Jim Rickards about the aftermath of the current depression

Paul Buitink talks with author and analyst Jim Rickards about the severity of the current economic depression and its aftermath. Jim expects an L shape recovery. What will be the role of the US and the dollar going forward? What about deflation? And what will be the role of gold, the euro, SDR and bitcoin? Check the video to find out. Jim strongly advises to learn from the previous crises.
Follow Jim at / jamesgrickards
Follow Paul at / paulbuitink

[@sarge27271]

Jim's point is bang on. Will those small businesses re-hire all their employees? Also, HOW MANY of these small businesses WILL re-open? THAT"s the question. The consumerist America we knew is gone. Retail has been taking a beating like there's no tomorrow since 2018. The local mall near my house was 60% empty, two weeks before Christmas. It won't re-open. Let's be honest, ALL of businesses run off credit. So most are running hand to mouth. I doubt many have the financial fortitude to withstand this shut down. I am no economist, so I won't pretend to understand all of the intricacies of the markets. But, just like a cop trying to solve a crime, the first thing you do is follow the money. So, my suspicion is the ORM broke back in Sept. The PTSB had to do something. Beer bug shows up...("Never let a good crisis go to waste~ Rahm Emanuel) The angry "pitchfork and torch mob" won't be have anyone to point a finger at when the pensions flush down the toilet. Quinky-Dinky....

[@vcoonrod]

You are right, these businesses that took part in the payroll grant program likely not retail. You've made several good points!

[@sarge27271]

@@vcoonrod Thanks

[@jacobsteenhuysen7526]

The MSM is very loud about public companies taking PPP money. But you are not hearing about how many small businesses are getting PPP grants. This is so so so so so much money. People are being left on payroll and just being paid even though they're not at work.

[@leomarkaable1]

Retail, including restaurants, are contact businesses; meaning people have to be confident to meet and greet each other. If a second or third wave happens it will be quite a long time before that confidence returns. If a vaccine appears, things will get better, but not until then.

[@Markus451]

The "pitchfork & torch mob" are the same people who have been voting in the US leadership, where Republican and Democrat alike have been running enormous federal deficits for decades now. So, to quote Pogo, "WE HAVE MET THE ENEMY, AND HE IS US." www.thisdayinquotes.com/2011/04/we-have-met-enemy-and-he-is-us.html

[@tylerinvests]

I never understood what is wrong with prices going down? Why are we paying $2.50 for a cup of coffee? We should be paying $.10 cents for it. This way people can save more money. And what is wrong with people saving money "Jim"? Oh lets see, maybe when the economy is shut down people have savings that could get them through for 6-12 months.

[@jackgoldman1]

Problem is debt is money and there is more debt, international credit, than local real gold and silver can balance. We are on a debt binge and the debts must expand or collapse. The bail out is for bond holders, not employees. Delta bail out is for bond holders. The same pilots fly the same places. Owners change. Trouble is how to get out of a deflation when real demand falls. Debts are defaulted on. It's a huge problem servicing trillions of dollars of debt. We are in a massive debt bubble. Hope it does not pop. Glad I am retired.

[@jaydee5447]

Tyler Pratt ....I think Jim would actually agree with you. I think Jim is more referring to the economic system as it currently exists. I believe he would ultimately argue for a system where savings grow over time but nearly impossible to do with fiat currency...with that said I agree with you wholeheartedly

[@mz-dz2yn]

the monetary system is a control mechanism to purposefully keep the 99pc of the people in hand to mouth existance, u dont think of yourself as that u think of u as mid class but to the bankster class anyone who makes less than 500k p year is not even a human being just a slave

[@69TDUB]

Gold to Silver ratio 113 to 1 Out of the ground ratio 9to 1 Physical Silver no counter party risk.

[@silverbullag4759]

Except jp morgan

[@leomarkaable1]

Silver is dead now and forever except as an industrial metal; if there is a little increase in investment demand there will be a greater increase in supply from hoarders, and the price will decrease again.

[@69TDUB]

@@leomarkaable1 you're just not paying attention. KZbin hidden secrets of money watch all 10 episodes. Pay Attention

[@stephenpack2202]

19 billion oz,s of silver reserves...hardly rare

[@69TDUB]

@@stephenpack2202 2650 times more rare than the worthless infinite dollar.

[@josorio211]

Please ask Jim, "If the problem the government has is not money supply, but instead money velocity, why not hand out the money and Stipulate the acceptable uses for it?" For example, 100k to everyone, 30% debt reduction, 10% Savings account, 10% Retirement account. And 50% Discretionary. Anyone who breaks the model, must repay at 5% APR. Rest is forgivable. That would destroy debt which increases cash flow, prop up bank deposits, prop up stock markets, and increase velocity dramatically. Please ask his thoughts. Great interview, new sub.

[@iamharjap]

My thoughts exactly. To add to that, we need massive GLOBAL write down of debts. The global economic balance sheets I'd imagine are running out of runway and the banks are the only ones that don't lose out of all this. We truly need a debt reset and then the cash payments from governments to citizens would have greater impact in their lives and the overall economy.

[@josorio211]

@@iamharjap I think we are going to see a Debt Reset soon.. I think we are also going to see a change in currency ecosystems.. Example, Dollars are issued by Treasury, and redeemable in gold. BUT, those dollars are only redeemable by Citizens, and Gold is not able to cross borders. Instead, global trade balances are settles in a global currency, like the SDR or in my opinion, Bitcoin. Bitcoin allows other countries to settle trade balances and audit the accounts of other countries before sending trade goods. And no one country would control the currency because it has a fixed supply and decentralized and fully auditable record kept.. Jim had mentioned this before, that the US dollar will become a local currency only and SDR will be the world currency.. the importance of separating those two ecosystems is that it stops other countries from manipulating your own countries currency.. they cannot buy dollars, or use dollars we spend in their countries to buy our gold.. instead they will settle those accounts in only Bitcoin or SDR. Only the citizens of the country issuing currency can redeem that currency for gold. It seperates local asset prices and currency values from global manipulation.. and still allows international trade, based on a fixed value and supply currency like SDR or Bitcoin.. Look out for the Mar A Lago Accord, as Jim has mentioned, where the set the price of currencies vs. Gold, and currencies vs. International Trade currency, like SDR or Bitcoin

[@LukeMikic21]

@@josorio211 that's an unbelieveable analysis mate, do you think some countries will possibly try to frontrun it and buy a stack of bitcoin while it's cheaper than it's settling price. Do you think the IMF will give each central bank around the world an equal amount of Bitcoin or do you think they'll have to purchase it themselves in varying quantities ?

[@mz-dz2yn]

because the entire historical purpose of the fed is to increase debt by indebting the entire country , suck bank deposits out of peoples hands as much as possible thru stk bond casino

[@joycekoch5746]

With our stimulus check we started a garden in our back yard. It was surprising how inexpensive it was. Now we will have our own food coming in much of the year. With the traps laid out we can pretty much be certain getting a rabbit once a week.

[@kevinford6420]

And the odd thief who will try to take it from you, 😂😂😂

[@mktwatcher]

Good interview with Jim. Jim finally took a little different angle on his past memorized delivery. Jim, you need to speak more often about how FDR and Nixon both raised the exchange rate of the USD to Gold! (Of course until Nixon ended the link between the two.)

[@azmodanpc]

Sobering and informative. Great interview.

[@brandonwoods3485]

Awesome interview

[@robertgorden8066]

Great interview Paul. You are a smart guy. Kudos.

[@ClintRusbridge]

Awesome thank you very much

[@Overbelaste_Belastingbetaler]

Jim Rickards en WIllem Middelkoop zijn IMO een van de beste Economische voorspellers. Dankzij hun had ik nog tijdig edelmetaal ingeslagen. Probeer nu maar eens voor marktprijs 1 ounce zilver te kopen.

[@wilmawood4628]

No better person to present economic common sense in an easily understandable fashion.

[@luct3368]

It is always telling in the arguments one makes as it points to their state of mind. When people make emotional arguments or use shaming language, it indicates they have moved past rational thought.

[@greri88]

Paul great interview but sound is bad. I can hear Jim clearly but you need a new mic for yourself.

[@PaulBuitink]

Thanks for the feedback, will take care of it

[@larvancioramos9748]

Jim Rickards speaks low and fast always, diffivult to catch everything he saying

[@dbanks128]

100 percent agreed. People are going to see gold revalued to 10k an ounce and decide they need to go buy a car? They will never connect those dots. 1933 was a very long time ago, and people have completely forgotten the purpose of precious metals. I like Rickards a lot, but sometimes you can tell when a writer is spending too much time in books and not in the real world.

[@akultisgod5538]

hes saying change the price of gold without rewarding gold holders- so what hes saying is have the government CONFISCATE gold and THEN raise the price of gold. this happened before... so rickards is saying that people who were smart enough to buy gold should NOT profit from it! not turning in my gold until im ready.

[@erellip]

Mr. Rickards makes the argument that by raising the gold price to $5000, which will make commodity prices go up and so inflation picks up to entice the consumer to spent. But when inflation picks up so will interest rates, at least the long term rates. Given the fact that the world is drowning in (even more) debt we can't afford even slightly higher interest rates. I would have liked to hear his answer to that question. Thanks for the interview!

[@austinprovins5089]

Jim you are so right on. Bill

[@Ikilledthebanks]

Great interview, thank you. The dollar is no longer backed by gold as you both know better than I, would the treasury repricing gold still have the same effect?

[@gt5713]

I think he is suggesting that they would tie the dollar to gold by offering to buy all the gold for $5000 per ounce, and presumably sell gold for the same price if anyone wanted to buy it. I'm not sure this would work, though. It would just pump millions of dollars into the few hands that hold gold and wanted to trade it or dollars. I can see some people taking advantage to pay of their house or their other debts, but for most other people, who see gold as their savings, would they trade their savings for a piece of paper that they see as potentially failing soon? If they did, any gold they sold for paper would only be to temporarily get dollars to buy some other tangible item. This would drive up the price of stocks, and housing, and most essentials that people need to live, while the wages for most people would be slow to follow. There would be a lot of currency in the hands of a few while the debt load remains hanging around the necks of the rest of us. This is a recipe for revolution in today's environment, and doesn't really fix any of our problems. If you want inflation, which to be clear I don't think should ever be the goal, it would be more directly achieved by giving money to the poor people who will spend it immediately. That would be guaranteed to cause inflation and reduce personal debts and would push businesses back into production, allowing them to pay down their debts and would be almost guaranteed not to cause a revolution. The inflation would flow to gold and other assets eventually, as it always does, but you as the government would be trying to make sure that the workers of the nation don't starve during the transition and start killing their neighbors. That seems like an important goal to me. The idea that the government would intentionally decimate the savings of all citizens in order to balance their books is deeply troubling, and there is really no way to do it fairly. Any default always hurts savers and benefits debtors, which is bound to piss a whole lot of people off.

[@Ikilledthebanks]

Jimbo Smiffey ca Cantillon effect I think there is a strong case for MMT. I mean if we get an inherently immortal system either way I say we try MMT and it would ratchet up velocity.

[@gt5713]

@@Ikilledthebanks We already have MMT, and we have had it for fifty years. Sound money and small government is the answer, anything else is a form of soft slavery.

[@Ikilledthebanks]

Jimbo Smiffey I should clarify, I mean UBI under MMT. I’m off the Austrian School persuasion but if we are going to have a shit fiat fractional reserve system either way I think MMT may be better than croney capitalism.

[@gt5713]

@@Ikilledthebanks No argument there, but we are just two slaves, toiling in the fields, suggesting that our owners should get out here and help us out for a while. That won't happen, though, unless we use force to make it happen. Alas, we are too scared. Oh well, our shitty owners seem like they might keel over any day now. Maybe when that happens, we can take advantage of the situation and find our way to freedom. Good luck!

[@thewhitehotel8348]

This was one of Jim's best interviews and I think

[@jamesruscheinski8602]

People can set up work / business from home

[@rubster1975]

Erg intressant. Tot dat Jim over Bitcoin begon. Jammer dat zo'n wijze man zo dom kan zijn over 1 specifiek onderwerp.

[@willeke8855]

Hij ziet btc als zijn concurrent. Ik zou ook mijn opponent niet steunen.

[@MichielBruijn]

His salary is dependent on not understanding it. But you can't really blame a Boomer.

[@yjrodenas]

@@MichielBruijn Or could it be that a guy that has written several top selling books on macroeconomics and made his fortune irrespective of #btc sees #btc for the farce that it really is? I told you tulip boys would lose their minds.

[@MichielBruijn]

@@yjrodenas selling books not necessarily means you're right.

[@Denkie578]

Ik dacht eerst dat hij een grapje maakte. Ik stond versteld. Zoveel wijsheid en toen ineens Bullshit. Die man heeft aantoonbaar weinig kennis van Bitcoin of het is een goud maximalist die geen concurrentie duldt van Bitcoin.

[@grostig]

@Paul, your microphone sounds bad, muddy.

[@PaulBuitink]

Yeh was stupid of me. On Saturday I will interview James Turk and I will make sure it's set up properly.

[@artytomparis]

Excellent summary. Here's hoping I can come out the other side of this.

[@mktwatcher]

What Jim is saying emplies that the U.S. begin to back the USD with Gold again. They just need to raise the exchange rate to say $5000 USD / Ounce! This seems like the first time that I've heard Jim take this angle on how the U.S. Govt. could devalue the USD by raisinng the exchage rate of the USD to an ounce of Gold.

[@Chris-ol9tc]

why would change price of gold change velocity?

[@johnjordansailing]

Supposedly by spooking people into getting rid of currency that is losing value.

[@Chris-ol9tc]

@@johnjordansailing you mean that people buy gold with currency?

[@leomarkaable1]

There is going to be a huge increase in crime. Robberies on the street, kidnappings, and illicit drug and sex crime will increase dramatically. Consequently a police state will ensue and remain for a very long time.

[@rberding]

You are fully right. Greetings from Panamá. One of the 3 small countries without a central bank that can create money out of thin air.

[@frederickmuhlbauer9477]

Buy Gold and Silver while it’s still cheap people

[@wotcherfaz]

50K to each of 300million is only $15Trillion... USA is already pumping out currently $10T per year right now..

[@ashthegreat1]

Annually, that'd get our of hand pretty quickly... and exponentially as its buying-power diminished.

[@well.thy.one.]

wotcherfaz lol sounds like a cant miss plan

[@smoothfrequency558]

Thank you!! Biggest secret of all time. Printing money doesn't create inflation!

[@frederickmuhlbauer9477]

It sure does if people spend it

[@smoothfrequency558]

@@frederickmuhlbauer9477 If we spend it.? Come on Fred!! Fred!! Really.. If we spend it! 😜

[@frederickmuhlbauer9477]

@@smoothfrequency558 Jim Rickards just showed a chart where Americans savings rate has exploded so no we are not spending it

[@AC-ew2xr]

I don't understand why if only a small fraction of people own gold, certainly most who do don't own much of it - they focus on preventing those people from gains. you'd think the banks holding the gold would want it higher and they'd be less concerned with screwing over a small fraction of people though their sole purpose these days seems to be screwing every way we can earn profit possible. this is why i doubt it will go up much or if it does, they will do what they did in the 1930's. no one paying for gold should have to sell it back for peanuts...that's a lot of money lost and so unfair. it's unbelievable i wonder what the odds of this happening are.

[@davidouellette6833]

COME ON JIM YOU KNOW IT,S A DEAD CAT BOUNCE

[@silverbullag4759]

Markets are heading up & up & up because of 1 small word..FED

[@maranti34b]

My I correct you? It's a dead bat bounce.

[@frederickmuhlbauer9477]

@The real Scot. Fake recovery No real recovery

[@smoothfrequency558]

8:10 it is or is not the intention to support the employees. There is no real support for the employees. The $1200 given went to my landlord and it was still short $1000.

[@Alien-Earth1]

Yep, he was right.

[@snowyskylar8821]

3 cheers for European Christian Man

[@issenvan1050]

4 cheers for Middle-Eastern American women, 5 for Native Americans, none for you. &, I don’t see any Europeans in this video (& I am from Europe in part).

[@komikill]

6 cheers for our polynesian people from nz

[@issenvan1050]

Kia Ora Na! Melanesian, you mean? 😎

[@petermakin7166]

The average Chinese worker earns $3.60 US an hour, the average US worker earns $23 an hour. How does Jim think costs would go up a 'little' if the US brought home its manufacturing from China when the cost is 6x more making something in the US vs China? Bringing back manufacturing to the US is a case of instant inflation and how could you compete unless you destroy the standard of living in the US to bring it down to a level where you can compete.

[@jimbo7577]

If an iPhone costs 250usd to produce, it could still sell with a good profit margin at, say $850- $900 even if the labor cost added $50. I don't think the pharmaceuticals would loose much since a 10 cent pill probably sells for $10. It's incredible that big pharma would bother to relocate their operations to China considering their huge profit margins...Pure greed. Ask yourself, what is the standard of living of the nearly 100M long term unemployed Americans now, and what about after the currency is destroyed? Governments cannot create, or set a floor under our standard of living, as much as some would like to believe.

[@petermakin7166]

@@jimbo7577 If you could make an iphone in the US for $250 someone would be doing it and Apple would be out of business.

[@harrychen4130]

The US is great at exporting USD, no point manufacturing etc when you can print for goods and services. They can just print money to give to the population (helicopter money) and have enormous arms forces.

[@jimbo7577]

@@petermakin7166 My point is that the profit margins on an iPhone, at around 65%, would allow apple to make them in the USA and still have a hefty profit. If you want an iPhone, you can only buy it from Apple.

[@MrJbswann]

The criticisms of crypto-currencies that Rickards makes, could also be laid at the foot of gold. For example, the gold market is heavily manipulated.

[@cedricc4105]

Of course paper gold and silver are tools to manipulate physical compartments to keep them low but crypto-currencies are only virtual and technically they can be duplicated to the infinite like fiat currencies by the way, whatever people can say about them gold & silver will remain rare and precious.

[@MrJbswann]

@@cedricc4105 BTC is locked at 21 million total coins, so unlike fiat in that regard.

[@susan4yahshua]

What r u doing to prepare?

[@cedricc4105]

I do agree but once again if its creator decides to create a potentially unlimited amount of new bitcoins he can it's only a matter of will & I think crypto-currencies will evolve like fiat currencies or maybe replace them on a very long term who knows ? But gold and silver are real assets to me because they cannot be printed out of thin air unlike fiat & cryptos.

[@MrJbswann]

@@susan4yahshua Flexibility is key. If you have got to leave a country and your gold is there, you've got a problem. Crypto, borders don't matter.

[@user-tv5ye9cl1m]

Restock vat discount bone cost borrow seven why shutdown vat?

[@davidouellette6833]

YOU GOING TO PUT IT IN THE BANKS THAT CAN BAIL IN YOUR ACCOUNTS WOW

[@frederickmuhlbauer9477]

Exactly Why would anyone keep large balance in the bank at near zero interest

[@roberthermens904]

Jim, I am and have been a long time fan. I’m shocked at 13:30 the way you trashed the Chinese. ( And atheists! ) Many people respect your opinion, Please reconsider your posture.

[@jrom72]

I used to be a fan too but stopped following him because he is a hardline neocon. He hates atheists, hates democrats, hates immigrants, hates Palestinians etc. and even insults a 12-year-old girl in social media (Greta Thunberg). Other than that, he knows about gold 😊

[@roberthermens904]

jrom72 I am still a fan. Words have power and he is on a big stage. Just hoping to be a gentle reminder to Jim and the planet that we are all in this together.

[@zoso2425]

Yes, but was he wrong?

[@roberthermens904]

marty best No, he’s not wrong but with our long laundry list of dark deeds we may not want to throw stones. I don’t think it’s as simple as black hats and white hats.

[@user-tv5ye9cl1m]

Revestment price remove cost zero vat.

[@davidriley5190]

Wtf lady

[@frederickmuhlbauer9477]

October 10 and much is still shutdown

[@animkrtchyan419]

yr

[@SportsIncorporated]

Why don't you get something besides straight gold. The gold people will tell you there is nothing like gold. And they are right. There's a high cost to buy and sell it, store it and insure it. The long term capital gains tax is higher then the LTCG tax on stocks.

[@CosmicSeeker69]

Firstly. You don't understand gold if you're thinking about storing it. Secondly, there are few things that will hold long term value that are cheaper to buy/sell. Land would be the obvious one. Try buying and selling land and look at your fees. Look at how time consuming it is. Gold can be liquidated at a moment's notice in any country in the world....as for tax...

[@SportsIncorporated]

@@CosmicSeeker69 Let me guess. If you keep gold in your possession you avoid counter party risk.

[@user-tv5ye9cl1m]

Reuse cost point zero vat in jump point zero sale.

[@modelmark]

"Printing money has nothing to do with inflation." Zimbabwens beg to differ. They never revalued gold. not only is helicopter money dropped and government never saw a dollar they didn't want to spend, there is a supply shock as well. UN predicts famine. Don't think that will be accompanied with lower and lower prices for food, because people don't want to spend. Psychology and velocity will change. You sometimes wonder if this empedemic of fear is the only way to keep printing with inflation showing up. This means TPTB have to keep increasing fear along with their printing, to keep velocity low

[@Ikilledthebanks]

modelmark agreed, it can’t be that simple but his velocity point isn’t lost on me.

[@ashthegreat1]

Yeah that comment made be balk too. My limited understanding is that money printing IS inflation. Inflation is an action of central banks that involves increasing the amount of currency in the money supply. This will create price 'fluctuations' in the real economy (depending on where the printed 'money' ends up). But to refer to those price distortions as inflation or deflation is grammatically lazy, technically incorrect and generally confusing IMHO. Same goes with the distinction between money & currency. Currency is just a token representative of money (money = value / purchasing power). You can print currency but you cannot print purchasing power.

[@ashthegreat1]

@ modelmark haha... MMT = Mugabe's Monetary Theory

[@kevinjoseph517]

I wonder if this guy is disinformation, at times.

[@whateverhappened2]

If you print a lot of money and you store it somewhere and it does not circulate then in essence it does not dilute the money supply.

[@user-tv5ye9cl1m]

Restock cost price borrow six zero February.

[@clintpot8521]

$600B is roughly 10 days of our US GDP / economy, not much of a bailout for a 6 week, so far, shut down.

[@smoothfrequency558]

DeJoy is cutting US postal overtime. How does that help the man power needed right now at the post office.

[@user-tv5ye9cl1m]

Restock cost sale price five vat.

[@yjrodenas]

Tulip boys are going to lose their minds. Never mind the fact that BTC is correlated to equities, was a worse preservation of wealth during this last crash, and fails to rally to Fed rate cuts. So much for "digital gold". Millenials will be remembered as the generation with worthless College degrees, no home ownership and speculations as "investments". *Disclaimer: I'm a millenial

[@jkco4300]

What are tulip boys? Serious question.

[@buckleupbuckeroo]

Come on man that's only half of us. You forgot to include victimhood culture . . There will be a lot of socialist gender neutral smashed avocado eaters who will be drying their eyes with their useless and expensive college degrees when Bitcoin hits zero. It won't be their fault though

[@MichielBruijn]

@@jkco4300 apparently people who are into Bitcoin.

[@jordyschreuder]

I think he refers to the tulip bubble, bitcoiners are the tulip boys in his opinion

[@drd3816]

Yann you nailed it...i am Gen X and respect some Millenials like yourself, the rest can go to hell, the need a WW2 event equivalent to separate the wheat from the chaff.

[@luct3368]

@25:14 - give me one argument that rickards makes about bitcoin that couldn't be applied to gold

[@manamenoja2721]

Luke Townley gold cant be hacked and wiped out

[@manamenoja2721]

Gold doesn’t need electricity and internet

[@luct3368]

@@manamenoja2721 I was referring to the arguments Rickards makes at the time stamp. however, the wealth one holds in gold can be lost in many ways, gold can be stolen, or faked by corrupt custodians do you remember when good delivery bars were 'hacked' with tungsten? Unless you peronally assay the gold you are trusting someone else to do your validation, not so with bitcoin .

[@luct3368]

@@manamenoja2721 I was referring to the arguments Rickards makes at the time stamp. unfortunately human society does need electricity and internet, millions would die if we lost internet and electricity golbally. However it is possible to transact bitcoin without internet and electricity locally, using Lighting network. if the grid went down many bitcoin miners would still run as they are located at the power source be it a gas well, or hydro power dam. in a power crisis they may be one of the few electricity users still running.

[@ajpope2010]

Everyone already knows Bitcoin has no utility lol. I like how he specifically said lack of utility when it comes to bitcoin. Translation - If you are going to own crypto assets, own alt coins with use case or "utility". Bitcoin maxi's go ahead and loose your minds below lol

[@barbaraholbrook1469]

So people starve and the rich stay rich. Sickening

[@mrmc2465]

Overly simplistic way of looking at it, besides why should we continue to hand out free stuff to parasites?

[@gregspeth152]

That about it ! end game . The oligarchs win !

[@datav5140]

Would it make sense to stop the $ to be the world's reserve currency? E.g. by not trading oil solely in $, but also to start to trade it in other currencies as well. It would benefit everyone I believe. "Natural exchange rates" would level trade imbalances out and e.g. US car manufacturers would compete better with other international competitors. See also kzbin.info/www/bejne/aYSveoSDfLdkkNk At the moment I don't see any advantage for anyone, as because of its world's reserve currency status the only direction regarding trade is a deficit for the US and these trade wars don't lead to anywhere, as the cause of all these problems is not solved: $ being the world's reserve currency, or am I missing something?

[@heithm38]

If you want to see a real fake Market look at the Platinum Market. The Exchange price is $780, and to purchase 1 oz of platinum is $980. We're talking $200 over spot. Most people think that the gold or silver in the Comex will break. No it will just diverged, and stay that way best example Platinum.

[@richarddaniel2416]

Like this guy but way out of touch with Bitcoin

[@dannyd4990]

How is Bitcoin a fraud?

[@etoiledesneiges3999]

Bitcoin is not a fraud, it is an experimentation by and for the deep state.

[@Albion-InTheDensOfBabylon]

@@etoiledesneiges3999 That is nonsense. It is open source so you obviously do not comprehend code.

[@frederickmuhlbauer9477]

@@Albion-InTheDensOfBabylon No I don’t and that’s why I don’t understand Bitcoin

[@gregspeth152]

They are going to collect all the paper dollars, they want all the currency that small business owner have in their safe , you know the currency they never reported. They will tax all and big penalties!

[@ShaneChiswick]

How is bitcoin massively manipulated?

[@MrADTNZ]

Paper futures

[@ShaneChiswick]

@@MrADTNZ hmmm I did not know that - I will have to do some homework

[@MrADTNZ]

@@ShaneChiswick yip Donald trump ordered it..they must attach anything going against US dollar..silver and gold are the same

[@klaas239]

Everythingelse is manipulated 2. Wall Street uses cirquit brakers to stop the stocks from falling. Btc aint got that 24/7 trading and still doing well in my opinion

[@ShaneChiswick]

@@MrADTNZ I guess if gold and silver are manipulated and they have risen in price - bitcoin I guess might too

[@heithm38]

LOL!! All the points he made about Bitcoin can be replaced by the word the US dollar. But I would say the use case of Bitcoin is very low. If 5 million people today we're to send Bitcoin the network would crash and be backlog for 3 days and that's assuming no other user comes in the network. (1.5 million max transactions per day) So Bitcoin is speculative only use cases is weak. If you want a crypto coin that would transact if the banks closed the coins would be XLM, DGB, HBAR (maybe EOS) transactions per minute matter. Bitcoin has 7 transactions per second. That just simply doesn't work!!

[@jz12390]

Depression = Revolution. Rich better get in their bunkers soon.

[@christopher-bj8de]

And the working man will also suffer...

[@frederickmuhlbauer9477]

@@christopher-bj8de yes we will but they will suffer more

[@barnmonster888]

75 MILLION COMING IN THE AIRCRAFT INDUSTRY

[@spankymcduff9683]

will be much more than that....many billions...

[@user-tv5ye9cl1m]

Restock zero point jump vat bone point chart vat in sale trans?

[@johns4412]

Rickard's position on BTC is ridiculous and stunningly ignorant. Recall his newsletter at the peak of the BTC bubble - Crypto Profits - when he was shilling for Stellar, a crappy coin that is worthless. Meanwhile many of the smartest investors on the planet are fully committed to the crypto future. Of course, Jim has never managed money so.....

[@user-tv5ye9cl1m]

Restock December zero.

[@user-tv5ye9cl1m]

Restock cost price out sale. Cost free price discount save a vat.

[@rixgaming9989]

Nice to see Jim adjusted his opinion on bitcoin to reality.

[@user-tv5ye9cl1m]

Restock zero standards transfer vat in borrow buy six point in a vat.

[@user-tv5ye9cl1m]

Remove cost borrow seven zero point.

[@user-tv5ye9cl1m]

Restock borrow cost buy vat zero point.

[@tylerdurden2901]

Jim buddy !!?? How can u not like bitcoin !!!?

[@robtmil51]

I'd say he's to old but he's not much older than me.

[@gre6821]

Because Fedcoin will be that replacement for Fiat money

[@noconsent7403]

And XRP will bridge all currency. Don't miss the train guys.

[@coddiwompler59]

Yeah can't believe somebody be supposedly intelligent talk such rubbish about bitcoin. He thinks he knows the subject, but the essence eludes him and has no clue about it. To bad.

[@dxpvxo711]

I think crypto is a young man's game. The older generation doesn't really have the vision for it and I'm not saying that to be disrespectful they just don't get it plan and simple

[@thebigfella9095]

Just slightly bitter he didn't get bitcoin years ago isn't he?! 😂😂

[@user-tv5ye9cl1m]

Restock zero point.

[@stephenpack2202]

What's wrong with atheists ?? What kind of remark was that??

[@roberthermens904]

LOL, I know! Right?!

[@user-tv5ye9cl1m]

Restock point zero point bitcoins vat.

[@erichoaglund]

L shaped recovery...lol

[@rbtc2030]

rickards is excellent when it comes to macro economics. his only miss is he does not see the potential in bitcoin as a hedge against the current monetary system. btc is the lifeblood of crypto and will be a big part of finance 2.0. the next monetary policy will likely be CBDCs based on DLT which will be pro crypto.

[@ianmoone2359]

Ryan Billingsley One good EMP blast in the atmosphere above NY and all US power grids will cascade collapse. Without power - the electrons to run computers, bitcoins don’t exist! They become like paper gold certificates - not worth the paper they are printed on. If you can’t hold it in your 2 hands, you don’t own it! Millennials have no idea, they didn’t live through 2 world wars & the Great Depression, and learn it’s lessons the way us baby boomers grandparents did. They have no “frame of reference” to understand what’s happening about them and coping strategies that are time proven to work, with precious metals being a store of wealth & hedge against inflation & deflation. The Bible says God created the world and the elements within it. Gold is depicted as an asset of value. “The silver is mine, and the gold is mine, saith the Lord of hosts.” Gold and silver are products of God - they are not a creation of man. Conversely mankind would say:- Gold is the money of Kings! Silver is the money of Gentlemen. Barter is the trade of Peasants. Debt is the currency of Slaves. Death is the wages of Sin.

[@rbtc2030]

@@ianmoone2359 crypto is borderless so EMP in USA won't stop the internet. The future is digital. We are not going back to the Stone age where rocks are currency.

[@etoiledesneiges3999]

@@rbtc2030 0 is a digit.

[@Breezemike]

Jim is a smart guy BUT he is stuck in the past regarding crypto which has outperformed gold in the last 10 years. Bitcoin is here to stay and is the only answer to the criminality of central banks in my opinion and l am older than Mr. Rickards. Come on Jim get your brilliant head around crypto because you don't do yourself justice by slamming it without saying why!!!

[@Albion-InTheDensOfBabylon]

Agreed - stuck in the 19th and 20th centuries. It is a shame as he could bring together the hard money exponents.

[@rev.jimjonesandthekool-aid4488]

Quite stupid about btc.

[@johns4412]

Stunningly ignorant in fact

[@yjrodenas]

Told you the tulip boys would be losing their minds 🌷🌷🌷🌷🌷🌷🌷

[@Albion-InTheDensOfBabylon]

Absolutely. His job is to keep the gold bugs in their reservation.

[@xiuchuntian]

If you know very little about a country, don't pretend to be an expert about it.

[@benbahara1974]

dear FED...please reflate Jim Rickards' portfolio and raise the price of gold to $5000/ounce...dear Trump...please punish those antijesus red commie dirty bat gobblers ....dear Jim....thanks for the laughs

[@user-tv5ye9cl1m]

Restock zero cost borrow point bone chart a vat.

[@69TDUB]

Jim Rickards said Bitcoin is junk. Bitcoin headed to $200.

[@diegocabello3852]

trixie mcgee lol yeah buddy

[@Albion-InTheDensOfBabylon]

Really? The market disagrees. Looks like it is valued at >4.5 Au oz.

[@69TDUB]

@@Albion-InTheDensOfBabylon extremely ignorant speculating on the halving. The first person to take profits after the halving is the only intelligent person. The rest by definition are greater fools.

[@Albion-InTheDensOfBabylon]

@@69TDUB It seems to be up Trixie after the halving. Care to give me some further incorrect analysis?

[@69TDUB]

@@Albion-InTheDensOfBabylon Where will it be after the elite announce the crypto currency they're going to push on the population? So many fluoride drinkers don't think past the end of their nose.

[@HowardARoark]

Rickards' view on Bitcoin is not adult - he regurgitates a lot of worn out platitudes - he is too much of an academic, and a financier, and a CIA to understand the essence of Bitcoin - he is one of the privileged, whilst Bitcoin has come from the ground up. The NSA and so on may be been involved in it early on - but it is pioneers who built it and made it what it is today. Its strength is its vast community and its meritocracy - this is where its fundamental value lies. By contrast conventional money is riddled with thievery.

[@maximusyoung]

Wow, Jim's views on BTC are pathetic. I hope he brushed up on the Dollar Milkshake Theory. Would be a shame if he passed away before the crash he's been waiting on comes to pass

[@warningsigns4526]

talk about how Jim Rickards was bailed put - he is a con man

[@stephenbarnes9096]

These guys do it all the time. They talk rational economics and then reveal their hands with stupid comments like “China has nothing to offer the world.”

[@etoiledesneiges3999]

"Nothing" is wrong. They have a control society model that many politicians around the world dream about.

[@Nonconceptuality]

It always blows me away when intelligent people can't see (refuse to see/lie about) the value of crypto currencies. Crypto is going to be a much bigger part of the reset than gold.

[@Albion-InTheDensOfBabylon]

Yes, gold is a nothing like it was 12 years ago!

[@interpol9871]

US dollar will get stronger and gold will go below 1000 usd

[@tracymendell6978]

On what planet?

[@nickmartin5596]

Someone wants attention lol

[@interpol9871]

@@tracymendell6978 planet earth 🌏

[@gre6821]

I would not be surprised. I mean, after a negative oil price and a rising stock market with 26 million unemployed.

[@interpol9871]

@@nickmartin5596 Gold ETF might go negative just like WTI ETF