bigger than anything in history or maybe since the Bronze Age or the fall of the Roman Empire. Why do I say that? . . . We have these things coming together. The system is larger. That means systemically it is exponentially more risky.
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The central banks don’t have any dry powder, and it is just a matter of time before the collapse comes.
- In 1987, the stock market fell 22% in one day, not in a week or a month, but one day. Today, that would be the equivalent of a 4,000 point drop. . . .
- In 1998, the Long Term Capital crisis shut almost every stock and bond exchange in the world.
- In 2000, the Dot Com; 2007, the mortgage crisis;
- and in 2008, you had Lehman and AIG (failures).
In other words, these events are not rare, and they happen every three, four or five, six or eight years. It’s not like clockwork, but nobody should be surprised if it happened tomorrow. We’ve got the systemic scale. We’ve got exponential increase in risk. The central banks are out of dry powder, and it’s been eight years since the last one. It’s just a matter of time.”
Rickards, whose latest book is called “The New Case for Gold,” says the yellow metal is a necessary survival tool to combat the next crash. Rickards, explains, “Part of the reason for having gold is, the next time, the response is going to be very different.
The last time, they printed [fiat] money to bail out the system. They can’t do that again because they never took the money back. The balance sheets are still bloated. . . .
All the global central banks are in terrible shape. The central bank balance sheets look like really bad, highly leveraged hedge funds.
So, what are they going to do instead? . . . .
- They are going to flood the zone with trillions of SDR’s (Special Drawing Rights currency from the IMF). That’s going to be highly inflationary.
- The other thing that’s going to happen is they are going to lock down the system. They are not going to bail out the banks. They are going to close the banks, close the exchanges and suspend redemptions in money market funds. They will reprogram the ATM’s so you can only get $300 for gas and groceries. It’s going to look like Greece or Cyprus.”
What is Rickards advice to the man on the street? Rickards says, “This will be a bigger collapse than ever before. The only rescue will come from the IMF, which will be inflationary, and they will lock you out of the system, which means you won’t be able to get your money.
So, my advice is to get some gold now. Don’t wait for the panic. Don’t wait for the price spike because you won’t get it when the buying panic kicks in. So, get your gold now, and put it in a safe place. Gold is non-digital. You can’t hack it. You can’t erase it. You can’t freeze it. That will see you through the crisis.”
On top of that, Rickards says, “The Fed wants inflation . . . . They are not getting it, but they have to have it. What does that mean for policy? That means they are not going to give up . . . . They are going to keep trying until they get inflation, and when that happens, you are going to wish you had your gold.”
[Rothschild’s employee John Maynard Keynes who penned Keynesian economics as an attack on capitalism ~ attacked gold and shilled big banks counterfeiting paper currency aka fiat currency.
Pedophile JM Keynes Celebrates the End of the Gold Standard laced in deceptive empathy.
How much will gold be in the future? Richards calculates, “$10,000 per ounce with 40% backing . . . if you had 100% backing (of the dollar), that number would be $50,000 per ounce.
The implied non-deflationary price of gold, depending on your assumptions, is between $10,000 and $50,000 per ounce.
If you are going to have a gold standard and you want to avoid the blunder of the 1920’s, you are going to have gold at least at $10,000 per ounce and possibly much higher. I explain all this in my book.” James Rickards, the best-selling author of the brand new book called “The New Case for Gold.”
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