James Rickards-Financial Collapse and Massive Shortages in Gold Coming

4By Greg Hunter’s USAWatchdog.com 

Financial expert and best-selling author James Rickards’ latest book predicts “the coming collapse of the international monetary system.”  One of the sign posts is countries like Russia declaring it will shed the U.S. Dollar as reserve currency in international trade.  Rickards explains, “Putin said he envisions a Eurasian economic zone involving Eastern Europe, central Asia and Russia.  The Russian Ruble is nowhere near ready to be a global reserve currency, but it could be a regional reserve currency.” 

Rickards’ latest best-selling book, “The Death of Money,” was released in April.  Even Rickards is surprised at how fast the economic situation is unfolding.  Rickards says, “If you ask me what has happened since you finished writing the book that comes as a surprise, I would say a lot of the things I talk about in my book are happening faster than I would have expected.  Things that I thought would happen in the 2015 or 2016 time frame seems to be happening now in some ways.  If anything, the tempo of events is faster than expected.  Therefore, some of these catastrophic outcomes may come sooner than I wrote about.” 

Rickards goes on to say, “Right now, we are on the precipice now.  When you are on the precipice, it doesn’t mean you fall off immediately, but you are going to fall off because you can see the forces in play.  What I tell clients and investors is it’s not as if we are going to make some mistakes and some bad things are going to happen.  The mistakes have already been made.  The instability is already in the system.  We’re just waiting for that catalyst that I call the snowflake that starts the avalanche.   You don’t worry about the snowflakes; you worry about the snow and that it’s unstable and it’s just waiting to collapse.  That’s what the system is right now; we are just waiting for a catalyst.  People ask me all the time, what could it be?  Technically, my answer is it doesn’t matter because it will be something.  It could be a failure to deliver physical gold.  It could be an MF Global financial failure.  It could be a natural disaster.  It could be a lot of things.  The thing investors need to understand is the catalyst doesn’t matter.  It’s coming because the instability is already there.” 

On gold manipulation and when it will end, Rickards says, “It will end when the physical shortage gets to the point that someone fails to deliver; which, at that point, there will be a buying panic.  There could be a buying panic or what some people call a demand shock.  One of the things I said about gold manipulation is if I was the manipulator, I would be embarrassed at this point.  The manipulation is obvious.  The evidence is coming in from all directions. . . . The manipulation is clear.  When will it end?  It will end when there is a physical shortage that pops up somewhere, or it will end with a short squeeze.” 

Rickards goes on to say, “We are going to get a very large demand shock coming from China and India.  Let me explain those two cases.  We have a brand new government in India, and they are going to repeal the import tax on gold.  We also have the wedding season coming up. . . . So, India is set up for a very large surge in demand in the fourth quarter.  Now, over to China, this is one of the things that it’s happening faster than I originally thought.  The credit collapse story is happening in real time.  I said (in my book) this might be a 2015 event, but it looks like it is happening now.  Defaults are piling up.  We are seeing money rise.  We’re seeing people march down to the banks . . . trying to get their money back. . . . So, if they can’t buy foreign stocks, domestic stocks, don’t want to put their money in the bank and are getting out of real estate, then what’s left?  The answer is gold. . . . I see a demand shock coming from China. . . . You could see a scramble to buy gold.  It is going on anyway, but you could see it accelerate.  That will take down the manipulation.  Once the markets prevail over the manipulators, then watch out.”

Rickards says the collapse will happen, but he is not sure of when it will come.  Rickards explains, “It is the thing you won’t see coming that will take the system down.  Things happen much more quickly than what investors expect.”  Rickards adds, “What will happen in gold is that it will chug along and then all of a sudden–boom.  It will be up $100 an ounce, and then the next day it will be up another $200 an ounce.  Then everyone will be on TV saying it’s a bubble—boom.  It’s up $300 an ounce, and before you know it, it will be up $1,000 per ounce.  Then people will say gee, I better get some gold, and they’ll find out they can’t get it because the big guy will get it.  You know, like central banks and sovereign wealth funds will be able to get the gold.  The typical investor will run down to the coin shop and they will be sold out, and the U.S. Mint will say sorry, we’re not shipping.  You’re going to find out you can’t get it because the whole thing is set up for massive shortages in supply.” 

Join Greg Hunter as he goes One-on-One with James Rickards, author of the best-selling new book called “The Death of Money.”

(There is much, much more in the video interview.) 

After the Interview:

The Death of Money Cover ArtIn the “Death of Money” Rickards recommends just five investments.  They are “Gold,” “Land,” “Fine art,” “Alternative funds,” (such as hedge or private equity funds) and “Cash.”  Rickards explains his reasoning for these five investments at the end of his book.  Please note, he does not recommend stocks or bonds.

Rickards has been on a global tour promoting his best-selling books.  If you would like to get a copy of his previous best-selling book “Currency Wars,” or if you’d like a copy of his latest book called “The Death of Money”  click here.  If you want to go to James Rickards’ new website, click here.

Comments
  1. Mike R

    I own gold. I own silver. We’ve heard this all for so long though it’s become like a broken record. I’ve read one of Jim’s books, and while some of what you hear from him seems a little bit plausible, I still can’t help but feel this is just all too sensationalistic for my taste.

    A more likely outcome is that interest rates will be held low for at least another 3 to 5 years, while we continue to watch banks founder along.

    The demand for dollars will remain strong despite all of this, and in fact, this action by Russia or China will serve to be an underlying catalyst for people to want more dollars, due to the uncertainty being created by the likes of China and Russia.

    My anticipation is that we will see gold go lower in the near term, eventually make a bottom of some sort this summer, and then gradually rise. Nothing earth shattering though.

    • Jerry

      Mike
      You’re not seeing what’s happening in markets outside the United States. There are over 85 countries who have signed on to dump the dollar as reserve currency in the next few months. Its not the same as it has been in the past. The U.S. has printed its way into oblivion.

      • ellis G

        Mike,

        You need to check out FATCA and see what it is doing to foreign investors and banking system .

    • April

      I think a run on the banks is already in “1st Gear”:
      A. Bank of America recently told a client that if they wanted to withdraw a substantial sum (over 2K) they needed to make arrangements in advance. I know this is true because I was on line to speak next with the teller.
      B. Bank of America did not have 12 $100.00 bills in exchange for 1,200.00. I know because it was me.
      C. Sun Bank did not have enough cash to give a client 5,000.00. I know because this happened to my friend last week.

    • JC Davis

      Mike. I am still laughing at your post. Good one.
      Nothing stays the same.

    • Ugly

      Mike. I hope you are right, but I don’t think so. The happenings today are worse than those that pre-dated WWII. The happenings before WWII started around 1923 and eventually led to Germany’s economic woes and America’s Great depression. Then later came financial instability and finally WWII. Back then most of the woes were in Germany and parts of Europe. This time, it will be and is world wide.

      You could say it took about 12-16 years to finally lead into WWII. In reality our USA scenario started its speed in 2007. Thus, we have only been in it for 7 years. Look at the economic damage created in just the last 7 years. We are talking multi-trillions, where 2001-2006 was in the billions. The Days of Denial are about to close….

    • AL HALL

      Mike- I have a friend inside the government- he has told me that the collapse has been postpone twice already for two reasons. One because the New World Gang doesn’t always have their plans work, Syria has them screwed, and two, they want people, companies, cities, counties and the government to be in more and more debt.
      Another good friend just told me this- quote -
      -“The Elite are instituting drastic measures which will be implemented IMMEDIATELY. The world as we know it will never be the same again. Expect catastrophic events in the monetary world, nature and the Elite EXPECT DIVINE REPERCUSSIONS.”

      CONSIDER THIS CAREFULLY PLEASE! DON’T SELL YOUR METALS – THE ELITE WANT THIS- HOLD AND BE REWARDED!

    • Jim

      Like Rickards, I try not to “think” or “believe” but go where the facts lead me. The problem of course is that information is hidden and/or manipulated. I have, for example, wondered about metals. At least, for some time after trouble begins, they will not be liquid. Gold is not a medium of exchange for the most part anyway. Ideally it like a standard unit of measurement against which currencies are valued (think inch, foot, yard, acre, whatever).

      He mentioned holding gold and having “liquidity.” Cash is normally liquidity, but Confederate dollars, notso much. I’m stuck on the question of what form of liquidity would work….apart from barter. Government or mobs can take anthing that is normally an asset – land, farms, businesses, mines – check some of Obama’s EOs – they can even draft people into civilian work crews.

      So Greg (anyone?), do you know what he recommends for liquidity for an average person who can’t diversify internationally? Fx markets are rigged, so some currencies will not be as badly de-valed, at least initially, but foreign currencies are lnot iquid either at street level. I had almost come to believe there might not be an answer, but he did mention it – as a recommendation to clients – what did he mean? Liquidity – absolutely – but in what form?

      • woody188

        I think he meant it as an accessibility thing. Don’t be tied up in some fund. Don’t have all your metal stored in a safety deposit box. If things go horribly wrong you’ll need immediate access to whatever wealth you have left. If you have to rely on someone else to be honest and give you your property then you should expect to be very disappointed.

  2. Mrs Tiggywinkle

    “On gold manipulation and when it will end, ”

    And have the gold manipulators stopped beating their wives?

    • Gerald

      HOW DO YOU KNOW THIS MIGHT I ASK? I don’t see any collapse coming anytime soon. Our local economy is booming. We have lost 3 major manufacturing companies in the last 10 years,but this has not affected our economy. I also own some pm’s, but am wondering if I need to. Real estate here is much more rewarding. One thing I try to watch is what people with money do. And for the most part they do not seem to be buying pm’s. I also think the reason this whole mess will keep tugging along is due to the fact that the whole world is tied together finacially. If one goes down,we all go down. TPTB are not going to let that happen. They have not let it yet nor will they. This is of course my opinion only.

  3. Mike Fisher

    Excellent interview Greg, one of the best for ages. Rickards hardly stopped to take breath!

    • farang

      Thank you for that, Ms. Yellen.

      • farang

        Sorry Mike, my response was directed at Gerald’s nonsense.

    • tagemandbagem

      Gerald,
      ” I don’t see any collapse coming anytime soon.”
      Then your not paying attention to the market. I hate to say this but just going along with the sheep mentality will get you slaughtered in the upcoming default. Just because your local economy is “booming” on credit and nobody is buying PM’s doesn’t mean in the short term it will continue. I suggest you look at the economic factors (GDP, inflation, unemployment,funded & unfunded debt, QE, monetizing, derivatives, stock PE’s, money printing, reserve currency status, bubble creation,etc) a little more closely because the keynesian party is ready to come to an end. The TPTB only have so many rabbits to pull out of their hats and then the magic show ends.

  4. Roderick

    Talk about gold?

    This interview is powerful and full of unheard information that is based on fact. It is my opinion Mr Gold, James Richards catapults USAWatchdog to the front of the class. Greg Hunter you are hitting homes runs with your insightful interviews with the real experts. People like Dr. Paul Craig Roberts and Mr James Richards are people to listen too.

    • gerald

      I do keep up with the latest on alternative media. I guess I am just tired of hearing we are collapsing and nothing is happening. I meant my comment to be directed to Jerry who said “over 85 countries have signed up to dump the dollar”. I would like to know how he knows that. I keep hearing all these wild things going on, but do not see the evidence. Most of the folks here say a lot of things, but how do I know them to be true. And make no mistake, I believe our gov and banks are crooked to high heaven. All this crying wolf has turned a lot of people away. They been hearing it too long and everything continues as it was. Some say it may take 20 years for it to fall apart. Well, at my age I probably won’t be around to worry about it anyway. I will sell my pm’s at 30-35 range as I can work wonders with fiat. I tend to think Mike R above poster has it more accurate. Oh and I am fairly prepared just in case.

  5. Oracle 911

    Hi Greg
    I hope you remember when I wrote about social time, let me say this (it will give you some explanation).
    We live faster then the Romans lived mainly due fast changes in our technology, especially in communications. In antiquity, middle ages until the 19th-20th century the changes in technology were slower then the replacement of generations. From the 2nd half of the 20th century the changes in technology were faster then the replacement of the generations, especially in communications. Thanks to the Internet and satellites we have near instantaneous communication about which nobody dreamed of in the 1st half of the 20th century.
    So this changed the dynamics of the system and this is the reason behind the reason of neck breaking speed of the events.

    Your thoughts.

    • Greg Hunter

      911,
      I too think things are “speeding up” and so does Dr. Jim Willie. He said a few months back that the “time between failures is getting shorter.” Frauds end quickly and when this one ends, it will end at a stunning pace.
      Greg

      • Edward Ulysses Cate

        I agree, too. As GATA has pointed out for years about the gold/silver manipulation; at first it was months before the market recovered from a hit, then it became weeks, then it became days, and now it’s hours or less that downward manipulations are corrected. Admittedly, it hasn’t recovered from the biggest hit ever, but that’s only because now the hits are so frequent; especially since the CFTC could not find what the FCA/Barclays situation just revealed. And that’s only the tip of the top of the iceberg. They didn’t really look.

      • Darren

        Greg…..Lets just say the dollar collapses……The great global reset happens with another currency taking the place of the $. What good is gold or silver> You can’t eat those bars…I don’t want to be caught dead with them on me. All savings and investments are basically gone with a global crash that some are predicting. Have enough supplies to ride it out for 3-6 months…If it isn’t fixed by then…..well nighty night

        • Greg Hunter

          Darren,
          Your line of thinking is so foolish I don’t know where to start.
          Greg

          • jack

            Greg Hunter is a big fear and loathing business propandandist. Why? Because Greg Hunter admitted in a interview he doesn’t buy gold or silver–owns very little–because his money goes into usawatchedog……for get this: fiat dollars!

            In other words, Greg Hunter doesn’t really believe in the crock he is selling.

            So follow what Greg does, not what he guests are advocating. Start a business by selling fear. It is the best businesss model nowadays!

          • Greg Hunter

            Jack,
            I sell nothing. This is a free site. I try to put facts out there, and yes, I think everyone who can afford it should have a core position in gold and silver coins Only a paid troll would work this hard to discredit me.
            Greg

        • Ugly

          Darren.
          If and when the dollar collapses all of the paper assets will be worthless. Let’s say the new system in America is SDRs. If you have gold or silver you could sell that and get SDRs. If not, then you get nothing. Exchanging paper dollars will be not accepted and considered only paper value, probably toilet paper at best. If the dollar goes and a new currency is ushered in, then you have had better have some real assets so that you can sell or exchange and get the new currency. That is where gold and silver come in….

        • woody188

          When the Weimer Republic collapsed it took 1 trillion Marks to buy what used to cost 4 some odd Marks. Metals is a store of wealth. If you use your $20 USD to buy one ounce of silver today, when it takes $1 trillion USD to buy an ounce of silver or to trade for $1 Amero, you can instead trade that ounce of silver for $1 Amero, saving you $999,999,999,980 USD. Do you even have $1 trillion USD?

  6. armando

    Greg: as usual, a suberb interview my friend. Your guest is clearly one of the most knowlegable minds on the current economic fiasco and pending colapse. I recently purchased his latest book ¨The Death of Money¨ and I have to say that it is every bit as interesting as his previous work ¨Currency Wars¨. While his ¨insider¨ background (direct connections to both the CIA and Wall Street) makes his views slightly unsettling, he has always put out straight information that for the most part substantiates his perspective – there is however one issue in particular that troubles me concerning his views. Mr Rickards recognizes that the FED and US government sold 1,000 tons of gold between 1971-1980 to control the price of gold in support of the US dollar, and he unequivocally acknowledges that in actuality gold manipulation is highly evident and in fact increasing, yet he repeatedly states that the US continues to hold the 8,133 tons which it claims on the books – this makes no sense, someone needs to pin Mr Rickards down on this issue! If documented manipulation (1,000 tons sold) occured between the time Nixon (temporarily) took us off the gold standard and 1980, then it stands to reason that if manipulation has significantly increased in the last 34 years – a substantial portion of the supposed 8133 tons has been used for the same purpose.

    • Colin - 'the farmer from NZ'

      Armando
      I agree – what a fantastic interview.
      I’m with you though about the suspicion that the US doesn’t have as much gold as is claimed. Why else would the US be taking until 2020 to repatriate a few hundred tons of gold that Germany requested . Last time I checked the US had only shipped a paltry 5 tons back to the Bundesbank. To me sending back 5 tons is insulting to Germany. I don’t know why they bothered to send any at all.
      Lying about the size of their gold inventories seems to be a favorite sport of many countries so under the circumstances why would anyone believe that the US still has over 8000 tons.
      Cheers
      Col

      • armando

        Yes Colin, but the worst part is not even that the US is falsely stating that we still have 8,133 tons (including the laughable ¨deep storage¨ gold, which probably means ¨unmined¨), but more importantly that in an effort to prop-up the US dollar (by manipulating the price of gold) we´ve even sold or leased-out gold (stored at the NY FED) belonging to other countries – thereby creating the problem in giving Germany back their gold. In any case, my point here was that no interviewer to date has taken note of this and pressed James Rickards on the issue. I can almost guarantee that upon reading this thread, Greg will take note and put the question to Mr Rickards the next time he gets a chance – I for one cant wait to hear James Rickards´ response…

      • RonBeal

        General Reply: Placing security in any physical product, whether gold, silver, stored food, the Yen, Ruble or Franc or USD or your training for self-sufficiency is a total, total waste! No, I am not a religious fanatic, always ready to spout Bible verses to anyone who is already tired of my BS! However, there is a spirit realm, call it what you will, that if you are dependent and remain stable in your reliance, will maintain and provide for you will all else fails. I have lived in that dimension since 1975, (damn he is old!) and have never been without, in fact I have been very successful in all my ventures. The key is found in the historical records of the Bible, plain and simple to follow when found. Sorry to tell you, but all your plans and theories, buying and selling, saving and hoarding will do nothing to enable you to survive financially or physically. In physical history, all that is taking place currently has been done before by people across the Earth – it is all for naught. It is planned, that those that depend on the physical realm will either perish or will come to the realization that they cannot survive on their own and will turn and beg for insight into the spirit realm. With that action, the answer will come and the training will began for a higher level of life unknown to physical man. What I am describing is the way it was designed from the beginning, also known as Reality and Truth. By the way, using religious phraseology and positive thinking will not save you nor provide security for you. In other words, ‘depending on God’, thinking God will save you, or trusting in God is nothing more than wishful thinking based on religious indoctrination. Sorry, but sooner or later, one must start thinking, move away from the sheep and consider their own journey.
        The dollar has fallen, most countries have realized this and are moving to what they consider more stable avenues for trade. With computer-assistance, each country can use its own currency and as of the day of the purchase/trade, the value of each currency is stated and the transaction is complete. Most of Europe, the middle east, Russia and China are/have moved in that direction. With the inflated dollar no longer needed, the reality of its true value will be revealed, i.e., approximately $0.20 / US$! Gold (?) It is questionable worldwide if the US actually has ‘any “gold”, period. Spain recently as the US to make plans for returning their gold, several 100 metric tons. Typically, this would require 3-6 months to transfer/return all the assets to Spain. The US response was that it would need approximately three years to process the request. The EU has planned an inventory of Fort Knox, and an audit of the Federal Reserve this summer. I suggest you plan accordingly….

        • RussHenry

          Are you speaking of Transcendental Meditation and its vibrations in the Universe?

    • Lester

      Call me suspicious but my money is on the Fed holding all the gold it claims. IMHO, all the metal that was sold was the property of all the small countries, but they would not sell US gold. They certainly can’t enforce any action against the US for stealing their gold, and in the end the US will come out on top with the most metal. I think that is the meaning of “deep storage gold”. So deep that nobody can force it out of there! So what if Germany is not getting it back! What are they going to do about it? Send in the Wehrmacht to collect a bad debt?
      The only open question is how much did China collect on the sly?

  7. allen ols

    greg;
    Hat Trick Letter, out today;

    EuroRaj offered an informal interpretation of what message China might be giving to the USGovt, whose weak president just concluded a very bland trade pact tour to Southeast Asia. He wrote, “Looks like China is sending quite a few explicit messages to the cabal in WashingtonDC. We are ready to ditch the USDollar. Show us what you have in aircraft carriers, drones, missiles, whatever. We doubt you are prepared to fight a war in three theaters, namely Ukraine, Syria, and South China Sea. We doubt you will put your biggest debt security holder on sanctions, like done on Russia.” More imperial over-reach response.

    OKLAHOMA HOUSE PASSED A BILL THAT REAFFIRMS GOLD & SILVER AS MONEY… ARIZONA REMAINS IN THE HUNT TO REMONETIZE GOLD… AFTER 50TH ANNIVERSARY OF STRIPPING SILVER FROM COINS IN 1964, THE SILVER DOLLAR HAS RISEN TO BE WORTH $20… NO PROTECTION FROM INFLATION HAS BEEN OFFERED. $$$

    In late April, a bill to legalize Gold & Silver as legal tender was passed through the Oklahoma State House. The vote was 74-12 in favor, officially called Senate Bill 862. Some details on the language of the bill. “Gold and Silver coins issued by the United States government are legal tender in the State of Oklahoma. No person may compel another person to tender or accept gold or silver coins that are issued by the United States government, except as agreed upon by contract.” Oklahoma is slated to become the second state to recognize Gold & Silver as legal tender authorized for payments of debts and taxes. Earlier this year, the Arizona Senate passed a similar bill, which remains stalled in the State House. Last year the Arizona weak kneed governor vetoed the gold as money bill, claiming it would interfere with tax collection, surely under federal pressure. Upsetting the balance of legal tender is difficult, and considered an assault on the federal fortress and towers. Currently all debts and taxes in the United States are paid with coin slugs and Federal Reserve Notes, aka USDollars. As footnote, the coins issued by the USDept Treasury have almost no gold or silver in them. But they do have production cost in excess of their face value. See the Tenth Amendment Center article (CLICK HERE).

    The year 2014 is a little noticed 50th anniversary for the disappearance of real US Silver coins from circulation. Stipping coins of silver occurred in 1964. People responded by removing the valuable coins from circulation almost entirely and very suddenly. The American people correctly expected that silver was probably going to be a better store of value than paper USDollars, and the people were right. At silver’s year-end 1960 price of 91 cents per ounce, the 0.77 ounces of silver in a Silver Dollar had been worth about 70 cents. But by late 1963, it was worth a dollar. Even in the rigged market (artificially low), with Silver priced near $20 per ounce, the silver in a Silver Dollar is worth around $15. The old silver-filled coins used to ring when dropped on a hard surface. Now they go clunk, since loaded with zinc and copper. The shift in coin makeup has come to symbolize a profound shift in the behavior of the USGovt with respect to money. The Roman Empire did the same thing, a practice called sovereignty. Ruin awaits the US, just like Rome. See the American article (CLICK HERE).

  8. John

    Greg thanks for the interviews. I wish just once there would be some uplifting news. When I want to feel stressed out I come to your blog lol. Oh boy. May the Powers that be have mercy on us.

  9. Rando

    Mr. Rickards is so brilliant that I don’t even feel worthy to comment. Thank you for this and the other recent lengthy interviews.

  10. Jerry

    Greg I checked again with my source yesterday. He is still targeting July 15th as the tipping point for the global reset from his sources in Asia. He’s still saying it will be accompanied by a conflict between NATO and Russia sometime between mid June and July 15th.

    By a reset, he is referring to a massive market transition away from the dollar into a Gold backed Yuan system beginning in Shanghai on July 15th. I’m not sure what this means? because it appears to me, it has already started with the Bank of China refusing payment in dollars from the Afghan Banks last week.

    As far as when will Gold manipulation stop? I hate to disagree with Mr. Rickards, its already happened with the recent departure of western Banks from the eastern commodities market last month. They left when the COMEX was emptied of Gold.
    There is nothing left to loot. Why else would JP Morgan Chase Bank sell their home office in New York to the Chinese for pennies on the dollar?

    I particularly liked the term “snow flake effect” in this interview. How appropriate.
    This dovetails precisely into the information I received from my source, about the conflict between NATO and Russia . If he is right, Russia will crush the NATO forces within a two week period, and demonstrate to the world, just how weak the United States has become. This will be the “snow flake”. When I see joint military exercises with Russia and China I’m beginning to wonder if maybe he right about his prediction. I don’t remember ever seeing this before. Lets just remember while the United States has been printing money, issuing food stamps, and giving away Obama phones, that the Chinese have been building up their military, and could easily field a ground force of over 20 million troops. Couple that we the refitted Russian military with EMP technology, and you have a force that is unstoppable.

    We are in serious trouble Greg. Like you said last week in your weekly wrap-up, our glorious Congress spent its week being concerned about the Washington Redskins name while the U.S. Titanic is headed clearly towards the iceberg.

    • Oracle 911

      Hi
      1st) The Russian and Chinese leadership can be everything but suicidal. The only reason why I’m telling this, is this: If they go into a direct armed confrontation and whatever party will be loosing the things will go thermonuclear. Everybody at least in the Chinese and Russian gov are aware of this.
      2nd) There is still some gold in the West’s vaults and the JP Morgen’s former headquarters are used as shipping warehouse.
      3rd) Dropping out the US$ out of the BRICS trades may happen a month sooner then the 15th July.

      • Galaxy 500

        O911
        I dont believe that Obama would pull the trigger on firing a nuke, EVEN in retaliation of us being nuked….Oh, he’d be mad as hell (in his normal impotent way) and demand an investigation be done before we take any action and tell us that the communist system really isnt that bad.
        Hell, if an ICBM was shown on radar headed toward NYC, Obama would call Clad and beg him to stop it. I bet Obama would surrender if he was unsure…before its on the news as a satellite launch. Wonder if Vlad would give the US back to Obama?

        • Diane Ryan

          Galaxy, I agree. In Obama’s mind America would be getting what it deserves. And yes, Obama would embrace a treasonous surrender to fellow Commies. That said, I think post attack on America, what’s left of our military response will be controlled by the PTB. They want to govern the world, including Russia and China.

      • Jerry

        Oracle
        I hope you’re right. But what my source is saying is that Russia will not give NATO the opportunity to dig in and set up fortifications so close to their border. They view this move as a security threat and will take them out before the coalition has a chance to organize itself into an offensive force. No different than Russia setting up bases in Canada.
        I do not see this going nuclear as NATO is comprised of a rag tag coalition of weak European countries that do not want to lock horns with the Russians.

        As far as Gold availability. He has said that the reason the western Banks have left the commodities markets in the east is because they have run out of Gold to stall off the Chinese. I find this interesting, because this ties into what Rob Kirby was saying a few months ago in one of Greg’s interviews.

    • Beligerant

      @Jerry : I have a question for your source and curious if you would ask given the chance.
      1. During this global reset what happens to consumer debt such as housing loans, credit card balances, etc. Will the reset eventually help debtors pay off outstanding loans and balances?
      It seems there are two camps out there. One says hyperinflation or revaluation will allow people to pay off loans easily. Others say they will somehow revalue the loans so the banks or lenders don’t lose out. Any ideas?

      • Jerry

        This is what he said in his last communication. “He wouldn’t even buy a chicken coop right now”. He see’s the Chinese pulling up all the markets by the roots world wide when the reset comes. Buying large tracts of real estate in the U.S. Buying Banks. Bringing in manufacturing to use cheap American labor. In other words a complete shuffling of the American Economic House of Cards. So to answer your question , I would look for some type of re-evaluation. I don’t see the Chinese forgiving any kind of debt.

    • susan

      Rando, I agree with you completely. As much as I read and try to stay on top of understanding the economic data. He certainly is way ahead of most.

    • Jerry

      SMAUL GOLD posted it. Here it is. The snowflake in all its splendor.
      http://www.reuters.com/article/2014/05/26/china-gold-pricing-idUSL3N0OC0M820140526

  11. EyesWideShut

    Hi Greg,

    I’m a longtime listener, but just started posting comments. I noticed that my comments about your last interview with Nenner was edited out. Not sure why. Anyway, this was a good interview you had with Jim Richards. It’s also very timely given that events appears to be quickening and throwing a lot of “experts” for a loop. This is one of the reasons I feel seismic changes will be happening this year!

    Also, please have Jim Willie back on as soon as possible. He really has an ear to the pulse of what’s happening behind the scenes.

    Thank you for the great interviews!

    • Winston Churchill

      Who owns the Govt. ?
      Of course th banks will be protected.

  12. Ugly

    The 5 lists are good, but also may be more than what the ‘average’ guy can do. Gold and land may be too expensive for some. Here is my top 5 for the ‘average’ guy.

    1. Food storage items and a garden.
    2. Cash
    3. PMs, gold if can afford but at least silver rounds
    4. Debt reduction so that you have more monthly income to put elsewhere
    5. Knowledge. Know where your food and water come from. Learn it.

    The garden does not have to be elaborate. It can be just a 24×24 with mostly easy stuff like potatoes and J. Artichokes. Tuber crops can produce quite a bit of food in a small area.

    Ultimately, good luck to all and trust God.

    • Jerry

      I agree with you ugly. Preparation is more than stashing PM. The average American idol watcher hasn’t a clue about the kick in the head we’re about to receive from Russia and China. It blows my mind that people still believe that fiat currency will stand against Gold.

      • allen ols

        ugly, and jerry; agreed

      • Ugly

        Jerry, in the past America worked. Today we are nothing more than walking donuts looking for cheap deals at Wally World with our cards. It seems people declaring bankruptcy have better rights than folks paying their bills and investing at a snails pace. Learn to survive with little because you will be far ahead than the 300lber watching a baseball game on sick day or paid day with beer in one hand and a hotdog in the other….

    • tsuki

      Good five. Let me add five.

      1. Build a community of like mined people. Not necessarily those that think the system will collapse, but those that believe in living a sustainable lifestyle. Forget the John “Lone Man Against the World” Wayne crap, that is just propaganda to divide us from each other.
      2. Save all receipts for a month. Make a spread sheet that includes all debts, credits, assets, and expenses. Identify where your wealth goes. Make a plan for sustainability. Avoid AUSTERITY. Austerity is a crash diet that when you discard it as too difficult, you end up weighing more than you did before you started.
      3. Look to reducing all consumption by 25%.
      4. Learn or hone a skill, something you can barter for, like small engine repair, farming, or a trade like plumbing, electrical or wood working.
      5. Don’t spend your store of wealth, PMs, foolishly.

    • lineman

      I would add to that list…
      1.. Firearms and All Accessories
      2…Ammo in all common calibers…
      3…Self sustaining land…(Land that has water, good soil, good sun exposure, decent growing season, wildlife, is defensible)
      4…Medical Supplies…
      5…Barter Items…

  13. J C Davis

    WOW Greg what a interview. During the interview I had questions that came to mind. By the end of the interview they were all answered. I don’t recall anyone explaining gold and treasury’s so clear. I am not a gold buyer. Now I am thinking about it. When India lifts there restrictions gold will boom. Thanks Greg. JC

    • J C Davis

      Side note: It is estimated India has 1.27 billion people. At some point population will play into the picture. China has around 20% of the worlds population.

  14. KC

    Greg-

    An excellent and insightful interview. At the very end he says the most important part. The IMF will need to bailout the U.S. The next meeting for the IMF and all the partners is early 2015. Buckle down folks this is going to be an interesting year.

  15. Galaxy 500

    Just wondering where the hedge funds are going to have wealth that doesn’t vaporize when the curtain falls? And while I appreciate fine art, it wouldn’t be on my list of the first hundred items I would choose for the coming economic storm.

    • Greg Hunter

      500,
      I think that is rich people advise but the rich will no doubt have wealth stored everywhere.
      Greg

      • wd

        Greg,

        The rich people may not be as prepared as yo think. There are many investment advisors who just see equity andthat is it.

        There are two I deal with independently in networking meetings; when I mention this topic they say “you are crazy everything is fine”. The tell me how they are recieving more money and investments etc, ect. One of these is a dear friend ( firends for nearly 7 years). He has been with Smith-Barney for over 30 years!!

        How can someone with this type of experience and wealth miss this!!. The rich are not immuned to this.

        Maybe the super rich but not the rich…Thanks!

  16. JaggedX

    Thank you Greg for conducting a fantastic interview with Jim Rickards. I was wondering what is Jim’s take on silver specifically? I know folks like Mr. Sinclair have said that silver is “gold on steroids”. Does Jim agree?

  17. Geo. T (formerly George)

    Unstable and/or overly complex systems fail in spectacular fashion. Our economy is like an imbalanced propeller spinning above its rated speed. The failure starts small: vibration. Which increase stress until the metal fails and it flies apart suddenly.

  18. Geo. T (formerly George)

    What we all have know for five years:
    http://www.weeklystandard.com/blogs/democrats-privately-calling-obama-detached-flat-footed-incompetent_793544.html
    Its a shame that the Dems only admit it to each other as if they were real patriots, we could work together to wash the stain of socialism off this once fine nation. But they are wedded to ideology more than they are to freedom and liberty.
    May God bless and shelter us and the men and women that served this nation and damn the politicians who subvert the law for their enrichment and who seek to fundamentally change the land of the free and the home of the brave

  19. Felicia

    Thank you for having Mr. Rickards on. His level of knowledge runs far and wide. And his explanatons, being based in honesty and fact, give me hope-odd as it may sound. Hope because there are people like him (& the hawks in the banking system among others) who have the knowledge and character to do the right thing in these corrupt business circles albeit they may be forced into it rather than doing the right thing because its what should be done. But so be it. The tangled web of..lies, deceipt, corruption, evil…appears to have ensnared those who thought they were outside of it. I believe the deaths of those mid level bankers is only the start of uglier things to come. Again thanks for these important interviews. I keep telling others about you, your site and the valuable & truthful info they can get from it. Have a great Memorial Day and many thanks to our military people. May God bless you!

  20. Country Codger

    AWESOME!! interview Greg. You even looked kind of blown away at the end yourself. Keep it up.

  21. Matt

    A walking and talking financial historian and analyst.

    He should be the Fed chairman.

    Great interview.

  22. Chris

    Greg,

    Another great interview. If all journalists were like you the majority of the people would have been awake by now.
    I agree with Jim Rickards on the speed which these events are occurring. I believe it’s the situation in Ukraine that put everything into overdrive. The US’s involvement showed several countries that the US cannot be trusted; and if the US can go half-way around the world and over-throw a legitimate government, what’s stopping them from coming to our country and doing the same? These countries are playing the strength in numbers game, and I don’t blame them.

    I am going to go a little bit off-topic here but I would like to talk about the EU elections for a moment. I’ve always believed that the collapse will start from Europe. Hell, Europe is somehow always involved when the world goes to pot- WW1, WW2 are two of the most glaring examples. The party everyone should be paying close attention is not UKIP but Marine Le Pen’s Front national in France. She’s the one that has the power to tip the first domino. I have an advantage of reading French , and I ‘ve been reading French newspapers this morning and some political pundits have been calling for Hollande to dissolve parliament and head for elections, since the government they have now does not represent the public. Will it happen? I don’t know, but if it does I have a feeling that Marine Le Pen will win a majority. And then it’s light out for the EU dream because France will pull out.

  23. Jim H

    Hello fellow Watchdogs.

    Since 2004 it’s been very difficult to predict anything. If I make enough predictions in a year then like Jean Dixon in the old days and 7 turn out to be right then I could be considered an expert. I’ve quit making predictions because they were all based on what I used to think I knew about the way finances, politics, business and morality works in our world. I made some lucky guesses and some bad ones but now we live in a world where nothing works financially, politically, business wise or morally the way I thought it used to. Seeing this and accepting this caused me last week to trade all my gold for a nice chunk of agricultural (low tax) land I will hold while we watch the predictions be proven or disproven. Yes I know land like gold or anything else can be taken from me but not without at least everyone I know seeing it. Since I no longer make predictions, I’m going with my best guess. My best guess is, the powers that be want a totally digital currency than can’t be hoarded or hidden. The evil ones will be able to turn off a person’s wealth with the pressing of a few keys with or without a constitutional reason. My gut told me to trade the gold when it was at $1900 an ounce but I listened to experts and kept it. Such is gambling. Let’s look for a second at what I used to believe could help me make sound decisions. Politicians and Corporate heads could be jailed for fraud and corruption, If the vast majority in any state wanted to pass laws regarding financial, business or moral issues to protect their beliefs, property and financial well being, they could and courts made decisions based on a constitution we could read and understand, not according to the wishes of who stole the most money and has them in their pocket. So I wait to see if my best guess is correct.
    Today I thank those who made the ultimate sacrifice so the things we are seeing today would never happen and pray we find the grace and moral courage to stop the for profit above all else mentality imprisoning out world.

  24. Paul from Indiana

    How portable is land? Is a bail-in a possibility? Can land, and, as a proxy for land, title be bailed-in and/or forfeited? Just asking. Best always. PM

    • Jerry

      Paul.
      Make sure its not near federal lands, and pay your taxes and you should be good.
      Clear title is very powerful. The Banks have no control over it. It worked for my grandfather during the last reset.

      • wd

        Paul and Jerry,

        Raising real estate taxes through the roof are “bail ins”. YOu can’t pay the high taxes; then they take your land…its very simple.

      • Anne Elliott

        I believe in land ownership; the only reason my widowed grandmother survived the Great Depression with her 5 little children was because she owned a little farm land that she fed her family from. That being said, if the Feds want your land, they will raise your property taxes until you cannot pay them anymore… But that is a worst case scenario, and should never arise unless our government officials begin speaking Chinese.

      • Paul from Indiana

        Jerry, up until now I saw this Rickards as a shill and smokescreen artist, but he is right about events speeding up, as you point out all the time. See you at the last roundup. I don’t know if we’ll be fighting the FEDS or the CHINESE (maybe one in the same). Keep posting what you know. Best always. PM

        P.S. The Government in the Depression was still learning the game. They’re much further along now. I don’t trust them to honor property and title when the deal goes down. Just my take. PM

    • JC Davis

      P.M. Land will be good. No one will take land when all the neighbors threaten to kill the takers.

      • Jerry

        Thanks Paul.
        JC I agree with you. Where I live people have held on to their land even through the Civil War. They are not likely to give it up without a fight.
        Ever heard of Bloody Bill Anderson?

        • JC Davis

          In Deed.

          • JC Davis

            Bill Anderson. Historians have made disparate appraisals of Anderson: some see him as a sadistic, psychopathic killer, but for others, his actions can not be separated from the general lawlessness of the time. I look for a Bill Anderson to show up in my life time.

      • Calgirl

        The Landowners Conundrum
        A clear title is very important, as is money put aside to pay next years taxes (plus 20% just in case they decide to raise them). Would the state raise the tax rate to the point of owner’s defaulting? Look what happened in Connecticut with the Pfizer imminent domain confiscation….Pfizer pulled the plug and now the city is stuck with acres of weeds and no tax revenue!
        If land taxes where so high that many would default, I would guess there would be an uprising. Although I don’t know how effective an uprising would be in the face of our militarized government. Just like the banks and all of the foreclosed houses that are just rotting away. The only use the banks have is to prop up their financials….they can’t even put them on the market as nobody has the desire or money to buy them except China, and China only wants property on which they can make big profits. If I were to default on my property the house would just sit here and decay in the Florida weather. The state would loose the tax revenue that I currently pay. I don’t expect any government to make good decisions but I will rely on “hope” that they won’t raise my taxes higher than I can afford. There will be many, many owners who will have to default as it is in this economy. What are they going to do with all that land and the houses? They will desperately need my six grand ! I wish we had a Prop 13 like California.

        • Ugly

          Calgirl.
          If the dollar loses it’s value and continues with its debt load and ownership of at least $8T in T-Bills, then the $400 billion collected in property taxes won’t amount to much versus the loss of the value of the dollar and inflation. Let’s say inflation is 10% this year and the loss of value of the dollar is also 10%. That is a minimum of another 20% loss is purchasing power. What we may see is the dollar collapsing, another entity taking over with a new currency, and all ownership gone because it now belongs to the new boss….

      • Diane Ryan

        JC, that’s exactly what is happening out here (Pacific Northwest). Neighbors becoming friends. Friends becoming neighbors. Neighborhood groups supporting other groups.
        In the words of Al Gore, the time will come when there will be “no controlling legal authority.” Survival food and gear will be great. Camaraderie will be priceless.

    • Galaxy 500

      A recent IMF white paper detailed a bail in based on networth. If you have land assets that are paid for, its not fair to the people that dont….or so the Obamas say.
      The govt is going to make everyone pay that has something.

  25. Matthew Schimpf

    The three “Jims”…. Rickards, Willie and Sinclair, where the rubber meets the road! Another exceptional interview that helps keep things in perspective. Thanks for your efforts.

    Matt

  26. Mohammad

    Greg,

    When Mr Rickards Speaks i sit up and take notice.
    What is surprising is his choosing the death of the “money” for the title, and savvy person like Jim knows that it is currency while money is silver / gold, so why he used that word? he chooses his wording very carefully.
    Last words are the most powerful:
    “the feds has to bail out the united states”.
    Sad fact but true, that ends the empire!

    • Mohammad

      Sorry I meant in the last sentence:
      “the IMF has to bail out the united states”

    • Greg Hunter

      Mohammad,
      You are correct sir. On other option and that is mass unrest and revolution but that’s why the federal government is buying all the guns and ammo for. Sad time in America.
      Greg

  27. Larry Galearis

    As he states: “I only deal in facts, not speculation.” Therefore the USA still has 8000 tonnes of gold. In the real world, people act on speculations and logic. Arguing “facts” only in regards to the gold market is going to make it difficult to come to any “factual” conclusions. Nevertheless, Rickards is a thinker and admirably so…
    Galearis

  28. Jeff

    Agree 100% with your guest. Especially….. ” things I talk about in my book are happening faster than I would have expected. Things that I thought would happen in the 2015 or 2016 time frame seems to be happening now……. these catastrophic outcomes may come sooner than I wrote about.” ……. So many want to believe we have yrs and most of your guests talk about 10 yrs from now……. fwiw, I feel things are accelerating. The end of 2013 (Mayan calendar) was a non-event to most. But to me it ushered in the “beginning of the end”. Thanks, Greg

  29. Larry

    Combining the Rob Kirby interview I sent you with the Jim Rickards interview you did here
    the pieces of the puzzle are really starting to come together. Good job Greg.

  30. Craig

    Thanks again Greg, another great interview. James Rickards is very convincing and a great communicator. Have shared it with many friends. Well done for creating the space with your pertinent questions allowing James to explain and contextualise. I know speculation is not something Rickards does but I could not help wondering about what use all those “Belgium” dollars might have. Could it be an extra buffer for Dollar based bank debt in Europe in the event of a crash or crisis ? Also in your interview with Charles Nenner he mentioned the likely hood of another (this time Nuclear) bombing of New York. I do recall that at least six months before 9/11 several countries (Germany, Israel, and Russia to name a few) plus now ex CIA assets are on the record as saying they warned Washington of the impending attack and attackers names. Are we the people being set up / sacrificed again ?

  31. allen ols

    greg;

    Jim rogers says;

    usa pushing countries away for usdollar, with sanctions, as countries realize if we do this to russia, iran, we may do it to them.
    http://financialsurvivalnetwork.com/2014/05/jim-rogers-giants-ditching-dollar-over-us-foreign-policies/?utm_source=rss&utm_medium=rss&utm_campaign=jim-rogers-giants-ditching-dollar-over-us-foreign-policies

    • Greg Hunter

      Allen,
      Rogers said it here first. Check out his last interview.
      Greg

      • Paul from Indiana

        People must have missed it; they were too worried about his possible respiratory distress! And that’s what the government is doing, distracting us with insignificant razz so that we miss what’s really going on. Thanks for refocusing every week. Best always. PM

    • Jerry

      allen
      I only have two words. Shanghai July 15th.
      I guess that’s three.

      • Ugly

        No it is two words. It is two words and one number….that is, unless you meant fifteenth instead of 15th….

      • Paul from Indiana

        FATCA comes on line 2 weeks prior to the BRICS launch. Surely that will be a one-two punch? Best always. PM

    • JC Davis

      Allen Jerry, and Greg Correct me if you will, but I think F.A.T.C.A. will have a much bigger effect at chasseing countries away from the dollar then sanctions’ ever had.

      • Greg Hunter

        JC,
        It will be dollar negative I just don’t know how negative.
        Greg

        • JC Davis

          If truth was printed on a dollar it would read In Fraud We Trust.

  32. Outlookingin

    One More Nail in America’s Financial Coffin.

    The Depository Trust and Clearing Corporation (DTCC) responsible for clearing over-the-counter (OTC) credit derivative contracts (CDC) and credit default swaps (CDS), announced on Wednesday February 10, 2010 that the Federal Reserve Board had approved their application, to form a subsidiary of the Federal Reserve System, that would be responsible for the Trade Information Warehouse (TIW) and for clearing OTC, CDC, and CDS, under a new entity the Warehouse Trust Company (WTC).

    What this means is, the American tax payer is now liable and on the ‘hook’ for ALL derivative contracts, that default in any future financial meltdown, amounting to many untold trillions of dollars! This has flown in under the radar and is not well known by the financial punditry, nor the public at all!

  33. Richard Mitchell

    So glad you had Rickards on and he ended with the IMF using SDR’s. Of course that is also just paper money unless they back it with gold. However, I don’t think that will be a voluntary decision if they do. Likely will be forced on them by Asia (China).

  34. Roderick

    Armando

    Your conclusion is understandable but you forget that today the manipulation is mainly coming from central banks who are “shorting gold”.
    Manipulation is occurring without the actual gold reserves being depleted. It is a paper manipulation that is going on today. This is why Mr Rickards states the event that will cause the sudden collapse of the dollar will be when it is found out that there is no gold after a big buyer demands physical delivery of it and the exchange fails to deliver the physical gold.

  35. smaulgld

    How can the US Treasury market continue when the two largest buyers/holders China $1.2 trillion and the Fed $2.4 trillion are no longer buying. In any ponzi scheme new money has to continue to come in to support the existing money and that is drying up.

    The reverse is happening in the gold market, China, Russia, India and individuals are chasing more physical gold while the paper claims on gold are multiples of the available gold.
    Here are some charts showing the amounts of US Treasuries and Gold that countries hold :
    http://smaulgld.com/foreign-holdings-u-s-treasuries/

    • Bubbabear

      Europe already had the political process favoring locals and not the EU Central bank. The Fed has to really rethink about another massive pump because in 3 years political activists are going to be at their doorstep.

      So going beyond 2015 will put serious risk of politics reviewing their powers. Hence why they’re having fear about the pension system.

      The Fed fears political backlash due to pensions long term and they know they can’t lift the market again when it falls. That is why they are exiting.

  36. smaulgld

    Mr. Rickards mentioned classified docs re the US government selling gold to manipulate the market. Well, here is a public statement from Lyndon Johnson threatening to manipulate the silver market!
    380 – Remarks at the Signing of the Coinage Act
    July 23, 1965
    http://www.presidency.ucsb.edu/ws/?pid=27108
    Some more background on the removal of silver from US coins in 1964:
    http://smaulgld.com/amount-silver-used-u-s-coins-1964/

  37. Anne Elliott

    The last thing he said was the worst… IMF bailout of the US???? There go our guns. There go our freedoms. There go our rights. If we weren’t screwed before, we would be then!!!

    • Pinocchio

      Anne – I agree. There will be “conditions” on that bailout, and I am afraid that you are correct – the last of our freedoms will be gone.

      Also, FYI regarding gold – in my local market the day JR refers to has already arrived. There is not any gold available at any price. Local coin shops are sold out and they cannot get any gold coins of any size or of any kind. It is gone here, locally.

      “I’m a real boy’

    • Ugly

      There goes everything, including ownership of homes and lands. If someone (IMF) buys someones debt (USA) then that someone also owns the equity that comes with it–thus all ownership gets confiscated. The funny thing is the IMF does not have enough money to bail us out in the first place. Who has mega trillions? Thus just more funny money and cooked books to destroy the USA.

    • Galaxy 500

      ANNIE
      Please dont take this as a condemnation of your comment. Rather its a question about Rickards premise. I am curious how that is going to work (IMF bailout of US) as we give the most to the IMF slush fund followed by four other bankrupt countries. Still sound like BS every time I hear it. Who’s going to come up with the cash? China and Russia? Not damn likely. Why would you bail out your enemies?
      Doesn’t seem plausible unless gold goes to the moon and then why would the US just not pull its gold out of the IMF?

    • Jim

      I think the people of this country would have a major, “Come to Jesus,” with our government before those types of things happen. The deer hunters alone through the Midwest and upper Midwest region would make the worlds biggest standing militia. Many of them know how to “hunt.” Oh lets not forget about Texas, Oklahoma (the home of Toby Keith) and everything in between. A little brevity facing our future is not all bad. However I would not underestimate a bunch of fed up Americans. Ask Japan and Hitler where it can lead.

  38. smaulgld

    The swaps that Mr. Rickards discussed between the central banks are a permanent option. So any arrangement is possible. http://www.bloomberg.com/news/2013-10-31/ecb-makes-crisis-cash-lines-at-central-banks-permanent.html

  39. Larry Galearis

    More: Note that Mr. Rickards states a reluctance to speculate and therefore assumes as fact that the (stated) 8000 tonnes held in the vaults are also fact. In almost the same sentence, if not paragraph, he talks about the 1970s bull market that cost the USA some 1000 tonnes of gold (I suspect more than this). From this statement we can assume that the USA did use its treasury gold to control price by dumping bullion on the market. If the USA has 8000 tonnes of gold (as fact) it cannot be possible that the COMEX or the LBMA will default on delivery obligations very soon at all. One cannot have it both ways. If he says that there could be (possible) a failure to deliver in gold in 2014 then there is NO gold left for suppression purposes in the USA – the 8000 tonnes is already gone to China et al. If China is taking (reportedly) almost the whole annual global production in gold (the demand) and the USA has 8000 tonnes, then there will be no failure to deliver for some three or more years.
    FWIW from an interested and appreciative listener.

    Galearis

  40. Klfoo123

    Greg,
    I had a conversation with my MIT classmates. Thery were all talking about making money on recent stock market and some are going to invest on bonds. When I advice them to watch your interview with Jim Rickards but they refused listening to me. One of them said if Bernanke gives advices he will listen. It is sad.

    • Winston Churchill

      Kos Jansen says China alone is taking DOUBLE world production.
      He has figures to back it up @ ingoldwetrust.com
      Where do you think it came from ?

    • Jerry

      KLfoo123
      In the words of the great P. T. Barnum ” a sucker is born everyday “.
      QE is driving stocks. Nothing else. And when the Chinese dump their Bonds in about 60 days, it will be Katie bar the door!

  41. Brad

    Superb interview. Between all the differing view points of the various experts here on USA Watchdog the reader can build a quite reasonable understanding of the current economic situation going into the future by a simple cross referencing. of the differing emphasis placed by these experts. While Willie has a fairly dramatic style with emphasis on corruption, Rickard’s style is more matter of fact and understated when in reality both are analyzing the same criteria and events, with only differences in the facts needing to be worked out..

  42. Snorky

    I too feel that things are starting to move faster. I’ve given up talking to family/friends/colleagues about this. They don’t believe it, they don’t study it, they laugh at it, etc. I did my part as a fellow human being to try to impart my knowledge to others. I feel that you, Greg, Jim Rickards, etc. are doing the same. But at this point, you are probably preaching to the choir. But keep preaching bro, keep preaching … because as things start to move faster and faster, all information is valuable in terms of ascertaining which outcome is going to take place: inflation, deflation, both, chaos, all of the above. Happy Memorial Day, although it doesn’t mean what it used to IMO.

  43. Smaulgld

    As jim mentioned things happen fast
    China moving in as the “fix” is in trouble
    http://www.reuters.com/article/2014/05/26/china-gold-pricing-idUSL3N0OC0M820140526

    • Jerry

      Thanks SMAULGOLG
      That’s what I’m talking about. Shanghai July 15th. Did you notice HSBC had no comment?

  44. allen ols

    UGLY, Jerry, lastman, g5,

    « Letter Re: Generators And Their Proper Implementation During TEOTWAWKI/DisastersNotes for Tuesday – May 27, 2014: »
    A Simpleton’s Guide To Preps: The Best And The Overrated, by B.H.
    print
    The Best:
    Become a faithful, obedient Christian.
    Why? Because we’re thinking long-term. Prepping doesn’t exempt death; it just postpones it (maybe). If you believe in prepping for the few decades you have on this earth, doesn’t it make sense to prep for the eternity that follows?

    Develop a long-term attitude in all your preparations.
    Why? At various gun-shows and events I attend, I occasionally see a small patch for sale that reads, “Embrace the Suck.” How true this could be. Simply giving-up during bad times will most likely kill more folks than anything, including smoking unfiltered cigarettes or running with scissors. Everyone runs fast the first mile of a marathon, but how many actually finish strong, or finish at all? I would imagine the first item you’d want to acquire in your prepping life is the right attitude, so think long-term with everything on this list.

    Prepare shelter from the cold, including the most important skill of making fire.
    Why? With the exception of lava flows, earthquakes, tornadoes, tsunamis, sharks, lions, mudslides, avalanche, coral snakes, lightening strike, asteroid impact, stampeding cattle, hurricanes, or lack of air, absolutely no element of nature kills quicker than cold. Being prepared to survive the cold includes clothing, coats, and blankets. It also includes ways to make fire; a place to make fire; the means to cut, split, and chop wood; a roof to keep you dry; and walls to shield the wind. (Walls also have the duel benefit of keeping sharks and stampeding cattle at bay.)

    Know where and how to obtain clean water.
    Why? You can’t go more than a few days without it. However, just having access to water is only half the battle, because dirty water may be almost as bad as no water at all, so you need to know how to make dirty water clean. There are many easy ways to keep “the runs” away. (Grandmother used to say that.) You can boil it, bleach it, filter it, or chemically treat it. Just don’t get confused and boil your filter in chemically-altered bleach; that would be overkill.

    Build sources for live food, such as chickens, rabbits, and a vegetable garden.
    Why? After a collapse, Taco Bell will probably cut back its hours of operation and not even Bill Gates can afford to buy enough pre-packaged #10 cans of dehydrated gourmet entrées to last a lifetime. Keeping chickens and brussel sprouts alive takes practice; practice takes time; and time will not be available post-collapse. Getting these items in place now will force you to get the tools you need (both physical and mental) ahead of time. This type of food is healthy, and you’ll get a lot of exercise in the process, but the really good news is you’ll have no trouble reaching that weight-loss goal you set during the New Year’s holiday. You’ll look great come swimsuit season.

    Buy that rifle or shotgun (and ammo for the same).
    Why? There are many obvious reasons why a firearm or two would be a pretty good idea following the collapse of society. First, we will be back to the Wild West style of justice. Even though government organized law enforcement will no longer be worried about things like littering, seat-belts, or car window-tint that is just a tad too dark, they will still be a little busy. (Assuming they haven’t ditched the job entirely to stay home and look after their own families.) Secondly, hunting will become America’s most popular pastime, and while slingshots and bow and arrow certainly make the hunt more challenging, using a good old American-made firearm will be your best bet at putting meat on the table. I mean no offense to you vegetarians reading this. Finally, the number of homeless cats and dogs will explode; homeless cats and dogs just love chickens and rabbits. (Read #5 again, if I went over your head with this comment.)

    Store salt, soap, and candles.
    Why? All of these will last forever. All are dirt cheap now, and all will be invaluable at meal time, bath time, nighttime, and “romance” time. (Well, the salt won’t help here, unless someone knows something I don’t.) Don’t skimp; stock up. I mean fill your closets and drawers with them. Also fill every empty box you can find. There is no such thing as too much here. Plus, these are great barter items.

    Buy and store silver.
    Why? Eventually you may want to buy something when paper money may not be accepted. Credit cards, checks, PayPal, and those cute, trendy little “bit-coins” might not work out for you either; I’m just sayin’. Have no fear. Whether it’s as simple as buying a drink of water or as difficult as finding someone to betray Jesus Christ, silver can always be counted on to get you what you need.

    The Overrated:
    Gold
    Why? You can’t easily make change. Let’s say you walk into a convenience store with a gold coin. Both you and the cashier may agree that your shiny gold coin is worth $5,000. However, in the end, you will not be going home with that loaf of bread and jar of peanut butter you wanted, unless you’re willing to pay $5,000 for it.

    Medications/Antibiotics
    Why? They have a short shelf life. Band-aids and aspirin are fine. Okay, I’ll give you a pass on Viagra, as well, but let’s be realistic. Antibiotics have a short shelf life. Heat or moisture makes it even shorter. Some medicines must be refrigerated. A total collapse is going to be very unpleasant, and unfortunately some of its realities are going to be hard to accept. Still, look on the bright side; chopping wood will do your body more good than any blood-pressure medicine, anyhow.

    Gasoline and anything that runs on it
    Why? Again, it’s the shelf life. Yes, of course I have a gasoline-powered generator, but its sole purpose is so I don’t lose the 2-3 weeks of food in my refrigerator and freezer. Beyond that, it’s overrated. If you take the time to treat gas with a stabilizer, you’ll still be lucky to get 18 months out of it. Then what do you do? Here’s the bigger problem: gas engines make a lot of unwanted noise, like a cell phone in church. Don’t be the guy who loses everything because his cell phone went off in church.

    Batteries and anything that requires electricity
    Why? Batteries eventually die. (Yes, even the re-chargeable ones eventually die.) Have you ever seen a Clint Eastwood western where he whined about a lack of batteries, air conditioning, or cell phone service? No, you haven’t. Did a lack of electricity keep men like George Washington and Benjamin Franklin from becoming studs of American history? No, it didn’t. Don’t be a prepping “hipster”! Man-up, put your “big-boy” pants on, lace up them boots, and ditch the electronics.

    • JC Davis

      Allen I am working on a quiet ram pump for electricity. The clacking is just too much noise. Great post by the way.

    • Ugly

      AlOls. Thanks. Along with the candles you may want to look at DLight. They sell them at Nitro-Pak. The reading light I have used and it is reliable. It has a built in solar panel and costs about $12. They are made in China, but if it is good then it is good. I plan to buy some more as well as some solar stuff USA made.

    • Jerry

      Allen
      Love it. Thanks for the information. I have been in survival mode most of my life as I am an avid backpacker. The best piece of equipment I have ever seen for survival is the ” Biolite Stove”. It runs indefinitely on scrap wood, and generates its own electricity, It even has a USB port to charge ham radios and cell phones. No bad for $110.

      • allen ols

        jerry, ugly, Jc, lastman, g5;

        biolight, will get one, i also have an old style cd civil defense radiation det. NEW free. i love free. I get my rechargable aaa, aa, 9 v, etc at the toys r us, with charger, extra batteries. ordered 6 more tubes of heirloom seeds from

        Thanks again for shopping at http://www.mypatriotsupply.com! We sincerely appreciate your business and support.
        more duct tape, 2 more fridgs, used, as I have several places. 100 more lbs of roasts, hamburger, tialipa, salmon, and we cooked down 40lbs of HB meat, from 2 yrs ago, and re wrapped, and froze. still good, and we ate some was mor tastey. we put onions, spices, bell peppers w/ it.

        • lastmanstanding

          Thanks for the tips guys…I am in big garden mode right now.

          For myself and others.

          “don’t go down without one helluva fight”

          • Ugly

            My Jerusalem artichokes are up. I thought i may have dehyed the seed. Spuds are doing well too. Our volunteer lettuce was and is unbelievable. We have had a salad each night for 8 nights in row and plenty more coming in such a small area. I think the lettuce may bolt before we can eat it all. That is ok cause it is next years lettuce….folks learn to garden if not doing so yet. You can get a lot in a well or semi-well (me) organized 24×24 spot….

    • Calgirl

      They make conversion kits for gas generators to propane. A good electrician can provide a plug on the outside of your house to hook-up the generator. I did this and had the electrician place a cutover switch by my electrical box. This allows me to cut over to the plugs I designated for “emergency”. I then bought two large propane tanks (I think they are 40 lbs each) which I store near an air vent in the garage. In an emergency like a hurricane or an economic collapse, I can generate my own electricity long enough to charge various appliances. Generators are noisy and I wouldn’t want to attract attention after dark, but during the daylight it will probably be safer during an economic collapse.

  45. Mouse Click

    Catherine Austin Fitts believes, if gold was to reach $2000, there will be a war. It will be extremely naive to think, the money junkies on Wall Street are going to allow a peaceful transition from Dollars to SDR’s. It’s not who has the most gold, it is the country with the most bullets. The eastern alliance of Russia and China are walking off the “Dollar Reservation”, and no big surprise the West is now encircling the two countries. My fear is, if the Dollar collapses, all fiat currencies will go to zero, and the politicians will take us to war.

  46. dchayden

    Great interview ! In fact it was James other book “Currency Wars” that I had read back in 2012 I believe, that changed my whole paradigm concerning how I think about currency. Curious as to why he used the term “money” in the title of his new book …kind of caught my attention. Thank you for having him on Greg.

    • Greg Hunter

      Thank you DC for your comment.
      Greg

  47. Marcelo

    I just want to put a link from today, there are a few lines but tell us a lot and I suppose not too many people paid attention, specially outside Germany. The link is in german but more or less says that “the German Bundesbank is building in Frankfurt a Business/Platform and Clearing Center for an exchange based in Chinese Yuans in order to conduct business directly in Yuans..”
    Link in German for those who can understand and for those who think that the Germans are on the US side. If the Germans are doing this, I think it´s GAME OVER/Check Mate.
    By the way, congratulations for having all those smarts guests Greg.

    FRANKFURT (awp international) – Die Deutsche Bundesbank sieht Fortschritte beim Aufbau eines Handelszentrums für die chinesische Währung Yuan (oder Renminbi/RMB) am Finanzplatz Frankfurt. “Ich gehe davon aus, dass die noch zu benennende Clearing-Bank sehr bald ihre Arbeit aufnehmen kann”, sagte Bundesbank-Vorstand Joachim Nagel am Dienstag nach Gesprächen mit chinesischen Partnern in Peking.

    Beide Seiten bereiteten derzeit die Schritte für den Aufbau einer Clearing-Bank für Renminbi-Geschäfte in Frankfurt vor. Damit können Zahlungen in Yuan künftig innerhalb Deutschlands und im Handel mit China in Frankfurt abgewickelt werden. “Mit der Clearing-Bank wird das Geschäft in der chinesischen Währung Renminbi in Frankfurt weiter wachsen”, sagte Nagel.

    Ende März hatten die Bundesbank und die chinesische Zentralbank zum Besuch von Chinas Staatspräsident Xi Jinping eine Absichtserklärung unterzeichnet, wonach in Frankfurt ein Renminbi-Handelszentrum entstehen sollte, um den deutsch-chinesischen Handel zu stärken. Denn der Yuan ist bisher nicht frei handelbar.

    Ausserhalb Asiens gibt es noch keine vergleichbare Drehscheibe, Frankfurt wäre das erste derartige Handelszentrum in der Eurozone. Ökonomen trauen der chinesischen Währung zu, sich mittelfristig zu einer der wichtigsten Devisen weltweit zu entwickeln

    • Greg Hunter

      Thank you Marcelo.
      Greg

      • Paul from Indiana

        The tone of this article is the idea of not missing out on an up-and-coming phenomenon, not necessarily a desertion of the Dollar or America. I can promise you, Germany is on the side of Germany. That has been their m.o. since before Arminius/Herrmann slaughtered the Romans in 98 A.D. If there is enough interest, I will gladly post a complete translation of the passage. I have a Master’s degree in Germanic Languages and Literature from The Johns Hopkins University in Baltimore, MD. (Yes, I know what it’s worth; that’s why I have been a manufacturer’s representative for nearly 30 years!) Best always. PM

    • Dano

      Here’s the translation:

      The German Bundesbank sees progress in building a trading center for the Chinese currency, the yuan (or Renminbi / RMB) the financial center of Frankfurt. ” I assume that the still to be designated clearing bank will be operational very soon,” Bundesbank board member Joachim Nagel said on Tuesday after talks with Chinese partners in Beijing.

      Both are currently prepared the steps for building a Clearing Bank for Renminbi business in Frankfurt. For payments in yuan can be handled within Germany and in trade with China in Frankfurt in the future. “With the clearing bank business in the Chinese currency yuan in Frankfurt will continue to grow ,” Nagel said.

      End of March, the Bundesbank and the Bank of China to visit Chinese President Xi Jinping signed a letter of intent , which in Frankfurt a renminbi trading center to be built in order to strengthen the Sino-German trade. Because the yuan is not yet freely tradable.

      Outside of Asia , there are no comparable hub , Frankfurt would be the first such trading center in the euro zone. Economists believe the Chinese currency , in the medium term to develop into one of the most important global foreign exchange

  48. Edmond Dantès

    Is gold being loaned out on the fractional reserve method? I have reports that the fed is doing this. If so, is it being loaned out on a 9 to 1 basis as is done with cash?
    Thus is important because if that is the case then there is 9 times more gold “owen” than actually exists.

    Gold at $1,300 US and oz would be based upon there being 10 times the amount of gold than actually exists, which indicates to me that if they fail to deliver, then all the paper gold will be worthless. The demand shock will occur when the “paper gold” essentially evaporates.

    The value of paper gold would go to zero, the wealth in the paper gold would transfer to actual gold and the value of actual gold would be $13,000.
    Silver to gold ratio has historically been 6 to 1, but half of the silver mined has been lost, because it is an industrial metal has been used up so that as of now the ratio of silver to gold is 4,6 to 1.

    Silver is at about $19.25 per oz, if gold is truly valued at $14,000, if silver value resets to it rarity vs gold at approx %20. then silver’ value would be $2,800 per ounce.

    These numbers do not take into account the actual value of the US dollar which is much lower than currently indicated because the US$ is being used as the world’s reserve currency, resulting in trillions of US $ being held overseas to be used to settle contracts overseas.

    Once the US $ is no longer the world’s reserve currency, those $ will be repatriated because they will no longer be needed overseas, the US would see %1900 inflation, which indicates that the actual value of gold in US$ would be 24,700,000 an ounce $1900 (inflation) times $13,000. Silver value gold value $24,700,000 ounce /4.6 ratio gold vs silver = $5,369,565, per ounce.

    These numbers are based upon the quantity of actual (vs paper gold) of gold vs the quantity of USD , and the ratio of silver 4.6 ounces per ounce of gold.
    So yes buy gold, and Silver.

  49. brian

    You have got to love this….the guys at the fed are running around giving people money to buy more money…paper chasing paper so more paper can be created. Its time to stick a fork in them, they are done.

  50. Diane Ryan

    Wow, what an awesome interview. Thank you Greg. And thank you Commenters. I learn so much from your insightful comments. Be safe.

  51. Calgirl

    The Size Of The Derivatives Bubble Hanging Over The Global Economy Hits A Record High
    By Michael Snyder, on May 26th, 2014
    http://theeconomiccollapseblog.com/archives/the-size-of-the-derivatives-bubble-hanging-over-the-global-economy-hits-a-record-high

    According to official government numbers, the top 25 banks in the United States now have a grand total of more than 236 trillion dollars of exposure to derivatives. But there are four banks that dwarf everyone else. The following are the latest numbers for those four banks…
    JPMorgan Chase
    Total Assets: $1,945,467,000,000 (nearly 2 trillion dollars)
    Total Exposure To Derivatives: $70,088,625,000,000 (more than 70 trillion dollars)
    Citibank
    Total Assets: $1,346,747,000,000 (a bit more than 1.3 trillion dollars)
    Total Exposure To Derivatives: $62,247,698,000,000 (more than 62 trillion dollars)
    Bank Of America
    Total Assets: $1,433,716,000,000 (a bit more than 1.4 trillion dollars)
    Total Exposure To Derivatives: $38,850,900,000,000 (more than 38 trillion dollars)
    Goldman Sachs
    Total Assets: $105,616,000,000 (just a shade over 105 billion dollars – yes, you read that correctly)
    Total Exposure To Derivatives: $48,611,684,000,000 (more than 48 trillion dollars)

  52. Galaxy 500

    Greg
    You cant have a rating system that rewards hard work and penalizes incompetence. Its not discrimination…its called reality. Only the Obamamites believes that its discrimination to penalize a slackard and to reward hard work.
    http://dailycaller.com/2014/05/25/government-agency-scraps-employee-ratings-to-avoid-discrimination/

    One government agency has decided that the results of employee ratings are too discriminatory, and eliminated the process entirely. The Consumer Financial Protection Bureau announced on Monday that it will now award all employees the highest rating regardless of performance reviews.

    The CFPB, which oversees transactions in the financial sector for the federal government, decided to no longer conduct employee reviews because there were just too many apparent “significant disparities” between the races, ages, and locations of its employees.

  53. gman

    2007: “any minute now!”
    2008: “any minute now!”
    2009: “any minute now!”
    2010: “any minute now!”
    2011: “any minute now!”
    2012: “any minute now!”
    2013: “any minute now!”
    2014: “any minute now!”

    • Greg Hunter

      gman,
      It blew up in 07 and 08, and since then, they printed at least $40 trillion propping it up. It’s not “any minute now!” It’s happening. When it blows it’s over. You sound like an angry paid troll.
      Greg

  54. Michigan Lake

    A good time to watch the demand for gold to happen will be with any of the upcoming India holidays. They buy gold for all reasons.

  55. Stu

    Greg,
    Thanks!! Jim Rickards hit another one out of the park. Great interview. Looking forward to reading his book.

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