Jim Rickards, author of Currency Wars and The Death of Money, gave a long and entertaining interview to Hedgeye TV this week. Rickards talked in-depth about the failures of Keynesian monetary policy. Like Peter Schiff, he believes that the Federal Reserve will not be able to successfully taper quantitative easing. Most importantly, Rickards emphasized how quickly the international monetary system will collapse, though exactly what will trigger that collapse is hard to identify. One of your best protections is hard assets, but make sure you buy your gold while you still have the chance!
“[The next collapse] will happen very quickly. You won’t have time to adjust… When you really want your gold, you’re not going to be able to get it, because the big guys will get it. The central banks will have it… multi-billion dollar hedge funds will be able to get some gold… But the mint will stop shipping it, your local dealer will run out…”
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A combination of events will bring the collapse closer. Trade wars, financial wars, sovereign debt, the bankruptcy of financial giants… It’s shocking, but true: we are in the middle of financial wars, trade wars. And the bilateral agreements for ditching the dollar are part of the phenomenon.
The Chinese economy’s slowdown, the Chinese real estate bubble (if it pops) can have devastating effects.