‘This Is The Biggest Bailout In History’ | Jim Rickards

Best-selling author Jim Rickards returns to the podcast for the third time to share his views on the collapse of Silicon Valley Bank and why the intervention - especially the Federal Reserve’s new emergency lending program, the Bank Term Funding Program - is the biggest bailout in history.
Rickards is a New York Times bestselling author of Currency Wars: The Making of the Next Global Crisis and several other best-sellers, including The New Great Depression, Aftermath, The Road to Ruin, Death of Money, The New Case for Gold, and his newest bookSold Out: How Broken Supply Chains, Surging Inflation, and Political Instability Will Sink the Global Economy.
An investment advisor, lawyer, inventor, and economist, Rickards has held senior positions at Citibank, Long-Term Capital Management, and Caxton Associates. He is also the Editor of Strategic Intelligence, a widely-read financial newsletter.
0:00 Intro
1:00 Reaction to SVB, Signature Bank failures
1:54 The mistake Silicon Valley Bank made
4:12 Bond Math 101
4:45 The Fed is between a rock and a hard place
4:52 Huge unrealized losses on the bond portfolio at SVB
6:35 There already was leakage
9:33 Friday’s press release from the FDIC
12:50 Global ripple effects of SVB failure
14:50 Other banks had similar problems
17:08 Biggest bailout in history
23:00 Executive stock sales
24:11 There would likely have been lines at banks
25:00 The biggest crybabies were the billionaires
26:15 The banking system is effectively nationalized
32:00 This was risk management 101
39:46 The Volcker mistake
40:50 Inflation
42:30 You’ll see the Fed expanding the balance sheet
43:30 Name your poison
44:10 25bps at the next Fed meeting is the most likely scenario
44:55 This is the no drama Fed
45:45 ECB
46:10 It’s a global economy
47:00 Panics have two stages
47:30 Credit Suisse
52:10 A road to ruin
54:35 Each bailout was bigger than the one before
55:30 A front based on confidence
58:30 Deteriorating trust in institutions
1:07:27 Gold
#JimRickards #siliconvalleybank #economy

[@TheJuliaLaRocheShow]

Be sure to hit the like button and subscribe to the show. I have some great guests coming up and can't wait to share those soon. Please keep your guest suggestions coming too! Thank you again for your feedback and support! - Julia

[@issenvan1050]

Steve Hanke #1!

[@ninjedi]

Jeff Berwick!

[@lrww5673]

Alfonso Peccatiello or Robert Kessler

[@issenvan1050]

@@lrww5673 Alfonso stole Zerohedge’s chart & published it as his own. He doesn’t follow the money supply & looks at the treasury yields like the FED.

[@freedom4all581]

ALL Fiat Currency, Dollars 💵💵 Are ONLY SLAVE Chains ⛓️⛓️ You put on yourself and your Children ⛓️⛓️⛓️

[@edsteadham4085]

Rickards is the easiest interview in the business. Good day Jim ....40 minutes later...thank you Jim!

[@jaydee5447]

I could listen to Jim Rickards all day long. I basically hang on his every word. Great interview

[@seanc846]

Feel the exact same way. I just love the content coming from His brain. Interviewers know to just let him rip

[@jaydee5447]

@@seanc846 Yep

[@joeysocks5718]

Great interview. Jim is a genius. Unfortunately, most Americans get more upset over not getting biscuits with a fast food order than they do getting screwed by the banks , Millionaires, and governments

[@TheJuliaLaRocheShow]

Thank you, Joey.

[@nternalPractice]

Darn those terrible banks, millionaires and government. Of course, the "average" American NEVER accepts responsibility for REPEATEDLY turning a blind eye while the government systematically created a fraudulent economy over the last 15 years. They were perfectly happy to take full advantage of insanely low interest rates, government handouts and artificial measures implemented to keep a terminally sick economy going. American's deserve EVERYTHING they are going to get.

[@sazure2]

I think most are trying to live their lives. And msm LIES -as well gov. I used to get up early in NYC set up my online trading and do research, read Investors Business Daily, study charts and spend the entire day. (I was young, bld fire, horrific SSDI and walked across the street to get a capucinno, and saw IBD. Studied and read for ONE year before I bought TEN shares! LOL I am olnder now in another State - but still have money from that account. I knew online friends who invested in Sub Prime stock as I did (NSF - gone now) and they even went to the Kansis City Company Picknic! (most were very wealthy) Company lied. One lost his home! They had laughed when I said the charts are "parabolic" (big boys selling while chumps are buying). On TV famous person (toss chairs so on) was pumping sub prime, while his hedge fund bud was selling (one could see the trades on the trading platform)

[@truthaboveall7988]

Yup

[@StanleyNLozowski]

100% correct. The worst thing that ever happened to our USA was putting the Federal Reserve Banks in charge of our country.

[@Zach-ls1if]

I’d never seen your channel before, but am impressed that you landed Jim for an hour interview during a prime time week. Thanks Julia, you got a new subscriber

[@TheJuliaLaRocheShow]

Thank you, Zach!!

[@lrww5673]

Always love an extended Interview with Jim! So much knowledge and insight into the inner workings of the economy. I had to listen to this one twice to catch all the gems. Thanks to Julia and Jim for this great content.

[@hubertstewart4910]

Well Done Julia !...It is difficult to interview a intellect of Mr.Rickards intelligence! Your ability to allow him to communicate thoroughly what he needed to say is truly appreciated. One of the best interviews this year! Cheers

[@TheJuliaLaRocheShow]

Thank you, Hubert!

[@123Goldhunter11]

Jim is a voice of reason in a sea of confusion. I highly recommend his books. I gave my son and grandson his last one (Road to Ruin) for Xmas. Thanks for letting him talk without constant interjections. You are a class interviewer.

[@TheJuliaLaRocheShow]

Thank you so much. That means a lot!

[@gigrockband]

He’s my favorite guest. He’s a genius! Thx for having him on the show. I’m going to listen to this again tomorrow.

[@TheJuliaLaRocheShow]

Thanks, Shawn! The pod is also available on Spotify, iTunes, or wherever you listen. 🙏

[@audiophileman7047]

This is the first time I've watched one of your videos, Julia. I just discovered you today. I've seen many interviews with Jim Rickards, but yours really allowed Jim to open up in a way I haven't seen before. He seemed to be very relaxed and open when talking with you. I could see how you were taken aback and perhaps shaken by some of his predictions, especially the very real possibility of "extreme socialism". The best thing to do is store your treasure in heaven and hold on to your faith, because faith is the only thing we have to hold on to.

[@TheJuliaLaRocheShow]

Thank you! 🙏

[@audiophileman7047]

@@TheJuliaLaRocheShow Sure, you're welcome. 👍👍👍

[@mackakiwinz4353]

I have said it many times Jim is a living legend. Just subscribed as I really appreciate the both of you. Jim’s intellect, experience and wisdom is unparalleled. No one matches him IMO. The trust here in NZ to Jim’s point is completely lost the lies Jim raised is exactly what we are experiencing here in New Zealand. Confidence is lost. Thanks guys you made my morning.

[@dol3980]

NZ is a nothin boutique republic with no international significance except selling off its RE to outsiders as summer farms. No wonder Ardern was ur loser PM and made covid her raison d etre.

[@bretgreen5314]

Most excellent interview. I like your style Julia. You let Jimmy finish his complete thoughts uninterrupted. That is a rare trait; usually he gets interrupted many times during interviews. Definitely subscribed. Thank you KZbin for offering this video on my home screen; appreciated. . .

[@TheJuliaLaRocheShow]

Wow, thank you! I really appreciate that Bret. I have this rule for myself that I've coined my "90-10 Rule" where I want to make sure my guest has 90% of the episode and I try to keep my questions/comments to 10% of the conversation. My philosophy is that the guest -- not the interviewer -- is the hero.

[@LClarke]

This interview is proof positive that no matter the competency of the interviewer, James Rickards always conveys the most insightful assessment of current fiscal/monetary affairs in every interview he gives.

[@somejohndoe3004]

Great guest, well done. Thanks for the timestamps of the interview, it's always appreciated.

[@TheJuliaLaRocheShow]

Thank you, John Doe!

[@philipcooper1636]

I don't know who, however a person needs to pay attention to this! you have to stop relying on the government and saving all of your money . Venture into making an investment a few in case you actually need monetary freedom. Talking from experience. All my life I have never earned up to $500k a year but only an investment have made me this money in 1 year

[@philipcooper1636]

@Collin Talks Crytpo Investing is fun when you've mastered it. I wasn't always profitable in the market but after I watched Kathleen Carole Yanelli interview on cnbc about how profitable she makes her clients, I contacted her and have begun investing with her since and it gives me hope after being down my first year ,and now going into second year my wins are starting to add up and I am keeping my losses small. All thanks to her

[@philipcooper1636]

@Collin Talks Crytpo When you need it, you can just look her up to find her web page and reach out.

[@benjaminzwirek7786]

Very solid interview. Jim breaks it down so well.

[@TheJuliaLaRocheShow]

Thanks, Benjamin.

[@christsciple]

What amazes me is how one can be as intelligent and knowledgeable as Jim in the markets and finance, and at the same time so goofy and wrong on politics and basic sociopolitical affairs. It's paradoxical to an extent you just rarely if ever see in anyone! Great interview - I just discovered your channel and plan on listening to more conversations you have. Really enjoy how you let the guest have their chance to speak without interruption. I think American interviewers/journalists always feel the need to constantly talk/provide commentary because there is some fear around pauses and silence, but it's really refreshing to listen to an interview where everyone is calm and at the same time you ask a lot of good questions! Wouldn't mind hearing you push back on the guest when they make certain questionable claims on occasion, but otherwise great podcast!

[@bogdanpopescu1401]

wrong for exposing the green new deal scam?

[@fubarbrandon1345]

Thanks Julia...great interview. Jim has such deep and broad knowledge...it's always enjoyable to hear his thoughts.

[@TheJuliaLaRocheShow]

Thank you as always, Fubar!

[@anthonychuan7279]

Thank you, Jim, for sharing your expertise and knowledge. Always a Pleasure listening to your interviews.

[@mikefry5704]

Great vlog great advice he always great to listen to. Enjoy

[@frankpizzo8971]

You should get Jim Rickards on every chance you get.

[@levteck]

Great interview, you had very good questions for Jim and you let him talk without constant interruptions like some other people do. You just won yourself another subscriber. Thank you .

[@TheJuliaLaRocheShow]

I appreciate that so much. Thank you, and honored to have you as a subscriber. 🙏

[@chrishickson3665]

Julia and Mr. Big Time Jim Rickards, have a great weekend!

[@pwcrabb5766]

Thanks Julia for permitting your guest to speak without interruption.

[@chetadkins]

Thank you for getting Jim on, nothing but truth. subscribed

[@TheJuliaLaRocheShow]

Thanks and welcome!

[@dineshsharma5482]

Exellent👍 Mr Rickard Thanks❤

[@georgedavid3815]

Keep up the good work.

[@TheJuliaLaRocheShow]

Thanks! Will do my best :)

[@gregweiss9359]

Love your show! You are killing it. Please keep up the great work

[@TheJuliaLaRocheShow]

Thank you, Greg!

[@erik0073]

Amazing that you do this all, Julia. This is the first show that I've watched. Just started the video.

[@erik0073]

You could not have chosen a better or more timely guest. Great job!

[@TheJuliaLaRocheShow]

Thank you, Erik!

[@glitterhands99]

Just found your show, and loved this interview. You did a masterful job! Jim is amazing - love to hear his thoughts.

[@TheJuliaLaRocheShow]

Thank you so much, Long Short Dog Dachshund! Also, love the username. My rescue is part Dachshund. ❤

[@mohitgoyal15]

The master, the hypnotist. Jim Rickards

[@seanc846]

Dude he IS a hypnotist! Haha so funny you say that…

[@njigyfd]

Ms. La Roche poses Excellent questions. This was excellent. Rickards has a powerful perspective.

[@waynepratt9842]

All I can say isTHANK YOU JULIA!!!!What we all need now is people like yourself and Jim to bring us TRUTH.Excellent!!!!

[@TheJuliaLaRocheShow]

Thanks, Wayne!

[@msmith1509]

Hi Julia, Well done on a brilliant interview. I really appreciate your interview style. You let your guests speak and ask targeted and thoughtful questions. Jim is a very wise and experienced economist. He is a voice of reason in these troubled times. I learn a lot from his insights and you brought out his best. I never heard him talk about what happens if some major country buys all the gold. Some great synergy in this interview that I will listen to several times. Thank you.

[@TheJuliaLaRocheShow]

Thank you so much, M Smith! I'm so glad you enjoyed the interview.

[@johnr2273]

Brilliant History lesson and insights!!

[@mariarivero9567]

excellent interview and great job Julia. Often Rickards confines his remarks to economics but he actually spoke about the leadership issues in the US honestly. Appreciate the straight talk

[@derekseifert7]

I had wondered where you went, glad to see you landing these great interviews.

[@nodoubtbb]

how is your channel not bigger, it's great. David Lin just went on his own. both of you are great.

[@TheJuliaLaRocheShow]

Thank you, nodoubtbb! It's my dream to grow this channel. I appreciate your kind words and support.

[@jnicolettebailey]

Good interview Jim is always great to listen to Please consider increase the volume from your guest's audio input in your video - it's lower than yours

[@fleamarketjunky2517]

Jim, love the back round. Both of you are top shelf presenters and very much appreciated.

[@TheJuliaLaRocheShow]

Thank you kindly!

[@johnhenryreber2501]

First time watching your show. I have so much respect and admiration for Jim. I am just a truck driver but i wish i was in the market and had a career like him. I really liked the show, but i found his opium war bit very interesting

[@MrMolecularscientist]

This is the best friggin interview, discussion, explanation, etc of what just happened. Bravo. I've watched over 20, and......yeah.....this is really good. Good job.

[@TheJuliaLaRocheShow]

Thank you so much, Joseph!

[@radicalveg00]

Yesterday Yellen told the Senate Finance Committee that the unlimited guarantees are not for every bank but only for those the Fed and the Treasury deem systemically important. She basically said that smaller community banks do not get this special treatment. What she said was quite stunning.

[@davidknapp5403]

As always Jim.... clarity via simplicity! Your so extremely knowledgeable not because you picked all this knowledge up in your reading. No, because of your real life experience. Thats why your the sage of macro & monetary!! Bravo!!!

[@Madridpepe]

I was looking for somebody doing an interview with JR on the SVB bailout. You did it. My respects to your excellent job. Keep it on. Well, I don't have to mention that JR is really analysing things the way makes sense.

[@TheJuliaLaRocheShow]

Thank you! I'm grateful that Jim took the time to come on the show.

[@ananovo8662]

Jim never ceases to enlighten. Give him his flowers while he's here

[@Lightmr23]

Well if you brought Jim i will follow, cuz Jim is one of the best!

[@TheJuliaLaRocheShow]

Thanks, MrBodo. We have 2 other recent episodes with Jim that you might want to check out. kzbin.info/www/bejne/jmHNmH-tiJ54gac and kzbin.info/www/bejne/qZCyf6ieaat6aKM

[@colmmunnelly8857]

What a great combination Julia and Jim great questions and honest answers. Thanks Guys ❤

[@TheJuliaLaRocheShow]

Thanks, Colm!

[@peterwilson9327]

Just found your channel, Julia. Great interview Newly Subbed.

[@TheJuliaLaRocheShow]

Thanks, Peter! I really appreciate that. Looking forward to bringing you some more great guests.

[@mns8732]

IMHO Richards is tops in analysis. I'd only add that we're in constant war, therefore deficits climb as per his analysis.

[@ericknaus4998]

Great interview! I could listen to him all day. Good questions too

[@TheJuliaLaRocheShow]

Glad you enjoyed it!

[@bigqueue]

It feels to me is those silicon Valley Bank made the Chinese finger trap that they themselves got caught up in! What I mean by that is quite simply that by marking their treasuries to maturity, that gave them a larger set of assets on their balance sheet which gave them the ability to give out more loans than if they had marked them any other way. Then, they took those loans that they gave out and required the recipients to put the money back into the bank, which again raised their capital to give out even further number of loans! They were in a sort of second order way building a legal Ponzi scheme. Now it wasn't really a Ponzi scheme, until they got caught with their pants down and people started to take money out of the bank. Now bank runs can happen at any bank, but when they levered up their assets by marking them to maturity, and basically loaned their money to a bunch of startups that had nothing but money burn to keep the companies afloat, that is to say they didn't really have businesses that created their own income and they were themselves reliant on more and more financing, when that financing stopped, the house of cards started to come down around the bank. As I said, they built the Chinese finger trap that they ultimately got stuck in.

[@alexlucassen8489]

I liked this post big time, thxs

[@WingofTech]

Wow Jim Rickards seems really knowledgeable. A real scholar :]

[@paulivankovich7349]

As a Chief Risk Officer of a financial institution I am so exhausted I have virtually no energy left to do anything else. How any CRO cannot be giving their all to the task is beyond me. I listen to these podcasts while I work especially if Jim is on.

[@bittertruth4847]

I think parking money in 30 year bonds was a smart move as they lost only 1-2 % of their value when interest rates rose where as short term bonds lost 4-5%. What do u think about it?

[@issenvan1050]

I am a member of Jim’s newsletter. First he said there was gonna be deflation. Instead, inflation took off. & he suggested buying URNM for up to $105. It went down a lot & they “removed” that price & made it $75!

[@pulsarlights2825]

Kind of like how the governments of the world claimed the masks, lockdowns, and mRNA shots would stop Covid.....

[@rpaafinancialeducation1041]

Very well presented Julia - great interview with Jim

[@TheJuliaLaRocheShow]

Thank you 🙏

[@victoriabarnett4279]

Really great show! Thanks

[@somejohndoe3004]

Agreed with Jim, the banking system has been nationalized. Very tempting to add it's a great way to prepare the ground for CBDCs in the USA.

[@swilliams937]

Everything happens or is allowed to happen for a reason. 😕

[@Trapster99]

Bravo! One of the most important interview on this subject

[@timferguson593]

Great interview Julia.

[@TheJuliaLaRocheShow]

Thank you, Tim! 🙏☺

[@lancedooley7558]

Nice video. Still trying to figure out what stock to buy.

[@victorsperandeo3609]

Well done interview

[@TheJuliaLaRocheShow]

Thanks, Victor!

[@gregcapella5941]

THANKS ,,, NICE SHOW

[@TheJuliaLaRocheShow]

Thanks, Greg!

[@hmmob3956]

This was a very good interview. Julia asked very good questions and let Jim speak.

[@TheJuliaLaRocheShow]

Thank you, HM MOB! I always think the guest - not the interviewer - should be the hero. I have what I like to call my "90/10 Rule," where I try to keep my questions/follow-up to 10% of the conversation to ensure the guest can fully share their insights without interruption.

[@janmaaso]

Great show. Thanks for sharing.

[@TheJuliaLaRocheShow]

Thanks, Jan!

[@radicalveg00]

Rickards just gave by far the clearest explanation of what happened.

[@Mike-ie4dy]

What a fantastic interview. Well done Julia

[@TheJuliaLaRocheShow]

Thanks, Mike! ☺️

[@dillonsawyer9377]

Thanks Jim ❤ your books

[@jonathanward7987]

Keep up the good work, Julia! Jim is always fascinating to listen to - as smooth as silk.

[@TheJuliaLaRocheShow]

Thank you, Jonathan!

[@leodoro8877]

Great interview Julia, thanks.I'm in as a subscriber.

[@TheJuliaLaRocheShow]

Thank you, Leo! 🙏

[@erikolsen3017]

Great interview!

[@TheJuliaLaRocheShow]

Thanks, Erik! ☺

[@detectiveofmoneypolitics]

Economic investigator Frank G Melbourne Australia is still watching this very informative content cheers Frank 🇦🇺 ❤

[@TheJuliaLaRocheShow]

Thanks, Frank G! Always great to see you in the comments section. ☺

[@khurrammalik7273]

great interview thanks

[@TheJuliaLaRocheShow]

Thanks, Khurram!

[@dazedhavoc]

Great show!

[@TheJuliaLaRocheShow]

Thanks so much, Shaun D! I appreciate you.

[@andyaskey5698]

Julia... you are one smart cookie

[@TheJuliaLaRocheShow]

Wow, thanks, Andy! ☺

[@user-99.99]

Best breakdown of this damn mess that I’ve heard. Thank you both!

[@TheJuliaLaRocheShow]

Thank you! 🙏🙏🙏

[@haze1123]

Love Jim. Thanks!

[@marieamdg333]

Appreciate this interview, thank you!

[@TheJuliaLaRocheShow]

Glad you enjoyed it! Thank you. 🙏

[@at9048]

Always a pleasure listening to a logical and rational thinker.

[@joshbrooks5326]

Please do not give bill ackman one more second of air time. Did he not show us, last time, with the "hell is coming" quote, that he is a soulless shill? And an unoriginal soulless shill, with the dumb tombstone quote. Rickards is the bomb, La Roche is consistently delivering quality content. Thank You, Julia.

[@yuz681]

Jim's interview has always been very fascinating. I am not necessarily agree on all Jim's points of view. But they are certainly thought provoking. will get some Jim's book. Nice work!

[@joachimlindback]

Thanks. Bonus points for timestamps.

[@TheJuliaLaRocheShow]

☺

[@declancarolan2789]

Well done great podcast

[@TheJuliaLaRocheShow]

Thank you, Declan!

[@jaredangell5017]

Jim Rickards is a f-ing genius.

[@gddlsllc]

Very informative

[@adoyle3]

1:12:05 he scenarios ubs takeover of credit suisse. Well done

[@DoubleOhSilver]

Biggest bail out was PPP loans in 2020/21 and it got ignored

[@chrishickson3665]

Hi Julie and Mr. Big Time Jim Rickards

[@minnesotasalamander5913]

Good video. keep it up.

[@TheJuliaLaRocheShow]

Thank you so much!

[@M.M.Alam.Liberty]

Jim has wealth if knowledge is he stay as close to facts TRUTH as possible.

[@andrewcollier2222]

Thanks for a great interview, as always!! 🙏

[@siulanainad]

Jim is A National Treasure.

[@samriley6337]

Jim - great interview. On the bail-in testing, I thought that the Cyprus crisis was the testing ground?

[@chrishickson3665]

Julie your outfit looks great on you with that gorgeous blonde hair!

[@dangaines405]

Nice show Julia!

[@TheJuliaLaRocheShow]

Thanks, Dan!

[@KK-pm7ud]

Like and subscribe. And share with your friends!

[@TheJuliaLaRocheShow]

Thanks, K K. Maybe the channel can hit 6K tonight. 🙏🙏🙏

[@demetripapachristopoulos3295]

This guy is pure gold. We'd all do a lot better to listen to him.

[@TheJuliaLaRocheShow]

He's amazing! Thank you.

[@realpropertymangement7640]

Incredible interview. Jim has such a grasp of a myriad of complex events & influences that shape our world. I only wish a larger fraction of Americans took the time and effort to enlighten themselves and to hold our national "leadership" accountable. Unfortunately, as said by another here, most Americans are more concerned about their fast food order being right. 🙄

[@mr.bullion6786]

Hi Julia, we love gold. ❤

[@TheJuliaLaRocheShow]

❤🙌