The velocity of money has declined to 1.49, the lowest level ever recorded. From 1960 to 1990, the velocity of money average between 1.7 and 1.9. It reached a peak of approximately 2.2 in 1997 and has, for the most part, plummeted since then.
I don't know too much about Jim Rickards, just found this to be an interesting video about the overall economy and some tidbits about what our government agencies are up to. The video is a 45 minutes long interview of sorts and discussion. Just posting in the event other are interested.