Fed Insolvent, Dollar Will Collapse 90% or More-James Rickards

James Rickards Photo 4 (2)By Greg Hunter’s USAWatchdog.com   (Early Sunday Release)

Financial expert and best-selling author James Rickards thinks the “international monetary system is headed for a collapse.”  Rickards contends, “It’s really not meant to be a provocative statement.  The international monetary system actually has collapsed three times in the past 100 years.  It collapsed in 1914.  It collapsed in 1939, and it collapsed in 1971.  When it happens, it doesn’t mean the end of the world or we all go live in caves.  We have a period of sort of economic confusion.”  Rickards new book “The Death of Money” is a road map for what is coming.  Rickards contends, “What I do for the reader is explain why the collapse is coming and, secondly, describe what this new system might look like.  That should be very helpful to investors in preparing to both survive the collapse and be well positioned in terms of wealth preservation under the new system that’s coming.” 

What does the new system look like for the U.S. dollar?  Rickards says, “Here we are, again, looking at another collapse.  The problem today is we are on a global dollar standard.  A paper money standard can work, but only if you maintain confidence in the money . . . and you do that by running a good economy and having a good business environment . . . we’re doing the opposite.  We are printing a lot of money.  We have a lousy business environment.  Taxes are too high.  Growth is too low.  So, a lot of things are combining to undermine confidence in the dollar.  Rickards goes on to say, “The last time the system collapsed in 2008, the Fed rescued it.  How did they do that?  Well, we know the Fed printed over $3.5 trillion in new money in the last 5 years.  The Fed’s balance sheet went from $800 billion to over $4 trillion.  People understand that.  What’s less well known is the swap lines with Europe . . . European banks had dollar liabilities because they borrowed money in dollars. . . .   Where did the European Central Bank get the dollars they needed to bail out their own banks?  They got them from the Fed.  They gave us euros and we gave them dollars.  So, these dollar/euro swaps were in the tens of trillions of dollars. . . . In addition to that, the Fed guaranteed every money market fund in the United States . . . and they guaranteed every bank deposit in the United States.  Here you have a massive $60-$100 trillion bailout, not the $4 trillion you were told.  Fast forward to today. When the next collapse comes, it is going to be bigger than the last one.  It’s going to be exponentially bigger. The five biggest banks that were too big to fail in 2008, today they are bigger.  They own a larger percentage of the total banking assets. . . . When you double or triple the scale of the system, you don’t double or triple the risk.  You increase the risk by an exponent that could be 10 times or 100 times.” 

On the Fed engineering another 2008 type bailout, Rickards claims, “The last crisis was barely enough for the Fed to contain.  They have used up all their dry powder.  They can’t take the balance sheet any higher.  They are already insolvent. . . . The Fed is insolvent.  If you mark their assets to market, they are leveraged 80 to 1, and interest rates have been going up.  So, a very small decline in the market value of their assets and it wipes out their capital.  It’s a very simple math.  So, we have an insolvent central bank.  The next crisis is going to be bigger.  You can see it coming.  It is going to be too big for the Fed.  They have taken their balance sheet to $4 trillion.  What are they going to do, take their balance sheet to $8 trillion and leverage 200 to 1?  The game is up.  This has become very apparent.  They are insolvent on a mark to market basis today, not like next year or the year after.  They are insolvent today.”

Rickards foresees big inflation because the U.S. dollar’s buying power will shrink.  Rickards predicts, “Imagine gas at $20 a gallon and bread at $10.  That’s what we’re talking about.”  So, if big inflation is coming, what about gold?  Rickards says, “When I say the price of gold is going to $7,000 or $9,000 per ounce, which I expect it will, what I am really saying is the dollar is going to collapse 80% or 90% or more.”  It did in the 1970’s.  None of this is unprecedented, it all happened before.” 

Rickards says, “When a collapse happens, it will happen quickly.  You won’t see it coming.  There won’t be time to run out and buy gold, and it probably will not even be available at that stage.  You need to prepare now.” 

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

(There is much more in the video interview.) 


After the interview:
Rickards told me he is already starting to sketch out his next book.  He did not tell me the subject, but I suspect it will talk (in part) about the post-dollar reserve currency world.  He says that project is at least 2 years away.  In the meantime, you can order his new book “The Death of Money” by clicking this link.

The Death of Money Cover Art

Comments
  1. Rodster

    I heard his recent audio interview and may have posted a link to it. He goes on to say that when all the central banks collapse the world will switch to an IMF Global SDR. Which is what Brandon Smith said will happen.

    In other news Russia has announced that it wants the YUAN as the world reserve currency. I believe I posted a link in this last blog. Zero Hedge posted the story. As usual the MSM is out to lunch.

    • Rodster

      Here it is: “Russia Returns Favor, Sees Chinese Yuan As World Reserve Currency”

      http://www.zerohedge.com/news/2014-03-23/russia-returns-favor-sees-chinese-yuan-world-reserve-currency

      • Greg Hunter

        Rodster,
        This is big!
        Greg

        • On Da Beach

          Greg,
          This is big! At the G20, scuttlebutt, “noise,” has it the western banksters will be setting in motion the wheels to drop the USD as the primary global reserve currency, to implement the transition, to a new financial system based on the IMF”s special drawing rights. After 6 years of kicking the can down the road, “they,” are now ready to grasp, the nettle of monetary reform. There will be wholesale global sovereign debt re-structuring’s/consolidation, bank resolutions and massive devaluations of fiat currencies, to put the global economy back on a sustainable footing.

          If a stinking, dirty garbage scow passed by the Titanic 10 minutes before it hit the iceberg, would you have gotten on the scow?
          If that same scow came by 10 minutes after the Titanic hit, would you get on?
          They have to crash the Titanic, in order for you to want to get on board their scow . . . And they just might even be generous enough, to give you 10 cents on your dollar, to get you on board.
          Detroit was the canary in the coal mine, Chicago and the whole of California are two choking miners, Europe is comatose!
          For at least two weeks everything is on sale, in two weeks the sale could be over, life could be much harder.
          We know the shoe will one day, eventually have to drop, lets hope later, than so, soon, to have more time, to prepare, for the coming,”transition!”

          • On Da Beach

            Greg,
            If the above is true, could the G20 be wanting to head the Russians/Chinese off at the pass, with their planes for currency independence?

        • Rodster

          More threats from Russia and China

          “Russian metal companies to redirect to Asia if sanctions hit”
          http://rt.com/business/russia-metal-redirect-asia-833/?utm_source=browser&utm_medium=aplication_chrome&utm_campaign=chrome

          “China demands end to US spying activities after new Snowden leak”
          http://rt.com/news/china-nsa-spying-reaction-869/?utm_source=browser&utm_medium=aplication_chrome&utm_campaign=chrome

          • Shadow of Doubt

            Reality seems to be closely following a book by D. R. Bell called The Great Game. The book’s timeline maybe questionable but the outcome looks very probable.

    • Rodster

      Greg, several things in the interview he said has me very concerned and it centers around the IMF. If the IMF loses control during the global collapse or if the SDR fails to work. We are all in big trouble, globally.

      Secondly, regarding financial warfare, Gerald Celente mentioned that the upcoming global war COULD include nations DESTROYING each others infrastructure via the internet.

      • Ugly

        That is why I am leaning to Ham Radio and getting a license. Greg, can you do your show in future on Ham or Shortwave?

        • allen ols

          ugly
          I picked up three baofeng uv82 mostly to receive incoming info, but great walki-talkie feature, and weather channels.

      • lastmanstanding

        You make it sound like one day that the dollar will be gone and the next you will go in and exchange them for sdr’s…the bis bankers wet dream?

        These guys only know how to institute things in a chicken s##@, cowardly, backdoor manner over a long period of time.

        When they finally have the stones to crash the $, the turmoil that will ensue here in the US will be epic. The blood will be knee deep in the streets.

        Something is up with nature right now. The weather, forests, mountains and the animals are all struggling for some kind of balance.
        Expect the same for humanity.

        Humanity is highly compromised and often dishonest…the balance will not come easily to most.

        • Rodster

          The reset we could be looking at if the IMF gets their way is a SOCIETAL reset like Karen Hudes referred to. Just look at what’s happening around the world, most recently in Spain and the cruelty and poverty the Elite have brought upon it’s own people. They have insulated themselves from the misery that’s all around them.

      • 8Ball

        ” If the IMF loses control during the global collapse or if the SDR fails to work. We are all in big trouble, globally…”

        Really? If the parasites lose control then we are in trouble, why so? I think that we would all be far better off with an across the board reset. No matter what happens, a lot of of innocent and clueless people are going to suffer either by acts of omission or of commission.

        • Rodster

          You took it the wrong way. I in no way am a proponent of the IMF. I detest everything they stand for. All you have to do is look at what they have done to Greece. They have no conscience.

        • lastmanstanding

          Right on 8ball…let the game of “survival of the fittest” begin.

        • Galaxy 500

          I am not an IMF fan. Think that only buyers will be people with EBT cards. I dont see Russia or China ceding power to these jokers as they dont need to. Just my 2 pfenigs.

      • OpenThePodBayDoorsHAL

        A long-ish story about Ancient Egypt.
        Cleopatra lived in a period that is actually closer in time to our age than to King Tut. In between her and Tut there was a period of several hundred years when “all trade stopped”. This was because “the money system got corrupted”. Yes, it can happen here, and now. The Wizard of Ben (or now Janet) will eventually get Toto pulling the curtain away. We finally abandoned sound money in 1971, and had a huge party as paper flew everywhere, boy it was a great party. Now it’s hangover time. Ben avoided it by dumping another gallon of vodka into the punchbowl…but now he snuck out the side door because he doesn’t have another gallon on hand. Can I suggest a few metals to consider: gold, silver, lead (.45 caliber), and tin (cans). Oh, and also Bitcoin.

        • Galaxy 500

          Bitcoin was a joke right? As its less usable than candy wrappers

        • pessimist

          I don’t understand how bitcoin or any other crypto-currency is going to do any good during or after a financial collapse. A financial collapse will initiate an economic collapse. If there is no currency to pay workers orthat currency becomes worth-less, how is the energy grid going to be maintained … it will likely go down or at least be sporadic and so how are internet providers going to power their servers? Digital currency will be dead in the water and even if the internet remains available, no one will want to trust digital currency to exchange for anything of real physical tangible value. At least I would not.

          • Galaxy 500

            Friend I agree wholeheartedly with you on cryptocurrencies. The only thing that drove their value was the darknet (illicit purchases) or people looking for an alternative payment or store of wealth. If it was backed by something of value, such as an ounce of silver, I could see maybe people’s buy-in but I am at a loss to explain. You’d think that Mt. GOX implosion would have dropped the value to approaching zero. Obama can cut the net when he wants so if things got bad how do they think it will work.?

      • Scout

        Why follow them?

        Here’s a prescription for you to chew on.

        Political – http://www.nationallibertyalliance.org/sites/default/files/Quo%20Waranto%20filed%203-24-14.pdf – Please read it all.

        Monetary – http://www.monetary.org/intro-to-monetary-reform

        Economic – http://www.henrygeorge.org/isms.htm

        http://www.amazon.com/After-Crash-Designing-Depression-free-Economy/dp/1444333070/ref=sr_1_1?ie=UTF8&qid=1395786999&sr=8-1&keywords=designing+a+depression+free+economy

        Here is a great paper on the subject:
        HENRY GEORGE AND THE RECONSTRUCTION OF CAPITALISM
        by Dr. Robert V. Andelson

        http://www.wealthandwant.com/docs/Andelson_HGRC.html

        Why this way, because we will not be able to afford heavy handed regulation, and this system addresses that, promotes work and improvement, reestablishes the commons, and most especially acknowledges the reality of the divisions across the political spectrum we certainly have today, in a just manner.

        Social – Triage present Institutions, save the best, get rid of the rest, rebuild. Make due, innovate, pull together & cooperate , educate, and move toward a distributed instead of centralized system, like the net.

        The gold might be gone folks…Karen Hudes notwithstanding, er cough.

        Scout out.

    • Rodster

      It’s spreading! Now Russia sanctions 13 Canadian officials. If this whole thing doesn’t deescalate soon, we could be looking at War as Dr. Roberts has said.

      http://www.zerohedge.com/news/2014-03-24/russia-retaliates-sanctions-13-canadian-officials#comments

      • Galaxy 500

        Obama just gave Putin Crimea so it looks de-escalated. However, he drew a red line around the rest of the Ukraine. Or was that the world’s red line?

    • Rodster

      Russia Prepares Mega-Deal With India After Locking Up China With “Holy Grail” Gas Deal

      http://www.zerohedge.com/news/2014-03-25/first-russia-locks-china-holy-grail-gas-deal-now-rosneft-prepares-mega-deal-india

    • robert

      It is not poosiable for China to be the reserve currency. China foes not have open markets and tge do not have the vast bond market needed.

      China is 30 years away from this possibility.

      China could be part of a reserve currency but not the reserve currency.

  2. Galaxy 500

    Another great interview Greg . I need to watch it again. I dont know what to think…still at the Oh Snap stage. The Fed is insolvent! !??!! Damn

    • Greg Hunter

      Galaxy 500 thank you for adding color to this post!
      Greg

    • allen ols

      G5;
      You can find medium sized loaves of bread on my fb page when collapse comes, but I will not take purchase in sdr’s or any other fiat stuff, just gold eagles; my price will be the then current pay of one days wages in gold eagles. thankyou,

      buy wheat, and powdered milk;

      • lastmanstanding

        I’ll trade you a 1/2 gallon of fresh made soup that is on the stove right now. I canned pickled asparagus on Sat. and the stumps are simmering in mushroom broth along with fresh peas (frozen from last summer), onions that wintered in the root cellar and carrots that I dug from the garden y-day…haven’t decided whether to just let them simmer or run them thru the food mill…Probably just leave them “course”… like my personality.

        Some bacon crumbles from a local hog on top for a bit of crunch.

        • allen ols

          lastman;

          I’m in!

        • tsuki

          Tasted much better than fine art, I bet.

          I can bring the fresh collard with cold smoked ham hock and homemade chipotle.

          Be there in a bit.

          • lastmanstanding

            hey guys, the peas ended up making my soup so thick that I decided to make curry…some hot Spanish cayenne, curry, garlic and cumin…over rice with the bacon bits…hardy, spicy and delicious…The Spanish cayenne that my wife gets is “live!”

            Between the spices and essential oils that we use in our daily life…ain’t no chance of cancer invading our cells.

      • Galaxy 500

        I am starting to make wine and beer. Liquid bread. Contracted a bud in Deutschland to see if I could get some guidance on a recipe for my favorite wheat beer. 8% Etoh fermentation in bottle all natural…good protein from the dead yeast.
        working on a stock pond, have the guys out today clearcutting brush so I can work on stocking it

        • Shadow of Doubt

          G5,
          I hope you have better luck with your pond than my neighbor right down the road. He’s the wielder in Wyoming that’s being fined 75K a day by the EPA for building a pond on his own land.

          • Galaxy 500

            I read that with horror…only difference is this pond has been here for a century. I am just cleaning it up. Its scum city

          • allen ols

            …ok u guys, quit, im getting hungry!!!!

      • Galaxy 500

        Al
        how do I get those loafs of bread….they won’t come off the flat panel?
        5 loafs of bread and a bushel of barley for a half litter of good beer brewed to the Bavarian law of purity. 8%-8.3% ethanol
        too much labor and quality control …not to mention that it is stable for storage. P.S. there’s a two loaf deposit on the bottle

  3. Snorky

    Wow! Another fantastic interview, Greg. Thnx much. At the very beginning of his book “Currency Wars”, Rickards mentions windfall tax/capital gains tax on gold sales as a means of confiscation (e.g., if the price of gold hits his target of $9000/oz). That is something that concerns me …

    • Galaxy 500

      Look for them to seize 401k plans, Ira and CDs first. Its easy money.

      • smaulgld

        Far more money in IRA’s 401K then gold people have tucked away in vaults. The Fed and US gov’t don’t consider gold money so the interest to confiscate it is almost nil- They’ll always find ways to tax stuff though.

  4. Jerry

    Greg,
    This was an exceptional interview. One of your best. I totally agree with James Rickards about the “reality” of the coming collapse, but my view of the outcome is somewhat different than his.
    The trouble with breaking down an economic formula such as this is, is there is so many moving parts that its almost impossible to predict. We have the Banking Cartel manipulating markets. We have the Fed printing Trillions of dollars. We have China buying massive amounts of Gold. And then we have Israel shutting down its embassies world wide this weekend signaling a possible attack on Iran.

    Somehow I don’t see 47 million people living on food stamps going to the grocery store with an IOU when the reset comes. How do make this transition into a new currency system without a total breakdown of our distribution network? How do you tell a bakery to make bread, and deliver it 75 miles away, if there is a possibility they won’t get paid?
    Somehow with the money grubbing Bank Cartel parasites involved, I don’t see them handing over their power and their position of manipulation without a violent struggle. I mean , isn’t this what Ukraine is all about? Pillaging resources, and gaining economic power?

    Like I said there are so many moving parts to this, its almost impossible for anyone to predict. But I can tell you this for sure. The power brokers and the elites are making plans for the collapse, and it doesn’t include us. You know that Bunker that’s being built by a defense contractor in the Ozarks that I told you about? Its now operational.

    • Greg Hunter

      Jerry,
      We know it’s going to crash, we’re just waiting for impact. Thank you for the comments.
      Greg

      • Gabe

        “it’s going to crash, we’re just waiting for impact” is correct. Very accurate indeed!

        Just the wrong subject. It’s not the economy you should be afraid of, or your money; even gold and silver will not help you.

        It’s the consequences for refusing to repent that is bringing everyone to the end. The sudden “impact” will wipe out all flesh with fire, and there is nothing any of you can do now to stop it.

        Do you really expect the governments of the world to warn you? Do you really expect them to tell you WHY printing money doesn’t matter? If you knew the truth then everything would make sense. But you do not, and according to the truth, you never will understand.

        Read Daniel twelve for the truth, and why you won’t understand.

        • Greg Hunter

          Gabe,
          Good point and I am happy you brought it up. You can never pray too much. God will listen. He always does, always has and always will.
          Greg

          • Gabe

            You show your total ignorance of God. He does NOT hear all prayers, and He says so. Truth be known He NEVER answers NO either; He simply refuses to Hear prayers that are against His Will, that’s why yours aren’t answered Greg. Why don’t you read God’s Word and BELIEVE what He says, than you wouldn’t show your ASS to everyone, and how absolutely STUPID you are.

          • Galaxy 500

            Hahaha HAHAHA. … Gabe, Greg thanks you for a post and you insult him in return. Here I thought that evil creep from Westboro Baptist church (and yes, with a little f’ing “c”) was dead yet you seem to be channeling him. I love it when evildoers like yourself condemn a good man like Greg. The people that know him can only conclude that you’re a few bricks shy of a full load. I remember visiting someone in the psychological ward years ago. There was a guy there in a straight jacket rant like you. Perhaps we met that day…
            I’d wish you peace but that comes from God and it appears while you spout Bible verses you’re un aqcuantited with the Lord. Much has evil is done by vile men claiming Godliness

          • Galaxy 500

            Gabe wrote, “You show your total ignorance of God. He does NOT hear all prayers, and He says so.”
            Gabe, with all due lack of respect, IF YOU KNEW GOD, you’d throw yourself down on your knees, confess your sin in all these baseless evil and vile attacks you’ve been making against Greg and then apologize to God for perversion of his Word.

          • tROT

            Gabe ‘ster,
            People who think they are standing firmly should be careful that they don’t fall. 1st Corinthians 10:12
            If a man thinks he knows anything he knows nothing yet.
            1 Corinthians 8: 2
            Do not be arrogant but tremble.
            Romans 11: 20
            Pride goes before destruction and a haughty spirit before a fall.
            proverbs 16: 18
            Happy is the man that fears always, but he that hardens his heart . . . .
            Proverbs 28: 14
            Read God’s Word Daily!
            tROT: 7-11

    • Rodster

      Jerry, listen to this interview by Alasdair MacLeod. It’s a different take and he says an IMF Global SDR won’t work.

      http://sgtreport.com/?powerpress_pinw=275428-podcast

      • Liquid Motion

        Agreed.

      • Jerry

        Rodster.
        Thanks for the link. Like I’ve said before this isn’t the 1929 crash. They didn’t have all of the government programs, and dependency like there is now, and for the most part people lived in rural communities. This is going to be bad, Real bad and the government knows it. Did you notice on their purchase list, there was 2.5 hollow point bullets, 2700 armored vehicles? I didn’t see many purchase orders for food, did you?

        • Jerry

          That’s 2.5 Billion rounds of ammo. That’s a lot of ammo.

        • Rodster

          Agreed. It will be far worse this time around. All of the experts which I respect really have NO idea how humanity will react to the total misery and chaos this global economic reset will bring. Billions could die from starvation and medical aid. Just look at what’s going on in Greece where people are dying because there is a lack of medicine because they don’t have the money to buy it and the IMF won’t loan them anymore without more austerity.

          Bah, the more I think about the cruelty these Banksters inflict on humanity, the angrier I get. :twisted:

          • Galaxy 500

            Rodster
            the Greeks spent themselves into bankruptcy by working less and spending more. I do believe charity but bankers dont. Things are bad in Greece. Who is going to be charitable to us when the SHTF?

      • Galaxy 500

        I dont see how another one could seriously consider the IMF SDR as an option. There is so much mistrust of IMF and rightfully so that I dont see it as workable but what do I know

        • Rodster

          Except if we go by what Brandon Smith has been saying, this has been worked on behind the scenes for decades for the switch to happen to an IMF SDR.

          As Rickards said, we almost saw it in the early 80’s when the dollar collapsed.

          • Ugly

            Rodster, Galaxy, Liquid, Jerry….
            This collapse will hurt like non other. Never before has America relied on overspending in the trillions. Not only will this hurt, but we will all be affected. Prepare with stuff that is most important.

          • Galaxy 500

            No problem, I am not buying what Brandon is selling. Explain to me why India, China and Russia would give up there power. There is no compelling reason for them to play with west and that about 1/2 the worlds population.

          • Rodster

            G500, both Russia and China have asked the IMF to be part of a Global basket currency “SDR”.

          • Galaxy 500

            That not because they will take SDR s. They are attempting to take over the IMF.

      • Galaxy 500

        Greg
        I’d like to hear from him too. Intriguing

  5. Ugly

    The USA is like playing the game of Monopoly. At first you own stuff and have wealth. You may even own the Board in the early stages. Later that wealth is being lost due to bad investments. Now days anytime you roll the dice you usually owe someone something. You can only spend and borrow so much before the other players take away your assets….

    • JC Davis

      Ugly bad investments yes, but what choices are good one who knows ? Saturday at a yard sale I talked to a lady on SSI that said she was loosing her home due to losing her job. She took out a loan, and bought a motor home now selling her home to pay off the motor home. She said she would be ok if she can live off her SSI check. Sad times in deed.

      • Ugly

        JC Davis.
        Theses are just the beginning of birth pangs. They will intensify. Food inflation may be the start? Followed by fuel inflation and a devalued dollar. Then civil unrest. Even my own family, with the exception of my dad, are blind to the events going on. Enjoy today….

        • allen ols

          ugly
          I just vacuum packed 8 more barrels of 50 # bags-Q. oats, HR wheat HW wheat, pinto,black, grt wht northern beans, 2 – 50# bags of pwd. milk.
          JW also says, getting commodities sp. will be difficult, and as u say, the Lord is ratcheting up the famines, pestilence , earth quakes, floods, to bring Americans to repentance, as HE did in the time of moses and pharoah. It will get much worse, and the gloom and doom comments will cease. press on

          • allen ols

            also….. from the activist report;
            When a real crisis arrives, priorities change very rapidly. When you realize that you can’t feed your family, the need for basic supplies become extremely important. Just check out what is happening in Venezuela right now…
            Alvaro Villarueda starts his morning the same way every day — putting in a call to his friend who has a friend who works at a Caracas, Venezuela, supermarket.
            Today, he’s looking for sugar, and he’s asking his friend if he knows if any shipments have arrived. As he talks on the phone, his wife Lisbeth Nello, is in the kitchen.
            There are 10 mouths to feed every day in this family — five of them children. The two youngest are still in diapers.
            “The things that are the scarcest are actually what we need the most,” Nello says. “Flour, cooking oil, butter, milk, diapers. I spent last week hunting for diapers everywhere. The situation is really tough for basic goods.”

          • Ugly

            Alol.
            Sounds like you prepped well. All I need is GPS coordinates and I will have my new BOL with plenty of food. In serious, our preps and preparations need to step up at a very high level. Congrats on yours. Many families will get caught with nothing….

  6. Palloy

    I’ve just watched your interviews with Rickards, Williams, Sinclair and Orlov, and the similarity of views is stunning. Let me throw one more straw on the camel’s back – JC Collins at http://philosophyofmetrics.com/2014/03/22/the-world-holds-suicidal-america-hostage highlights the refusal of Congress to ratify the IMF 2010 Quota and Governance Reforms, despite pleadings from IMF, G20 and the White House. It seems that G19 are going to leave the G1 behind if they don’t get on board by the next big meeting on April 10. I hadn’tpaid much attention to IMF machinations, thinking it was the US’s plaything. Can you tell us more?

  7. Lee

    Thanks Greg for your work. Another great interview.
    Lee

  8. Dwain

    Greg, great interview.
    Citizens are already inflated to the hilt. James is saying when the IMF takes over, inflation will skyrocket. But how does our economy absorb 20$ gas and 10$ bread? Is the IMF going to subsidize our debt based welfare economy (health care, government, education, food stamps, disability, drugs, military and criminal industrial complexes ?) Only 8.9% of the US economy is manufacturing, the rest is virtually parasitic. The IMF will not only have to print trillions to subsidize the US economy but the entire west. How is this going to work? Does James address this issue in his book?

    • Liquid Motion

      Something’ s gotta give. If I were a betting man, I’d say that the debt based welfare system is on its last legs. An Economic and Humanitarian disaster in the making.

    • Rodster

      To answer your question, we become just like Greece when the IMF takes over and bails us out. It’s the same whenever they loan money to any country. We collapse and it’s up to the Govt to finds ways to cut back and eliminate many of the programs we now have. Just like Greece. When the IMF gets involved it’s because your is broke and you stay that way for decades. Just like Greece.

      Listen to the Alasdair Macleod audio interview I posted the link to answer some of your other questions.

      • Liquid Motion

        The IMF is nothing more than an Agency of the Banking Elite.
        It imposes deadly conditionalities and destroys victim countries through the power of Usury. They intentionally strive to take over governments and States directly, thereby removing sovereignty.
        Anyone with eyes can see the program for what it really is: Decisions are made by Oligarchical fascists on which countries are to butchered in the future. Any country refusing to submit to the fascist conditionalities of the IMF will be destabilised (does the Ukraine sound familiar). It is not only nations that are being systematically destroyed but also great monotheistic religions.
        The IMF is a very dangerous entity.

        • Galaxy 500

          And that’s why Americans shouldn’t give up control of IMF to the world. Its just another Obama attempt to destroy our sovereignty. Makes us peasants of the world

          • Liquid Motion

            Regardless of who has control over the IMF.. “in the public’s eye” ….or by virtue of shareholder strength, it still represents “Evil” personified. They do more harm than good and are desirous of bringing about a one world government. They are no more than a tool of the Illuminati – Bankers, Nobility and the RCC and their mandate is to destroy countries/sovereignty.

          • Galaxy 500

            Yes, but its our evil. We get the veto. I think it should be disbanded.

      • Galaxy 500

        How is the IMF going to bail us out while asking us to DOUBLE our quota (money we piss away…I mean loan) plus they want the US to give up control over the IMF. just what we need, belonging to an organization that we give 30% of funding and have no veto over how is spent or new levies.
        Obama’s goal must be the destruction of America. He wants to give away the internet. He wants to give away control of the IMF. He wants to confiscate our children’s future with onerous taxation amounting to theft.

  9. Liquid Motion

    Greg,
    You did it again.

    Some things become even more clearer when put into sharp focus.

    SDR’s are a temporary solution. Even JR said so in Currency Wars. Given the issues with them, they cannot be considered a realistic LT solution to the world’s financial problems. Having the world work with a system that is the domain of an unaccountable body (IMF) is not ideal. In fact JR’s preference is Chaos, implying this does not get resolved by means of gathering the central planners together and forging a new monetary system. It means it gets out of hand and they lose control. Then we have a Shanghai (Bretton Woods, Genoa, Smithsonian) or Moscow event, to restore a monetary system.

    “The Federal Reserve is Insolvent” and we needed a Fed member to confirm that point ?
    Given that has been said, and taken as official, does it make any difference to where we are now or in a year’s time ? NO. The question to answer is Why are They Still Operating if They are INSOLVENT ? Fraudulent behaviour is apparently not sufficient grounds for closing down this privately owned and run bank. It has become a case of “Buyer Beware” when dealing with the FED without exception. This implies by virtue that all that use FRN’s are at risk. They carry the stamp of approval of the FED…which clearly is Insolvent.
    GAAP’s are not accepted by the FED nor the Government implying they are above the law when it comes to applying Marked to Market (Fair Value concepts). What is the value of Sub Prime MBS anyway – Worthless ….there is no market in order to apply that standard.
    JR, with all that he said, still didn’t offer a specific deadline for the crash other than to say much less than 10 years away (sooner rather than later). If we can infer that he will take at least 2 years to write his next book (Aftermath of a Crash – future prediction), then we can deduce that the crash is ~ 2 yrs away. The book may only serve a purpose if it predates an event otherwise it becomes nothing more than a reference book.

    One thing I know for certain is that there will only be a round table discussion of the World’s super powers after a crash of the financial system… and not before one.

    James needed to say that the central planners need to address the systemic problems. Our current issues are very much structurally created and sustained. Any chance of rectifying the current course lies fairly squarely in geting the economic structural framework correct.

    • Greg Hunter

      Thank you LM. The Fed is insolvent!! Wow, what happens to all those federal Reserve Notes in circulation both physical bills and electronic ones?
      Greg

      • Ugly

        I have some physical bills, but way too many electronic ones. Time to keep preparing.

        • Greg Hunter

          Physical better than electronic.
          Greg

      • Liquid Motion

        That is where my opinion diverges from that of JR.
        In a currency crisis or collapse, it is not currency (notes or otherwise) that one should wish to hold. I was very surprised that Cash was listed as option 5. Surely food for survival merits higher than cash !!
        It is the very act of the stampede out of cash that detracts from its usefulness in any post – crisis/collapse scneario unless you believe that the “King” Dollar regime retains its crown !!

        • Greg Hunter

          LM,
          Good point. Tangible assets on a basic primal level. Right now cheap, you can’t go wrong or get hurt.
          Greg

        • Galaxy 500

          If you look at the template for all this, Cyprus, checks didnt work, credit cards were curtailed to uselessness if issued by Cypriot bank, debt cards didnt work except to get 100 euros a day/ 300 a week out of ARMs. It became a cash society and most people didnt have any cash in their pocket.
          Cyprus was the west’s first attack on Russia but the Russian had a head’s up and took their money out. Foreigners could pull money out of foreign branches while the poor Cypriots got sodomized. These schemers dont understand the complexity of what they are attempting to manipulate.

          • Liquid Motion

            Tks for that G5.
            Understand the Cyprus situation.
            But I was referring to the US and more specifically the USD (default world currency).
            When it is in crisis mode….there will be a stampede to quit dollars not accumulate them. This could very well replicate Weimar Germany. Worthless paper when the printing presses go wild. Wheel barrow full of paper or full of bread. My choice is food !!!
            As example people are forced (because of the rapid devaluation) to spend the dollars as fast as they can. Society becomes dysfunctional. Cash will serve a purpose for only a very short time.

          • Galaxy 500

            LM
            I am suggesting that what happened in Cyprus is headed here and that people will be caught flat footed. Savings bailed in, money in banks forfeit.

          • Galaxy 500

            I agree that cash will be king but as you say only for a short time. Americans will remember the good days when they had a full belly and money on their EBT card.
            The people that had foresight to prepare will be vilified, and told they are selfish. Those greedy bastards have the nerve to want to keep what they saved and didnt waste on new cars every year and new clothes and big trips…all put on credit cards….end of rant…sorry

  10. Smaulgld

    The Fed desperately wants to end QE, perhaps as Mr. Rickards claims they are insolvent. The Fed acts not in the interest of the economy, not in the interest of the government, not in the interest of the labor market, but in the best interests of itself and its member shareholders- the too big to fail banks.

    Having bailed out the banks with $4 trillion the Fed is in a position to stop QE.

    Mr Rickards glossed over what happened after 1971 when the US went off the gold standard and set up the petro dollar arrangement with Saudi Arabia and the OPEC nations. Here is a history of that time period
    http://smaulgld.com/why-saudi-arabia-matters-in-helping-to-keep-the-u-s-dollar-as-the-worlds-reserve-currency/

    Mr Rickard pointed out that the Fed has no dry powder left. The only true asset today is gold and the amount of gold the US has is insignificant to back the US debts. China also while they have increasing gold reserves have insignificant amounts to cover their trillions of indebtedness.
    Here is a table showing how much gold (or how little when you calculate it in todays low prices) the top twenty countries have
    http://smaulgld.com/why-saudi-arabia-matters-in-helping-to-keep-the-u-s-dollar-as-the-worlds-reserve-currency/

    Mr rickards makes a great point- there is no second act after the dollar fails again
    In 1971 when the US left the gold standard the petro dollar held it up until the early 80’s when the Volker Fed had to raise interest rates to break inflation and support the dollar.
    In 2008 the fed embarked on a four trillion dollar QE program to paper over the issue. Now there is nothing left to do other than doubling their already insolvent balance sheet!
    Great interview will need to check out the book

  11. Smaulgld

    Here is the link to the top 20 countries by gold reserves-Russia and China and now in the top ten
    http://smaulgld.com/gold-reserves-country-top-twenty/

  12. JC Davis

    Greg. Great interview. Sound was a little shaky but still good for the words spoken.
    Oligarchy’s positioning themselves to stay in control over governments. I can only wonder how a man that has always come out on top like these oligarchy’s will re-act when they lose. It can only be bad for the little man. I am reminded of Allen Jackson song the little man.
    http://youtu.be/qBh-m1yTZS0

  13. Patrick

    I like listening to James. He always seems that he has much more information to give than the present platform will allow. (Time wise)
    I would encourage viewers / listeners that the aggregate of information presented by our illustrious host, Greg, as well as others be used less to yell at the wall, and more so to examine our own little corner of the world in order to fortify it against things that can and do happen.
    The more you get your own house in order, the more you’re able to help your neighbor repair his or hers.
    We can’t see tomorrow, but if you have the privilege to wake up to it, you only have the reward of what you did today, as insurance for a comfortable future. And even that’s not set in stone.
    Be prepared
    Be resilient
    Be kind
    This concludes Paddy’s tin-foil rant for the month of March
    As always…Thanks Greg

  14. Thaddeus Thorn

    A solid performance by yourself and Rickard’s as he once again cries out the warning from the crow’s nest of our ship of state. Most revealing was the total debt on the fed’s balance sheet and an 80:1 spread. Many complained about lending money to the EU operations at the expense of our own citizenry and some of us were angry beyond the ability to communicate any further. A day will come when it is each person for themselves (same for nations) as the level of pain on our streets will be something here to fore never seen. While some would say that when the day comes martial law will calm the plague, I am not so sure that will be the case as the soldiers families can easily become targets of public wrath and will. We are a heavily armed nation! The same goes for local and state law enforcement officials should they enforce the edicts of the state against the immediate needs of the population they ultimately serve.

    In a past life Thaddeus worked in the Russian Federation when the breakup occurred and witnessed firsthand a level of austerity that generational Americans can never appreciate unless they have served in a combat situation where the entire infrastructure has collapsed. So I want to share but a glimpse of that experience and how it affected me then and how it effects me to this day and until the day I depart.

    There were many survivors in Russia though most struggled to have enough to eat with the norm for some being one meal of rye bread and cheese per day. Occasionally buckwheat porridge would be added to the mix in the morning and due to the breakdown in sanitary water supplies at the municipal level a bottle of water would be the drink along with “instant” coffee made from same. I was grateful for every slice, spoonful and warm drink as my trips were normally during the dead of winter. I never stayed in the western style hotels.

    Rickard’s provides the academic perspective of what will occur but importance truly lies in what this means to the average person, the man and woman on the street, the children, the infirm and the elderly. This would be foremost in one’s mind if it has ever been experienced, it cannot be forgotten. So when he says gold, land and cash……………believe him for without these levers of influence however meager, your fate will very likely be the fate of many that I saw in the cities.

    Each morning when I would have to go to the train station for the longer overnight runs I was faced with the reality of the previous cold cold night. The train station offered one of the only marginally heated buildings where the less fortunate……………read a heck of a lot of folks could seek protection from subzero temperatures. For those who did not find a spot or those already weakened by the lack of nutrition the only thing of gratefulness was a death slumber from which the Almighty could finally be seen. Most were older who lived on a fixed pension which due to hyperinflation, increases being measured “daily” could not buy even state produced bread and cheese since these items of survival demanded a cash exchange. If you get paid by check it is worthless in such an environment as the banksters simply rip you off by providing what they want not what the face value is. Think about this for a minute!

    The first time I stepped over a frozen cadaver I was nauseated, though many more times this would occur whether on the walk or walking by the luggage porters using carts whose intentions were for another cargo. The second time I was sickened, the third saddened until eventually my own mind lost all compassion of the spectacle I was witnessing or the bodies of the “losers” in the great economic game. It was this last component – the lack of compassion that haunts me. The image of an older man taking the cart ride whose age I have now probably acquired. He is my ghost, he is my motivation.

    I want a chance, a chance to survive, a chance to not die alone and take my final ride on a porters luggage cart. He who has ears listen, he who has eyes see and he who wants a chance be cautious and use prudence. Not all will perish in the coming debacle though some will and all will suffer.

    Old son this is why I told you once before that your work on this site is a “work of honor” for though you will not save them all you will save some! Take comfort in this accomplishment Greg.

    Sincerely,
    Thaddeus Thorn

    • Jerry

      Thank you Thaddeus.
      My only knowledge of such a time came from my Grandparents (who raised me) struggle in Oklahoma during the dust bowl depression. My grandfather was fortunate enough to own his own farm, and was debt free. Many were not so fortunate, and fled to the cities to find work. This time they will flee from the cities to the farms. What a crazy world.

    • lastmanstanding

      Thanks for sharing Thaddeus…It is a great life if we don’t weaken.

    • Liquid Motion

      I applaud you for your courage and strength in the face of adversity and for taking the time to share your story. The message is clear……Preparation …and that goes far beyond the physical acts…it extends into human psychology.

    • Galaxy 500

      Damn…powerful haunting vision of despair and of how tenuous our veneer of “civilization” is. Thanks for sharing. I am sure it was hard for you to experience and to relive as you wrote it.

      • Thaddeus Thorn

        Folks thank you each and every one.

        Jerry – Same with my grandparents, difference today is no one will make it to the farms………..corporate owned, government protected. A killing field.

        Liquid – dude you banged it……..psychology…….. cold world after 5 days of no food. People will do what ever it takes, what ever it takes. No morality at that point.

        Last man – Yes a great life but the elites and government have secured us a terrible place. And from my perspective it is over. I see the same things approaching here that I saw there and it weighs heavy on the soul.

        Galaxy – very hard to write because one has to remember. But my friend those memories allow me the best chance to survive because I have seen the sites, lived the life, smelled the stench and as such know what not to do and how hopefully how to miss the traps.

        Thanks again folks!

        • Galaxy 500

          In the coming storm, wish I had you on my six

  15. Robert Johnsson

    —-AGAIN Ricky spouts that IMF has “The Cleanest Balance Sheet”
    You gotta be kidding???
    -Please explain or PROVE it!

    oh…and a SDR/Basket of Worthless Fiats would be A world Currency!? LOL…

    Solly Solly, but I dont believe “JIM” are on “Our” side!

    -and Greg…Your doing a brilliant job :)
    Regards
    R_J

    • Galaxy 500

      I am with you about SDR based on something worthless is some how going to save the world. 5 nations provide 40% of funding for shortfalls and all have outrageously high debt to GDP (bankrupt). Why would the charter members just not pull the Gold they donated to set it up. It was a stupid idea for the American taxpayers to be on the hook for these loans

      • Galaxy 500

        I think we need to return to a commodity based dollar. Have gold dollars and silver dollars. You would have to price in both because you can not set gold at a fixed number of oz of silver.

    • Galaxy 500

      When the IMF takes over they plan to steal our money by way of a bail in. They have written white papers on it. It is one last attempt to steal what little assets Americans have and redistribute to the have nots for votes and the bankers for champagne.

  16. Galaxy 500

    Greg
    why do they want me to pay for weapons after Obama made me pay to destroy weapons? I hate it for Ukraine but we need to fix our own house before we work on others.
    http://libertyunyielding.com/2014/03/23/2005-senator-obama-instrumental-disarming-ukraine/
    America doesn’t bomb civilian targets, except when Bill Clinton is caught with his pants down.
    http://rt.com/news/yugoslavia-kosovo-nato-bombing-705/

    • Gabe

      This: “we need to fix our own house before we work on others.”
      You said well. So you should do that, FIRST.
      Everyone should, for “by your own words you are justified or condemned.”
      with Good-Will,
      Gabriel

      • Galaxy 500

        Excellent quote Gabe… you have surely condemned yourself

  17. Fraser

    Thanks Greg, but Jim says many things that make me suspicious of his agenda…

    The 2007 Chinese best-selling book “Currency Wars” by Song Hongbing tells a ripping story of the Rothschild family, the Federal Reserve System, the Banksters and their multiple crimes against humanity. The book’s original timing and content were sufficient to play at least some part in the 2008 GFC, which nearly collapsed the American economy. Two sequels have been written in 2009 and 2011, providing even more details.
    http://en.wikipedia.org/wiki/Currency_Wars

    On the other hand, Jim Rickards 2011 book “Currency Wars” presents a totally benign history of American monetary policy and blames America’s problems on innocent policy mistakes and poor modelling. Needless to say, I prefer the original version of the book and think Jim should have just provided an English translation!

    In passing I also mention that James Rickards :
    [1] Has previously worked for the CIA in the field of economic warfare.
    [2] Suddenly rose to fame with the book “Currency Wars” which was pushed surprisingly hard by main stream media.
    [3] Suddenly become “the expert” on just about everything, giving hundreds of interviews and (for some unknown reason) being invited to advise whole countries.
    [4] Pushes dangerous views like “competitive advantage through currency depreciation”, which (if adopted) would quickly sink any country (like Japan).
    [5] Claims that the FED is insolvent and therefore (by extension) not complicit in any crime. But this is nonsense, because the FED can print infinite dollars and there is no one to stop the FED from holding its $4 trillion of assets to maturity. If the FED is indeed insolvent on a M to M basis, then this is a reflection of the (lack of) quality of the assets the FED has bought from its Bankster mates over the last five years.
    [6] Puts “MSM spin” on many other subjects. Against all evidence he claims that “Germany actually don’t want their gold back” and despite the findings of over 1,000 American engineers, he states that all 911 conspiracy theories are “crazy”. See for example, the start and end of this recent interview
    http://www.kitco.com/news/video/show/on-the-spot/616/2014-03-20/Fed-Does-Not-Want-Disorderly-Rise-In-Gold-Prices-Rickards

    But my main problem is that, for many years now in blogs, books and interviews, he has claimed that “the US wants a weak dollar and high inflation”, which is contradicted by (both himself and) all the known facts.:
    – The US has used everything, from the petrodollar scheme to economic warfare to the military, in support of the dollar and its use as the world’s reserve currency.
    – The US constantly talks up (not down) economic conditions to support the dollar.
    – The US constantly talks down (not up) the inflation rate and its expectation.
    – In the summer of 2011, gold and oil soared causing a jump in inflation and a slump in the US dollar, which event was only halted and reversed after a massive and prolonged US market intervention – which action contradicts Jim’s claim.
    – In a CIA simulated economic war, Jim himself claims that he “played China and won” by attacking the value of the US dollar – which is a self-contradiction.
    – Bush, Greenspan, Geithner, Obama, Bernanke and many others have all explicitly stated: “The US supports a strong dollar policy” – which is another contradiction.
    – In any case, the US could very easily achieve Jim Rickard’s claim by simply ceasing all current market interventions designed to achieve the exact opposite!

    My suspicion is that by rewriting books like “Currency Wars” and travelling the world pushing propaganda like :
    – “the US wants a weak dollar and high inflation” and
    – “competitive advantage through currency depreciation”
    his real agenda is to try and convince other countries (like Japan) to adopt these policies and unwittingly collapse their economies first, thereby exporting US inflation, keeping the US dollar strong and perpetuating US hegemony for as long as possible.

    In short, America’s best strategy in any Currency War is to crash all other economies first so as to put America in the best possible position before the “collapse and reset”. Jim Rickards not only knows and talks about this, but is probably working hard (for someone) to achieve it. As such, some would argue that he is an American patriot who should be commended, but (I think) everyone else should be wary!

    Finally, I strongly object to him: {1] insulting our intelligence by making false and contradictory statements, and [2] trying to rewrite history with books containing only enough facts to make them plausible, and [3] trying to transfer the economic consequences of the Federal Reserve System and failed American policy onto innocent countries; and [4] (possibly) betraying the trust of those countries who unwittingly seek out and pay for his advice,

    • Fraser

      Thanks Greg – if Jim asks, please supply my name and address to his lawyers.
      Finally, I would like to push my luck and ask a question:
      In Hongbing’s book, he defines a “currency war” as (loosely) “an attack by a foreign country to destroy an economy and country”. Which view is accepted in the East but rejected in the West as a “conspiracy theory”.
      In your subsequent book, you reverse the definition of a “currency war” to (loosely) “a deliberate depreciation to gain competitive trade advantage. Which view is accepted in the West but rejected in the East as a “cover-up”.
      My questions are : [1] Why the definition reversal in your book and who was behind it? , and [2] Is the West indeed trying to spin “murder” by currency war as “suicide”?

    • tROT

      Fraser,
      Daniel 8:22 “O Daniel, now I have come forth to make you have insight with understanding.

    • Galaxy 500

      Nice post Fraser but I find it hard to believe that his book somehow help trigger the collapse. Jim believes what he selling but I have yet to meet someone that had all the pieces to the puzzle.

  18. Lucho

    another good interview- esp. considering the ‘great’ connection. keep ‘em coming!

    seeing the shenanigans happening in the ukraine, is it paranoia to notice that two the three collapses JR mentions happened on the eve of world war?

  19. Noel

    Some say ‘Black Swan’ event. I now say ‘Roast Duck’ event. Eyes on China.

  20. Fraser

    Greg – I can see that you have “rose coloured glasses on” and have fallen in love with James Rickards. However, I am telling you that he is not what he seems and have spelt out why. Let your audience be the judge,
    I am sorry that you won’t publish my criticism. On the other hand, it is your site and you can perpetuate whatever myths you like. But how does that make you any better than main stream media?

    • Greg Hunter

      Fraser,
      If you want to get that granular on Rickards then you should use a real verifiable name. Anonymous criticism this deep (bordering on character assassination) should be done by someone who is willing to own their words. I do not post anonymously and either does Rickards. Why should you?
      Greg

      • 8Ball

        I would much rather be “Assigned” then “Assassinated”… ;^)

      • Fraser

        Anonymous! – You know very well exactly who I am and where I live. I have two letters from you sent to my home address, thanking me for the donations that I sent you in two letters. I understand that you don’t want to post my (accurate) analysis, but please don’t BS me!

        • Greg Hunter

          Fraser,
          Thank you for your support. I really appreciate it. I do not remember everyone who sends me something in the mail. If I let you tear down Rickards anonymously, the only one accountable for your words is me. You need to be accountable for your words. How would you like it if I allowed everyone to post long comments anonymously tearing you down. I’ll bet you would not like it. This should be easy for me to verify, so post a real name and be accountable for your words. I think that is reasonable.
          Greg

          • Greg Hunter

            Thank you Fraser.
            Greg

          • Fraser

            Greg – Even Goldman Sachs will acknowledge the existence of Song Hongbing’s trilogy “Currency Wars” – that is, before slamming them on the grounds that (his version of) “currency wars” don’t exist!

          • Gabe

            I have watched you slander people who post here, (calling many “trolls” and accusing them of being “paiod” to post remarks in opposition to your twisted views) and I don’t like it.

            And you host people like DR P.C. Roberts who calls our leaders and authorities “morons” and very many other worse names, and you HOST him and others while they do it. YOU are ALSO RESPONSIBLE for their slanders which YOU post on YOUR site – and you should be ashamed. Just go re-listen to PCR’s last slanderous statements, in your last “interview” with him!

            Are you related to Jerry Springer?

            Slander is constantly a major part of WHAT YOU DO and what you approve of and post here. That does NOT encourage TRUTH, but hatred, and YOU are being held accountable for what YOU are doing with YOUR website.

            Scoff, accuse, and slander me now, for telling YOU the truth! You should repent before you expect anyone else to!

            • Greg Hunter

              Gabe,
              Trolls are a fact of life on the internet. What you call slander I call criticism and analysis. This is much needed in a true democracy. This is why we have the 1st Amendment. Why do you come here? You don’t like what I do. You insult me by asking me if I am “related to Jerry Springer.” You think I am engaging in slander (Which I am NOT.) Please tell me why do you come here? While we are at it, what is your real name. Please post a verifiable name to make sure you are not one of these paid trolls I find on this site often. Real verifiable name. I am accountable for my words. You should be accountable for yours. You no longer will be able to comment anonymously. I’ll let you comment only with a verifiable name.

              Greg

          • Galaxy 500

            Gabe
            take a bicarb, you seem to be stuck on your importance to the world. Disagreement with those that govern is at the heart of free speech. Comrade Please review a copy of the constitution. You dont believe in trolls nor do you believe in criticism of those in power….things that make you go hmmmm
            I think those two positions are self serving and confused. Peace out Dude. Dont go away mad…just go away

        • Jerry

          Gabe
          I love listening to progressives like you. You live inside a make believe fantasy world believing in the paradigm that diversity really exist. Really? You’re mad at Greg because he doesn’t agree with you. Where did all that diversity go? I guess you can put it on that old worn out bumper sticker about “hope and change”. That didn’t work either.

          • tROT

            Gabe`ster,
            Do they give you guy’s weekends off?

  21. Galaxy 500

    1100ET GDP down $22 DJIA down 63

    • Gabe

      Are you homosexual? You ACT like one.
      How have run this site at a loss for YEARS?
      How do you eat? Are you paid by those you “interview” (promote)?
      How do you make a living? Are you rich? Perhaps millions in settlements?
      C’mon, you and all your “yes-men” you’ve accumulated by eventually strangling off and banning every voice with a different opinion, it’s sickening listening to the mandatory ass-kissing – you are very queer?
      Why don’t you and your yes-men/ass kissers get a room? I gues that’s what your website is for, eh?
      You’re a CONTROL-FREAK and you view the world through very troubled eyes!
      Get some help with your phobias instead of insisting everyone else catch them!
      Sheeeesh, what a fag…

      • Greg Hunter

        Gabe,
        I was going to block you from commenting, but after reading this comment I thought I would just put this series of comments out for everyone to read as your last hurrah. No further comments will be posted by you without a real verifiable name, and maybe not even then. By the way are you really “Michael the Marine”?
        Greg

        • tROT

          He’s X!

        • tROT

          I’m afraid Michael didn’t make it, to bad, he was a great bloak!

      • Galaxy 500

        Wow, am I a homosexual? No Gabe, I am not nor would I date you if I was. You give me the creeps. My wife cant stop laughing at your posts.

      • Jerry

        Gabe.
        I have never heard such ignorant statements in my life. My only conclusion is you must be a bootlicker from Washington sent to troll this site. You’re wasting your time here. You don’t have the intelligence to carry on a meaningful dialogue much less insult anyone here.

      • Charles H.

        Gabe,

        Seriously, the person who is deeply disturbed is you. I’ve read your posts. All you do is VENT, accuse, slander, and tear-down this site and subscribers. The idea of posting comments here is to contribute CONSTRUCTIVE dialog to the issues. Your morbid and destructive behavior here does no good at all. The idea that you feel doing this a duty or right, interloping where you demonstrate you don’t belong – is ACTING-OUT, and generally in compensation of a deep problem. This is simple, PSY 101 stuff. The (perceived) need to push against people – arguing for no reason but self-satisfaction – is your loss, as you systematically drive people and opportunity away. And sadly, you will reap what you sow. You are not helping us: but hurting yourself.

      • tROT

        Gabe’sterino
        I saw that Sheeeesh under a different name.
        I’m going to call my congressman and have you promoted so we don’t have to listen to you anymo@! Or do you work for KAOS?

  22. Derrick Michael Reid

    Greg, is not Rickards just great? One of the best minds around. So lets ask the man, cause he probably would read this thread, the following ……

    Is ZeroHedge Wrong?

    http://www.zerohedge.com/news/2014-03-22/how-china-imported-record-70-billion-physical-gold-without-sending-price-gold-soarin

    http://investmentresearchdynamics.com/zerohedge-is-wrong/

    ZH is wrong may sound right, because you have heard for a decade how GS/JPM have manipulated the market, now accepted in your mind as gospel. So it sounds really good. Again, no expert here on such complicated transactions. But, ZH did not say GATA was wrong, so the premise is flawed. Did China issue any futures shorts, yes or no, in the aggregate demand. Which country in the entire world is buying the most gold with most motivation for lower prices? There are many reasons for gold price movement. Maybe if China was not in the futures market, the POG would have been flat over that 2 year period. Bottom line: China buys 2000 tons, China is in the futures markets, POG declines. 3 strikes you’re out, GAME OVER, nuff said, take a walk, turn out the light, asta la vista baby.

    So, maybe Mr. Gold, with all the asian cash market stuff, MOPEd the gold bugs?
    Yeap, its confirmed, the crystal ball is never wrong, china just bought 1 ton of gold, and issued 1000 tons of futures shorts thereon, trying to gain global prestige as the most leveraged, with an eye to default by cash settlement with 1.2T$ in reserves.

    ======== This one is just for fun.

    Who done it?

    Bet Agatha knows, for sure, of course of course of course. There are dead bodies laying in the street, people are horrified. The murder weapons were identified, but who done it? Political leaders, charged with the responsibility of protecting, put out arrest warrants, being rather vague in terms, because you never know who really done it, at first, and perceptions can be mixed from the exact same scene, but they have suspicions based upon a history of related foul deeds, the syndicate is wide and far in its reach, based in the barrio, so, a man hunt is on for the killers, including but not limited to trigger men, witnesses, and the ring leader, so, the police are out in force, far reaching, rendering the field of play actually small, but political oppositions cry foul as the far reaching man hunt is on, but the political leaders will have none of that, there are dead bodies in the street, damn it, they have a job to do, damn it, and if they dont catch the perpetrators, the political leaders are tarnished by a majority of the masses, and so, the man hunt is really on, full blown, with body armor, night goggles, assault weapons, names and places, and the cops go to work, big time, ITS A ROUND UP in the barrio, as the cops enter the barrio in force, its a sweep, where the hoodies play, and start snatching many suspected witnesses, trigger men, and bosses, in the barrio, being rather unconstitutional assuming of course of course of course, that the killers in barrio even speak English, and are rightful US citizens and by the constitution have those constitutional rights, but the cops are not constrained, they have orders, they have a job to do, and after many round ups, and fire fights, the cops snatch many suspected in the foul deed or simply related by proximity or simply as remotely possible witnesses, even suspected witnesses are snatched in the barrio, and 100s are snatched, whether they like it not, coincidentally, including the ring leader, as sometimes, the cops just get lucky, and hall the suspected planner off to jail, and over exceedingly polite conversation, with coffee and donuts and bobbed apples bits, the ring leader gives it up, in that foreign tongue, the entire plan, but unsatisfied, the cops press their man hunts upon the entire criminal syndicate, someone, somewhere, somehow, has to put a stop to recurrent murder, and they identified the trigger men, hired by the ring leader and many other members of the syndicate, but killers and witnesses have rights, or do they, in the barrio, so, in steps the legal defense and political opponents, asserting that rights were violated and the political leaders actually planned it all, in one of the greatest spins of all time, so that they could come to the rescue of the imprisoned leader, raising a platform upon which to herald that opposition, take down those obviously misguided leaders, but in a misdirection, to gain more political support, as an excellent who dont it theory comes into play, and, of course of course of course, up steps many in the opposition ranks to support that defense, the money flows into the defense coffers, of course of course of course, but, the case is such a slam dunk, plea bargain is had, and off a perpetual vacation at taxpayer expense, but the people want to know, they gots to know, and are of course of course of course, the best in all the world as the trier of fact, of course, of course, of course, so first, the prosecution lays out its prima facie case before the public, and the masses get it, real quick to, the leaders have identified the murder weapon, the trigger men, the plan, and the confessing ring leader, but that is mostly ignored, of course of course of course, the opposition is determined to topple the political leaders, and support the defense with moral support, money, and public fervor, those damn political leaders have opposed the opposition, how dare they, and so, the case spills over into the public vortex, and many propose a multitude of theories, take your pick, anyone will do, of course of course of course, the more possible theories, the more doubt, of course of course of course, of how the political leaders actually did it, while the state prosecution explains the entire plot, weapons, trigger men, and leaders of the syndicate, and prosecution hire experts, as does the defense, because there are political hearts and minds out there to be won, damn it, and this is a political fight for human rights, to tarnish the political leaders, and these defense experts are top notch, especially when paid to only find and only conclude with the desired answer, and these experts inherently are very smart guys, and can intellectually create ennumerable possible other explanations, because they are just so smart, including the best theory of all, Mars Attacks, of course of course of course, and the more that experts battle it out, the more doubt created in the mass public mind, and so, in OJ like fashion, the trial is on for hearts and minds, the prosecution has experts as dose the defense, and one might possibly think, just possibly, of course of course of course, being very remote in the human experience, that both sets of opposing experts are very smart, that that is a net sum zero, even if creating more doubt in the public mind, but the prosecution has the scale tipper of the scales of justice, to wit, they have identified trigger men, their target practice, their weapons, and confessed ring leaders, even if acquired through rather aggressive means, shocking the sensitivity of very sensitives ones in the political dipole, and reasonable or unreasonable doubt pervades the public spectacle, and guess what, OJ got off, because damn it, there is always an unreasonable doubt exploitable by the opposition experts, be it based on political, racial, cultural, and money motivations, or whatever, because damn it, the leaders dont think like the opposition, like as if that is new, and because the opposition believes the political leaders are misguided, they must have guided the plan in fact, and should be taken down for it, those dirty pigs, and, in the mean time, OJ is sipping tea off cuba, laughing his head off at the circus being played out. Is not justice a wonderful thing? You have 1 in 10,000 chance of being wrongly convicted and hung, a price that must be paid, in any serious administration of justice, of course, of course, of course, but yet a sure thing reason, to let OJ off, of course of course of course.

    http://www.youtube.com/watch?v=y_PZPpWTRTU

    But only Snowbound in Siberia, the champion of treason, worshiped by the defense dipole, absolutely, cocsuredly, knows who done it, but for some damn reason, WONT GIVE IT UP. Go figure.

    Very Truly Yours, D

    • Greg Hunter

      Derrick Michael Reid,
      Please make your comments shorter.
      Greg

      • tROT

        Thank you Greg!

      • Gabe

        Greg wants more comments, not ones that make their point well.
        It’s like “sweeps” for him, every day.
        Quantity, not quality – it’s how he gets paid.

        • Galaxy 500

          Gabe,
          You MUST BE KIDDING. But then, he is filling up zeroes and ones with your drivel.

        • tROT

          Who pay’s you Gabby? The founding fathers warned us about your kind, take off your red coat and proclaim liberty through out the land, you land lubber! Rent the film “The Patriot”,
          Good allays win’s out over evil in the end , real Yank’s don’t have to resort to skull drudgery or being a trash mouth, didn’t you ever make it out of the cub scouts?

      • Galaxy 500

        Greg
        DMR makes some good points from time to time but he does run a little long

  23. Scott

    We are on ground ZERO when this house implodes, you cannot eat gold. We have allowed one hell of a die off to be engineered with this debt Ponzi economy and I believe it is about to commence.

  24. Diane Ryan

    Greg, excellent interview. Like Palloy said, there seems to be a common theme in the interviews. Things are not good and perhaps unfolding exponentially now. There are so many foreign and domestic enemies working against us. They remind of one organization that is actually preparing to help us get through what’s coming. It is Stewart Rhodes’ Oath Keepers. By the way, Brandon Smith is very closely associated with OK. Either could make for a very interesting interview.

  25. Galaxy 500

    Dont know that I buy the IMF creating the new currency with there clean balance sheet. A lot of the gold backing it is ours…plus the top 5 contributors (approx 40% of funding) are basically broke.

    • Liquid Motion

      Another Ponzi Scheme in the making. It just gets more sinister the longer this thing goes on.

  26. Larry Galearis

    Hi Greg,

    Thanks for sharing such fine interviews with us..This one has prompted a lot of discussion in our group and I thought I’d share some thoughts from an email with you.

    The only folks that are really calling for the metals to blow are mostly those selling bullion or have a TA interpretation – naively IMHO. That being said, I don’t disagree with them; I just don’t see how they can be so specific as to timing.

    The shortage in silver – whether it exists or not – should be RELEVENT to the price given this MONETARY environment. But we know that fundamentals don’t matter in a corrupted market. IF we get a rise in silver (paper) prices earlier, it will be because some buyers are smelling some aspect coming apart and are buying accordingly. This will represent in a temporary rally – or not – depending on how much the swan is off colour…The shortage ONLY matters in a physical only market. They have shown us that much and as such present retail supplies seem to have adequate supply – given that the LOCAL buying pressure is somewhat muted from what it was…But once the physical market takes over the monetary demand steps up to the plate and the shortages will matter a LOT. If there was just as much silver as gold in this new market environment, silver would likely just do percentage wise about the same as gold…Remember, that demand is relative – and in this case relative to the understanding of present day buyers (who are mostly paper players and some physical buyers) AND later the latter added to those driven by fear buyers (of paper and bullion) in the future. Hence, Warren Buffett and his anti-gold and (doubly so for) silver PUBLIC stance. People are still profit oriented in the majority and are not positioning at all for the RESET.

    A precious metal delivery default, however, would likely initiate THE RESET. Unless they were able to completely censor the news (or ignore it in the West)….But the RESET would likely happen then if the Eastern buyers knew that the default defined the time that no more metal would be forthcoming from the West. BOOM!

    Rikards is probably a bit conservative in down playing the affect of the RESET on the public. This is one of the other little problems I had with his talk. If the dollar declines by 90%, a thinking person might define that as an inflationary depression and a VERY rough time for the citizen, yes? If it happens relatively quickly as he says is possible, then the means of recovery are not at hand – it got sent to China (and that includes the gold)…So his statement that a collapsing financial system isn’t the end of the world is a soft pedal to a systemic event. And this is another point about why I am somewhat wary about Mr. Rikards.

    And I might ad that paper currency systems are NOT ok. They ALWAYS fail and we are watching this now. Given that context, I have to wonder about someone who says they are ok unless the people lose confidence in them…It is not as if the banksters running the system are not completely culpable and corrupt – which is, of course, why the citizen loses confidence in the currencies.
    Best regards,
    G.

    FWIW,

  27. Galaxy 500

    Difference between conservatives and liberals are apparent in below example.
    http://www.thecollegefix.com/post/16817/
    Even though she injured the teenager, Miller-Young defended her actions andtold police she felt morally justified. She told police that images of aborted fetuses “triggered” her to act the way she did, and that she felt she had set a good example for her students by physically confronting the teenage demonstrator.

    Nevertheless, authorities warned that her actions constituted vandalism, battery, and robbery.”
    The Pornography Prof. felt morally justified to steal and assault . Liberals cant win the argument based on facts so they have to call you names or physically attack you OR they make up facts or misquoted. After all, ignorance is bliss when your a liberal as they consider it folly to be wise.

    Real quote: if ignorance is bliss, tis folly to be wise

  28. sally lambert

    terrible video of Rickards…

    • Greg Hunter

      Sally,
      I know, it was a very poor connection.
      Greg

  29. Galaxy 500

    This reads like a communist/socialist take over.
    http://www.infowars.com/homeland-security-exercise-targets-free-americans-against-socialist-tyranny/
    And they are concerned about people in the military and/or govt agreeing with the people protesting for freedom? ?? Only in Obama’s DHS

  30. Dan

    Hi Greg,

    Take a look at this. This is federal reserve monetary base graph..
    http://research.stlouisfed.org/fred2/series/BASE

    I am not sure if I am 100% correct, but here is no “taper” at all. The whole thing is a lie. No doubt somebody will have to start talking about that. I wander if somebody bothered to look at what they are doing, while they lie about “taper”. They are not tapering at all. Monetary base is growing big time like before..

    I hope Greg, you will be first one to start covnerstation about that.

    Regards.

    • Greg Hunter

      Dan,
      I think you are on to something. Thank you for posting it.
      Greg

      • smaulgld

        The Fed is reinvesting ALL of the interest and maturing T-Bonds that they “bought” during their $4 trillion QE printing spree. They are probably reinvesting $10-12 billion a month as it is so it is negating the taper.

        • Galaxy 500

          4 trillion with an average annualized return of 3% is 10 billion a month. I’d be hard pressed to believe they are making a better return but I didnt spend a lot of time looking it up.

      • Paul from Indiana

        Greg and Dan: Greg Mannarino talks about the FED taper as being a deception nearly every day in his YouTube videos. GM is a frequent interview here at Watchdog, but anyone in the “I don’t trust the FED” camp should subscribe to GM’s YouTube “channel”. Look, at the risk of oversimplification of an enormously complex situation, doesn’t everything, sooner or later, come down to the question, “they” either know what they’re doing, or they don’t? Once an individual decides for himself either “yes” or “no”, his/her course of action is obvious. Best always to all “Watchdog” participants. PM

      • Chip

        I think we are comparing apples and oranges. The Fed’s balance sheet is not the same as the M2 money supply…

        In economics, the money supply or money stock, is the total amount of monetary assets available in an economy at a specific time.

  31. Edward Ulysses Cate

    Timing is the big question. We just don’t know when the balloon will blow. James says:
    “What are they going to do, take their balance sheet to $8 trillion and leverage 200 to 1? ”
    The Feds might just do that. If you look at:
    http://www.occ.gov/topics/capital-markets/financial-markets/trading/derivatives/derivatives-quarterly-report.html
    you’ll see that Goldman Sachs has derivatives of (in millions) 47,467,154
    and assets of 111,117, giving a ratio of 427 to 1. They’re still in business.
    Doing “God’s work” just might lead the Feds to think they can do it too.
    What a stupid game. The only way to win is not to play.
    Owning real pieces that were mined will give you a real piece of mind.

    • Greg Hunter

      E U C
      Goldman is totally priced to perfection. If someone zigs when they should zag–boom!! They are out of business or will need a gigantic bailout. Thank you for bringing this up!
      Greg

      • WD Deni

        Greg, This may be a stupid question but why are derivatives such a big deal?

        Thanks

        • Greg Hunter

          WD,
          Not stupid at all. Derivatives are basically debt bets. You enter into a contract to off-load risk. A classic example is AIG. It insured mortgage-backed securities. They never defaulted–until 2008. When they did, AIG (who insured all of those securities that turned “toxic”) was on the hook for billions of dollars. It bankrupted them but they were rescued by the taxpayer. Now multiply that by (approx.) $600 trillion. That is the officially reported number of derivatives in the world. (Some say it is more than twice that much.) Can you see the economic problems when a daisy chain of defaults happen because people cannot back their debt bets? This is why Warren Buffett calls derivatives weapons of mass financial destruction. People take much greater risks if they think they are “insured.”

          • WD Deni

            Thank you! As always.
            By the way just saw Neil Cavuto discussing with a “real estate expert” why home sales were done for the third or fith straight month…
            The “expert” said it was because of 1) Cold weather 2) Low inventory!! Greg I was a wholesale lender for Countrywide both Prime and Subprime; when the inventory is “low” it means people are scooping up property left and right, come rain snow or shine.

            The lie was so blatant!! And Cavuto just sat there. I could not believe what I was watching. I still can’t!!

            • Greg Hunter

              WD,
              Your instincts are correct. I’ll have Fabian Calvo on in a few weeks (hopefully) and he will give it to you straight on real estate. He manages a $100 billion worth of distressed notes and property annually.
              Greg

    • Galaxy 500

      If Goldman is doing work it ain’t God’s

      • Gabe

        How would you know anything about God’s work, you work for Satan.
        And by the way, you have an opinion about everything – talk about having an overated sense of your self importance; why don’t you stick with selling guns to the Filipinos?
        At least till the DEA puts you away.

        • Galaxy 500

          Hahaha Gabe
          Yes, I do have an opinion on everything. What is it with you and guns? I dont sell them but i dont condemn them either. However, if I had enough money I’d consider it but it looks like too trend driven to me. And if I had that money, my dream is a microbrewery. And as far as the DEA goes, I am sure what ever you on when you type this happy stuff cant be legal.
          And Gabe, you sound like the Westboro Baptist creep that is currently stoking the fires in hell. You claim Christianity yet you act evil. Do you think God approves of your behavior?
          Take your meds please. And I will pray for you as I do for all misguided evil people.

        • Galaxy 500

          And Gabe, we can tell you know Satan.

        • Galaxy 500

          Its true I worked for an exporter but that was about twenty years ago. And while I have many sins i have been forgiven for, sending guns to licensed dealers isnt one of them. You have a real problem with anger. Running oneshepherd.org must not be enough for you.
          Not sure what the rest of your babbling is about but dude, get a life…and beg forgiveness for those you maligned

          • JC Davis

            500 You can like or hate him but he will not be ignored. A stand up kinda guy.

        • tROT

          honest gabe God loves you but we don’t,
          you cant fault me fer bein trutfull!

  32. Lin

    Hello Folks,

    Elizabeth Warren has recently warned that what’s coming with the boomers retirements is a catastrophe in the making. She is correct. When Alan Greenspan took food + energy out of the cola social security adjustments , huge amounts were taken from these payments. + they wonder why the velocity of $ is plummeting ! Ike Eisenhower, on his last day in office in his fairwell address to the nation warned that the military industrial complex would bankrupt this country with the never ending wars. Correct he was !

  33. RT Rider

    The IMF issues SDR’s based on the backing of member countries’ financial capability, which includes the US, UK, Japan, Germany, Canada, etc. The point being is that it’s only as good as the creditworthiness of its members. It worked in the past because the big economies were still solvent, but aren’t anymore. The underpinning of the IMF is bankrupt so it’s not feasible to rely on them to bail out a multi -trillion dollar insolvency using SDRs. It would be a bit like three card monte.

    However, what the IMF does have is gold. Their gold, along with the gold of the CB’s of the world, can be used as collateral to underpin these liabilities. All that need’s to be done is to remonetize it, and set it’s value to a price necessary to re-collateralize the financial system. That would probably be in the ten’s of thousands of dollars.

    • Galaxy 500

      I believe the member nations that set up IMF will want their gold back

  34. Jerry

    It appears the Chines are putting the finishing touches on the new exchange system with members of the EU.
    http://english.cntv.cn/program/newsupdate/20140323/101730.shtml

    With the Banking Cartel getting desperate , watching the petrodollar fading into history , I would imagine that war could start anytime somewhere. Don’t you think its odd that Israel closed all their embassies ? What are they not telling us?

  35. Noel

    I fail to see how SDRs are going to resolve a fiat currency crisis, and especially this current crisis. SDRs are drawing rights against reserves of a basket of currencies consisting of: USD, GPS, EUR, and JPY – all fiat currencies flat on their backs.

    Ratios/valuations of this basket was last established in 2011, and is due for review in 2015.

    Replacing the USD with SDRs would be the equivalent of taking the four broken legs of a chair, glueing them together, and making one new leg for the chair from the salvage.
    At what price would the BRICS exchange SDRs? Something better than USD? Based on what?

    I think we’ll see a two-headed monster: asset deflation as the bad debts unwind from the system, simultaneous with rampant inflation in energy and food. Don’t fail to overlook the energy inputs into the production of fertilizer. Production of fertilizer is one of the biggest consumers of NatGas. The combined cost effects of NatGas, water shortages, irradiation of CA growing fields, and transportation costs will send food into orbit.

    So, if anyone asks me if we are going to fall on the inflation or deflation side of the knife’s edge, I say BOTH. At the same time. Split in two. Your property taxes will soar, but your house will be worth squat. Building material costs will fall, but there won’t be much demand for them anyway.

    My earlier comment vis a vis China: the high end condo speculators are in a liquidity crunch. With the tentacles reaching into global urban condo markets, it should be interesting to see what this does to the overall housing prices as rich Chinese run for the exits.

    Interesting times.

    • Galaxy 500

      Noel
      same conclusion I arrive at. Fiat money is a faith-based commodity as is banking. With fractional reserves, people understand that a bank in trouble will collapse and the smart people are first in line to get their money. As more people pull their money, the worse it becomes until it folds ( becomes insolvent). 1933 a group of Chicago economic minds proposed 100 % reserves for demand deposit accounts (checking accounts). FDR the bankers’ friend opposed and watered it down.
      The point is that many of the Greatest Generation didnt trust banks all that much after the Great depression and while my father used a bank, he didnt keep all of his assets in it because he remembered what happened. When our dollar inflates away its value, I think people will be wary of another fiat especially since it is from the IMF. You tell people its backed by more paper and they will laugh. I think things will contact from global to local for a while and they he smart countries will never outsource the engine of wealth creation, manufacturing jobs, again. Manufacturing creates a middle class and a more equitable society

  36. smaulgld

    Jim Rickards says China is importing gold secretly using military channels:

    http://inteligenciafinancieraglobal.blogspot.mx/2014/03/jim-rickards-china-is-importing-gold.html

  37. MD Boyer

    Ya know, no one believes the current economic globally is sustainable less the me.

    However, and I’ve asked here before, WHEN already?

    Last year, Mr. Rickards denied the Fed could taper several times, and yet, it has begun to do just that. And while no spanking new recovery has been realized, no earth-shaking collapse has occurred either. Perhaps, if they were merely laying out potential scenarios, then one could excuse missed calls. Dr. Roberts, whom I admire, at least hedges a little by admitting that things are playing out very slowly, and not always as he predicts. Not true with most of the others, and we are starting to hear from them less often too. People like J Kyle Bass, Karl Denninger, and John Williams, for example.

    There’s no doubt we’re headed to a very bad place, but unless we actually start seeing some of the things forecasted (like a run on physical gold…finally), most folks will continue to see the present as the way things will be for awhile, instead of bracing for far worse.

    It’s the old fire in the theater stuff, and in the absence of the major calamity so many prognosticate, the call to prepare or else pressure sources of power to make change urgently needed wears off.

    I’ll say it again; if something bad really IS going to happen, it needs to get with it already. Folks are coming to terms with what is, and they have been doing so for 5 years.

    m

    • tROT

      MD Boyster The longer the better! If you cant wait move to Detroit, Chicago or California!

  38. smaulgld

    Another interesting interview with Mr. Rickards. In this one he talks about collapse and lack of trust of the super rich in the system.
    http://www.ingoldwetrust.ch/interview-jim-rickards-on-the-death-of-money

  39. Mike R

    The best part of the entire interview, was actually in the printed quotes….

    Jim says:
    “What’s less well known is the swap lines with Europe . . . European banks had dollar liabilities because they borrowed money in dollars. . . . Where did the European Central Bank get the dollars they needed to bail out their own banks? They got them from the Fed. They gave us euros and we gave them dollars. So, these dollar/euro swaps were in the tens of trillions of dollars. . . . In addition to that, the Fed guaranteed every money market fund in the United States . . . and they guaranteed every bank deposit in the United States. Here you have a massive $60-$100 trillion bailout, not the $4 trillion you were told. ”

    So what I love about this, is FINALLY, someone is willing to go on record and clarify that the ‘bailout’ wasn’t just $ 4 trillion. It was really along the lines of $60 to $100 trillion.

    People need to let that sink in ! Folks, those kinds of dollars, whether its funny money or digital I’s and O’s, are related to derivatives. Notional values of derivatives are in the quadrillions, but its about the MASSIVE and I mean MASSIVE leverage, that is the essence and utter fraud, and TRULY IMMORAL underpinnings of these derivatives that is at the very heart of not only the FED’s ‘insolvency’ but that of our country’s insolvency. See these horribly bad bets, and they are BETS, and gambles, is that the collateral just doesn’t exist in all of humanity to cover the bets. So not only are these wicked people who perpetrate the use of derivatives making bad bets, and then essentially allowing all and any losses to be socialized across all of humanity, its that their simply is not enough human capital, or assets, resources, etc combined to cover the already occurred losses (that are impossible to ‘mark to market’) but we are talking many years out in terms of the time value of all labor/ingenuity/innovation/productivity well into the future. Its been mortgaged for eons. That folks is why not only there has to be a reset, but it also needs to be painful and massive to the elites who supposedly have laid claim to so much ‘wealth.’ Its NOT THEIRS FOLkS ! They pilfered it from us all, and many future generations, using financial machinations, and essentially fraudulent means of hollowing out all of financial civilization. I think Jim is trying to not be sensationalist about any of this, or create a panic, but lets call a spade a spade here folks. These derivatives are nearly all interest rate based. Unless the entire current ‘wealth’ of these financial elite is also collapsed along with those of us far far poorer who might be in the American middle class, and then the rest of the 6 billion people on the planet who are far far poorer than whats left of our American middle class, then any global reset is wholly incomplete, and only results in an even higher concentration of whatever is defined as ‘wealth’ into even fewer hands than there are now those concentrations. Gold or silver may be some small measure of means, but what we really need are for millions of us to comprehend what is happening and then be prepared to take much stronger action. If that means weaponizing yourself, improved security, creating small communities who form their own off the internet, mesh network, so they can communicate without easy invasion of privacy by the NSA or others, creating localized food production, localized energy production, the time now is to think very broadly about this, and then seriously how to connect in massive numbers of many massive subsets that cannot be easily controlled or manipulated by these elitists and those who pretend to be in power. Thank goodness for these interviews, and for people like Jim, but truly folks we all need to start acting and finding communities of like-minded people, and reaching out to each other to prepare for the inevitable. suspend disbelief, and suspend denial. Doing something now, anything, is better than nothing.

    • tROT

      Mike R,
      I’ve got the perfect island fer you, bought it from a guy named Gilligan!
      You’ll have all the privacy in the world and do mankind a wonderful flavor.
      No koolaide allowed, ok?

  40. Alan

    My feeling is we will not really see a collapse, like a catastrophic one. This will be a painful decline into oblivion. Any gold or silver or stockpiled goods set aside will be used up very slowly and then it be very expensive to replace. I think we will resemble Africa in ten years, ever so slowly. The dollar will be dead but you won’t know it. The media will spew happy days are here again put your money in stawks or buy an over priced house where no one can afford the taxes or insurance on it. Taxes will go up and government programs will just be hollow shells. The last 7 years has been a slow slide downward and I figure it will continue on for the next 10 or 20 years. I don’t think Red China or the Russians really want to rock the boat too much. They are quietly making their moves slowly replacing us as the world leaders which is not a good thing. The banker are scrambling to try and keep their death grip on everyone they can. Just my thoughts for what they are worth.

    • Charles H.

      Alan,

      It is a good analysis – but elements of chaos and bitter rebellion may cast forth scenarios of repression and totalitarianism. The picture-frame is the world: so many things will appear in the picture.

  41. George Silver

    I’m sorry to have to say this Greg but:-

    Never trust a man with a “comb-over.”

    Anyone that can kid themselves that others cannot see the vain attempt at trying to hide their baldness is self-delusional.

    • Galaxy 500

      It is true vanity

    • JC Davis

      LOL Georg your killing me. As a shaved bald man myself one can only question who is more vain. LOL I love it.

  42. Galaxy 500

    Only Hollywood could make a movie about Noah, not mentioning God and turn it into an environmental global warming statement. And the director is an atheist…go figure

    • Greg Hunter

      500,
      Amen brother. I was looking forward to this movie but not so much now.
      Greg

      • JC Davis

        Noah must have had the Joy of God in him to do the work before him.
        Noah was not a bitter man.

  43. Brad

    It’s always a good idea to listen to as many informed voices as possible to get a balancing of opinion on such nebulous topics as economics, markets and geo politics. Rickards is another of those important voices. All one can be reasonably certain of is that the financial elites are not going to allow the economic world to crumble to dust ruining their power base, the debt money system, due to social upheaval or revolution. That being said great events in history can usually be traced to the miscalculations of the ruling class. Their latest shearing of the flock may have cut too close to the skin leaving many a bloody and bleeding cut on the societal body. If mankind is ever to be free of the oppression of their debt money system that enslaves all we must throw off this debt peonage system.

    I would suggest that USA Watch Dog do an interview with someone from the American Monetary Institute, perhaps Stephen Zarlenga, to discuss the alternative of a debt FREE
    money system, as put forth in legislation by Dennis Kucinich (HR2990). Perhaps Kucinich would do an interview on this very important topic….the final freeing of mankind from indenture to the financial rulers, who have used the four horsemen on mankind to their on ends forever. Only then will mankind be free to achieve it’s full promised potential. A world without hunger, war and curable disease.

  44. Chip

    Greg OT but…
    House Resolution 499: Condemning the Violation of Ukrainian Sovereignty, Independence, and Territorial Integrity by Military Forces of the Russian Federation. The resolution condemns Russia’s unlawful involvement in the Ukraine and calls on the international community to protect Ukraine’s sovereignty. Additionally, the resolution calls on Russia to remove its military forces from Ukraine’s Crimean Peninsula and to refrain from interference in all regions of the Ukraine, including ending support of separatist and paramilitary forces in Crimea.

    Questions I would like to ask the Congress, Senate, and Administration concerning Resolution 499 include…

    1) Was the violent coup supported at least financially by the EU and US through the State Department? Have you examined the evidence and leaked phone conversations of Victoria Nuland of the US State Department? Did this coup not result in the overthrow of Ukraine’s freely elected President Yanukovich? Would that not be a “Violation of Ukrainian Sovereignty”? Was it not also “unlawful involvement”?

    2) Prior to Crimea requesting Russian assistance for security during this coup, did they not have a lease agreement for the base at the Black Sea Port (Sevastopol)? Didn’t that agreement already permit the stationing of tens of thousands of Russian troops at said port? So did Russia actually “invade” the country as the Administration and main stream media continue to report?

    3) Have you studied the history of Crimea? Do you know how long they have been a part of the former Soviet Union?

    4) Do you not support the right of free peoples for peaceful self determination? What is it that you find so offensive about the peaceful referendum and vote carried out in Crimea that you prefer to support an illegitimate government in Kiev that was installed as a result of a violent coup?

    Subject to some answers and/or information that contradicts the above facts, I find this Resolution 499 to be completely contrary to the principles that this nation was founded on. Did we not seek independence from a totalitarian King? By the logic of HR499 isn’t the US guilty of invading Cuba because we have troops stationed at Guantanamo Bay? Have we fallen down the rabbit hole and in the upside down world of Alice in Wonderland?

  45. Rick Shade

    The IMF issuing the SDR’s is the “remedy”. It’s all planned. Certainly NOT by accident as the writer believes. Find out if the IMF is “owned or controlled” by bankers, and you see the nefarious scheme behind it. As well, one has to wonder what the level of benevolence is, for the scheme that is in play. Are the orchestrators of the play looking out for our interests, or are they inept, or do they have a “power” agenda?

    I would guess, based on mankinds history, that they are in it for the power, and they are inept.

    conclusion?

    more pain

  46. Old crab

    What the hell good is fine art?
    If I cant use it, trade it, or eat it.
    I don’t need to own it.

    • JC Davis

      Old crab. I love your comment. I don’t give a fart for art.

      • JC Davis

        No offence MR. Barnes.

        • JC Davis

          Vanity is best described as fine art. Ship High In Transit. for short S.H.I.T. This is the history of the word.
          If I cant sell, trade, or eat, it is vain. At some point in time we will be taking the lords name in vain to place in GOD we trust on the dollar.

    • Galaxy 500

      There is always a place for beauty in the world. 10,000 yrs ago men painted cave walls. But its a sign of a well fed and prosperous society…you cant eat it

  47. Galaxy 500

    CLIMATE SCIENTISTS REFUSE TO DEBATE GLOBAL WARMING SKEPTICS
    http://www.thecollegefix.com/post/16839/
    When you are making up Shiite, you avoid debates. Make believe never trumps reality.
    Judicial Watch updates
    http://www.judicialwatch.org/press-room/weekly-updates/weekly-update-clinton-pardon-scandal-reemerges/
    The world burns and Obama’s playing games. How apropos.
    http://www.telegraph.co.uk/news/worldnews/barackobama/10721186/Merkel-miffed-at-Barack-Obama-and-David-Cameron-nuclear-war-game.html

  48. Galaxy 500

    Harry Reid drops bill to give 68 billion for IMF plus give USA less control and Russia more. Its too stupid to be stupid. Reid is just evil.

  49. Galaxy 500

    Government healthcare in action. Obamacare has spent a billion on advertising, another billion on broke a$$ software plus a billion to partially fix it. They ‘ve enrolled about five million of which four million have paid a premium BUT they knocked six million families off thier better cheaper insurance.
    This just goes to show that Washington can mandate people eat a Shiite sandwich and advertise the hell out of it BUT people won’t buy in because its crappie insurance if you’re needs are something other than free birth control pills…which you could have walked into the health dept here for thirty years and get free.
    Obamacare…conceived of by idiots, marketed by socialist and fails to launch… another example of big government over reach

    • allen ols

      yup

  50. Robert Burke

    Just bought the book…..can not wait to read it.

  51. JC Davis

    Greg. Next batter up? Gerald Celente I hope. I love to see him get fired up

  52. Galaxy 500

    And remember, Russia is just a regional power. Its not a threat to our national security. Obama is more concerned about someone nuking NYC. Hey, Islamic terrorists, y’all like shopping in NYC. If I may suggest an alternate location, Washington DC is beautiful this time of year.

  53. Nichole

    Another great interview from the Watchdog. Jim Rickards has a relative perspective among many other great economists in the alternative monetary movement. No one really knows whats going to happen which is why we should all prepare. So what does that look like?

    During the holiday season Kitco news did a series of interviews where they asked people to list their portfolio structure. It gave a great macro perspective on investment strategies for the current economic climate. Jim covered this a little in this interview. I don’t agree wholly with his portfolio structure, but everyone has different needs. Here is a reasonable strategy in my opinion:

    20% Cash dollars
    20% Diversified low cost stock indexes
    20% Debt on Cash producing Real Estate (Land leasing/Rental units)
    15% PM (gold/silver)
    15% Private Business Venture (international wholesale commodities)
    5% Precious Stones/Gems (This could also be fine art)
    5% Foreign Currencies

    Thanks Greg!

    • Greg Hunter

      Nichole,
      I have a few things for you to consider. The 20% in diversified indexes might be a problem if your brokerage goes “MF Global” on you. What is coming has never happened in recorded history. There is now doubt some big brokerages are going to be taken out by the derivative tsunami that will come along with a financial collapse. I think you better get a bit more medieval. Also,I am not so sure I’d have any more in cash than what I needed for 6 months or so of spending. You do need cash though. It will work really well for a short amount of time. I just don’t know how short. Not giving you a hard time, just adding some points for possible adjustment. I like everything else though. I also liked your post on natural healing. (I pressed approve by accident before I could comment.) Thank you for your analysis and comments!!
      Greg

  54. wesley

    Fine interview that was. Perhaps you might ask him next time about his opinion of “freegold” to which Sinclair relies on to achieve his price projection in physical gold (since he expects gold futures markets to end)

  55. Deanna J Clark

    We in the west have spoiled ourselves with disposable diapers, wasteful driving, clothes dryers, microwaved processed food, baby formula…credit card shopping followed by garage sales to sell the stuff we bought…on and on.
    The whole culture must change. People have to stop saying “I’d cut my wrists before I washed clothes by hand.” Our grandmothers were not so picky and still looked clean and pretty on Sunday morning!
    What’s wrong with hand lawn mowers.? Here in the south nobody even mows their lawns, they hire Landscaping firms even in working neighborhoods. The country is ashamed of physical work. Even people out of jobs get landscapers to mow their lawn.
    We have a long way to go before we’re eating each other…a long way.
    Our whole culture can change into healthier, thriftier living and have longer lives doing it. I don’t feel sorry for anyone having to walk the streets looking for plastic diapers. I mean…really? Are we that far gone?

  56. Rodster

    SGTReport posted a video http://www.youtube.com/watch?v=NWtRgW4cjjY which exposes Jim as an insider establishment Bankster/CIA Shill. Now it makes sense why he’s cheerleading for an IMF SDR.

    Alasdair MacLeod contends that an SDR won’t work because it’s basically Fiat currency and that there isn’t enough gold to support the massive levels of credit creation.

  57. Robert Burke

    Rickards on main street press in Canada

    http://watch.bnn.ca/#clip1078534

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