Everything Wrong in 2008 is Worse Today-James Rickards

4By Greg Hunter’s USAWatchdog.com 

James Rickards wrote the best-seller titled “Currency Wars-The Making of the Next Financial Crisis.”  What’s going to cause the next crisis?  Rickards says, “The problem in 2008 was too-big-to-fail banks.  Well, those banks are now bigger.  Their derivative books are bigger.  In other words, everything that was wrong in 2008 is worse today.” Rickards goes on to warn, “The last time, in 2008 when the crisis started, the Fed’s balance sheet was $800 billion.  Today, the Fed’s balance sheet is $3.3 trillion and increasing at $1 trillion a year.”  Rickards contends, “You’re going to have a banking crisis worse than the last one because the banking system is bigger without the resources because the Fed is tapped out.”  As far as the Fed ending the money printing, Rickards predicts, “My view is they won’t.  The economy is fundamentally weak.  We have 50 million on food stamps, 24 million unemployed and 11 million on disability, and all these numbers are going up.”  When the subject of gold confiscation came up, Rickards said, “I just don’t think it will happen because the government will find it will be very hard to enforce.”  Join Greg Hunter as he goes One-on-One with Jim Rickards, the best-selling author of “Currency Wars.”

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Comments
  1. Liquid Motion

    Greg,
    Whilst the message in this interview is loud and clear, I will bet that if you posed questions to JR (who has one of the most acute business and investment minds on the planet)about the FED, its fractional gold reserve practices, the manipulation, suppression and oppression in global financial markets….you probably would not get the desired responses.
    The difference between JR and other commentators is that JR knows some absolutes. He is privy to classified information. Therefore he can actually provide truths about what others merely provide conjecture about. I was eager to watch this interview, but somehow feel a little deflated and very much wanting to resolve unanswered questions. Whether JR would be forthcoming or not ….I would have liked you to push the boundaries nonetheless. He has a wealth of knowledge and smarts. He is literally the Diamond in a bed of rocks. His true value is only known to the Government. Get him back on ..soon ! Its been a long time between drinks…too long. This world is cracking up…quicker than most expected.