Posted on 05/01/2022 2:40:22 PM PDT by blam
Five-time, best-selling financial author James G. Rickards says, “We could be in a recession right now,” but the title of his most recent book “The New Great Depression” says where we are definitely going soon.
Rickards says, “The current crisis is not like 2008 or even 1929. The New Depression that has emerged from the COVID pandemic is the worst economic crisis in U.S. history…”
“Most fired employees will remain redundant. Bankruptcies will be common, and banks will buckle under the weight of bad debts. Deflation, debt and demography will wreck any chance of recovery, and social disorder will follow closely on the heels of market chaos.”
Rickards says there are many negatives to the current economy, Covid, inflation, war, sanctions, supply destruction, and on top of all that, Rickards says the Fed will ultimately kill the economy with a policy mistake. Rickards explains,
“Probably in May they are going to have quantitative tightening, which means you actually reduce the money supply. So, this is triple tightening: Three interest rate hikes, no more taper . . . and doing quantitative tightening at a very rapid rate. What just happened? We had a down quarter. The economy was at recession levels in the first quarter, and the stock market is on the way down. So, here we go again. The Fed is tightening into weakness. It’s tightening into certainly a stock market bubble, and they are probably going to destroy the markets again.”
Inflation, according to Rickards, is very serious, and he explains, “It is the worst inflation in 40 years. You can’t argue about it, it’s there…”
“The inflation we are seeing now does not come from the demand side… It’s from the supply side. It’s because of the war in Ukraine. That’s a supply side disruption. It’s also from the ‘Zero Covid’ policy in China. They locked down two of the biggest cities in the world. . . . There are multiple reasons for supply chain disruptions…
By the time you pay for gas and groceries, if you can, there is not much left over…
That’s going to kill discretionary spending.”
Rickards says the signs that gold is going way up are global. Rickards contends, “The world could not destroy the dollar, but we could…”
“If you are putting sanctions on dollars and kicking people out of dollar accounts . . . why would I want dollars? The U.S. destroyed trust. . . .
If you want to get away from the dollar, there is not a currency or bond market you can go to, but there is gold…
Gold is money good, and it’s the only form of money the whole world can agree on.”
Rickards says the minimum gold price is $15,000 per ounce in the not-so-distant future. Rickards says depending on the backing and math, it could go up in value much higher. Rickards likes silver, too, and food for the common guy. Food prices are going to go much higher according to Rickards, and in some places in the world, he expects out right starvation.
There is much more in the 55-minute interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with five-time, best-selling author James G. Rickards for 4.30.22.
(Please click to the site to see the video)
Ditto.
I have PM's as insurance, I don't expect to make money on it.
One day things ARE going to break and most are going to be surprised.
I'll have a little bit of something afterwards.
“This sort of debt cannot go on forever. Flooding the country with the world’s poorest of the poor.”
That’s the plan, break the system.
T. Rex ruled his era.
American management is now of decreasing quality.
The Federal Reserve and Congress have undermined bank depositors, creating a bullish stock marker that foreign investors have bought into.
However, the Chinese rich know after seeing Russian oligarchs slammed that Western democracies are dangerous places to invest money.
Sounds like the evil plan is on the move. As usual, we will sit back and watch while we can.
“poorest of the poor”
Most Latin American immigrants come with a good work ethic and considerable cultural compatibility.
Europe is typically getting lower quality immigrants compared to the USA.
A Kennedy once said he was prepared to buy as many votes as necessary, but not more.
He meant it as a joke, but it is the Democratic game plan.
Putin would like the world to turn to commodity certificates.
($169 Trillion unfunded liabilities)
Yep, pointed that out a couple weeks ago
[However, the Chinese rich know after seeing Russian oligarchs slammed that Western democracies are dangerous places to invest money.]
What muddies the waters is “paper gold”, which has increased just like the paper money supply.
The price of gold cannot take off until purchasers of paper gold demand delivery of their physical gold—all at the same time.
Then the music will stop and most will not have a chair.
When and how the music stops is above my pay grade.
>>Most Latin American immigrants come with a good work ethic and considerable cultural compatibility.<<
If they come legally, I’ve got no issue. It is the hundreds of thousands coming illegally.
Overloading our infrastructure, schools, hospitals, prisons. Taxes (federal,state,local) are higher than they should be to pay for all this.
Inner city crime is higher. Insurance rates higher because of illegal gang violence/crime.
I could go on, but you get the point I’m sure. Here in Texas, we’ve had to deal with illegal aliens and all that comes with it for decades.
The wife and I are a few years from retirement. Social security/medicare...pfft! Prolly never see it or if we do, it’ll be much different.
Started mine early a few months ago.
We’ll see how long it lasts.
Well, here’s a little $50 off sale on gold for ya. [Monday am /GC -52.80]
Gold on sale @ 1803. Hmmm.
My best friend bought gold and silver every week at yard sales ...his wife said he had been doing it for 40 years. When he died, he had 44 pounds of gold (in the form of mostly jewelery) in his house.
I wasn't told how much silver was there and I didn't ask.
He influenced me years ago.
A good friend whose Mom just passed (@ age 101) had 3 safes in her house, and had conducted an informal jewelry buy-sell biz since the 40’s. Unfortunately, she wrote out the combos on a piece of paper in her desk and one or the other of a cleaning crew found the paper and cleaned her out. My pal estimated she had a solid $million in those safes.
Yeah, the slow accumulation at cheap prices is the way to go, though it is slow money. When silver was $4-5-6 right around Y2K, I started buying all the sterling flatware and junk coins I could find, bits at a time. I’m very sorry I didn’t load up on $275 gold, I was admonished to buy with both hands at the time. The other day I just found one of the receipts from a 3-rolls of quarters buy @ 3.25 x face. Wow. I ended up with about 300 lbs of sterling forks/spoons and the best silver trade I ever did was selling about 2/3rds of it @ 38.50.
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