Posted on 11/13/2011 12:09:04 PM PST by Razzz42
In this interview Rickards discusses his extraordinary new book Currency Wars: The Making of the Next Global Crisis. He also lets King World News listeners know what to expect regarding gold manipulation, the ongoing currency wars and much more. The KWN audio interview with Jim Rickards is available now...
(Excerpt) Read more at kingworldnews.com ...
Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries' stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008.
Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict.
As James Rickards argues in Currency Wars, this is more than just a concern for economists and investors. The United States is facing serious threats to its national security, from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds. Greater than any single threat is the very real danger of the collapse of the dollar itself.
Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years. Not only have their theories failed to prevent calamity, they are making the currency wars worse. The U. S. Federal Reserve has engaged in the greatest gamble in the history of finance, a sustained effort to stimulate the economy by printing money on a trillion-dollar scale. Its solutions present hidden new dangers while resolving none of the current dilemmas.
While the outcome of the new currency war is not yet certain, some version of the worst-case scenario is almost inevitable if U.S. and world economic leaders fail to learn from the mistakes of their predecessors. Rickards untangles the web of failed paradigms, wishful thinking, and arrogance driving
I’m a wishing I purchased some gold when it was half of what it is now. But wishing don’t make it so.
Jim Rickards is extremely knowledgeable about macro economics and the financial system. One of my favorite podcasts to listen to at www.kingworldnews.com (”Broadcast” tab). He is very insightful.
Looking for my copy of his new book in the mail from Amazon.con....
The dollar isn’t as devalued as it will be in several years. Meanwhile, despite volatility, gold will still hold real value...
In the long run, look to net exporters of oil and other important natural resources. Also, the manufacturing of useful products is the manufacturing of real wealth. Especially if a real war breaks out.
There is still a strong chance of buying opportunities in gold, but you have to act quickly, cuz they only last for a few hours.
Most people that haven’t participated in gold buying feel the same way you do, so when the gold price goes higher and higher, silver will attract the most buyers. Mainly because it is less expensive. Investors like buying stocks in gold and silver miners too. At least the producing mines esp. any dividend payers.
Great interview. Sounds like a book that is a must read.
We’ll have JustTheTruth report to us who won the simulated financial war game that Rickards says himself and a few of his pals participated in for the US.
sfl
Keep reading and stay updated so when your reality melts down around you, you’ll understand what’s happening.
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