One-on-One with James Rickards

By Greg Hunter’s 

Investment banker and Wall Street insider James Rickards says the Libor rate rigging scandal “is the greatest fraud and greatest potential liability in history.”  He thinks rate rigging banks could be on the hook for “$2.5 trillion,” and “The potential damages could destroy the banking system.” 

Rickards is the author of the best seller “Currency Wars: The Making of the Next Global Crisis.”  He says, “Too big to fail has turned into too big to jail.  These guys are outside the legal system.  They can do whatever they want.” 

As far as gold is concerned, Rickards sees gold in the “$5,000-$7,000” range in three to five years.  Rickards believes gold is a good buy right now because “There is a lot of upside and not much downside.”   Join Greg Hunter as he goes One-on-One with James Rickards.

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  1. George Too

    “Too big to fail” turns into “too big to jail.” We truly have structural pliancy in the law. If you are at the bottom, you get jailed for jay walking and if you are at the top, you don’t go to jail for anything.

    • Greg

      Thank you george Too and Pierrot.

  2. Pierrot

    George Harrison had this to say in 1968…

    Have you see the little piggies
    crawling in the dirt
    And for all the little piggies
    Life is getting worse
    Always having dirt
    to play around in

    Have you see the bigger piggies
    In their starched white shirts
    You will find the bigger piggies
    Stirring up the dirt
    Always have clean shirts
    to play around in

    In their sties with all their backing
    They don’t care what goes on around
    In their eyes there’s something lacking
    What they need’s a darn good whacking

    This was at the beginning of the last secular bear market that ended in late 1982. Looks like things never really change.

  3. George Too


    Great interview. I love the part where Jim says that the value of gold is not changing, it is the dollar that is losing its value

  4. art barnes

    “Operating outside the legal system” sounds like ancient and the more modern dictators of recent time. We all know what happens when humans are not subject to legal law; this cannot turn out good. The people don’t know about LIBOR so Congress will cap it, the banks will be check ready for the political class and the FED will keep printing for infinity. Just business as usual on Capital Hill, the FED, and good old Wall Street. After all they are just “taking care of business”, of course, their business is always directly in opposition of the people to who they so “unlawfully” serve. Greg, at least some of the insiders like Mr. Rickards has the to talk about it; enjoyed the interview.

  5. slingshot

    Asking the question of when the collaspe will happen is like betting on a horse at the racetrack. One horse will win the race but the others fall in behind in different positions. Lots of combinations to bet on your future. I have read that the only thing that matters is how many ounces you have in your posession. Reguardless of what you paid for them. The argument of which is better is as long as your arm, but surely some of each is better than none.
    The other day our Mayor stated that our Great City is Headed for Bankruptcy. Imagine that? Of course the Police and Fire Dept. is up in arms with the usual fear comments before the City Council votes on the city budget. The Mayor laid it all out in black and white. Choose to operate within the budget or go bankrupt. Notice the city is not bankrupt, yet.
    So too, as USAWATCHDOG, puts it in black and white/video, most will have to make a choice. For me, I know the game is rigged and not for my best interest. That somehow I must minimise the damage of a dying currency. That I can not save them all and that people are going to get hurt. In fact I have had my share of explainations of How, When, Where, Why, What and Who. The two things left to do is prepare and remember those in power who allowed it all to happen by thier never ending cascade of lies.

  6. BigTom

    Right-0….I see he said for Geithner to have sent an e-mail concerning the LIBOR scandal was basically laughable. He should have contacted the SEC or other agencies on this issue. So far the SEC has been silent on this LIBOR issue and silent during all the endless Wall St. corruption over the last _____(you fill in the blank)years! Greg, are the SEC,CFTC,FOMC and other rogue agencies doing what ever they please without public recourse, or are they responsible to some type of oversight by a governing body outside the financial industry? I would think there would be some way of holding these agencies responsible for doing their job of regulating the financial industry. You know, kind of holding their feet to the fire. Rickards is basically saying all these people are outside the law and and that nothing is going to happen to them for all this corruption of justice. He basically gives up on the rule of law with a shrug of his shoulders. I was disappointed in that response. Without the rule of law there no longer is market freedom but market fascism, and of course without culpability there is no turning back. He is probably correct in that is where we are in todays world of making deals with the devil, but I would have expected more from him than just shrug it off. I would have expected more from him in the line of Mr. Jim Simclair’s recent challenge to the financial world to be held responsible for their actions, and if no responsible agency wants to do it’s job, then he, Mr. Sinclair will himself proceed thru the courts. At least here there is a stand upon a principal of what is right. Something more on that line I would have expected from Mr. Rickards. Does there not have to be some accountability within the financial system to the rule of law?

    • Greg

      Big Tom,
      This is not his wish but his analysis. I think Rickards is a straight shooter. My prediction is if things get out-of-control and really bad (as far as violent protests in the streets), expect them to offer up some sacrificial meat. Mr. Geithner may be one of the folks they deliver, but who knows.


    Hi!, Patrons Of Et Al:

    Greg, your voice, in the interview with Mr. Richards, was loud & clear but sorry to say his voice, although loud enough, was far from clear. Even though what Mr. Richards said isn’t entirely clear to me, his statements that gold will reach $5,000 – $7,000 per troy oz. should be taken with a grain of salt don’t you think so too, because nobody has a crystal ball regards how much future inflation will be administered to OUR faltering worldwide economies? In Germany during 1923 hyperinflation drove the price of the golden barbaric relic to more than 87,000,000,000,000 German Marks per troy oz. What do you see in OUR future to restrain OUR printing press operators from driving the golden barbaric relic to such heights again….anything? People making their predictios far in advance of the facts were taged with the name “calendarizers” by my late professor, Vernon Eller. Do you remember Reverand Harold Campe’s prediction regards the end of the world wasn’t it last year which didn’t pan out but still he had millions of people awaiting the fulfillment of his grand prediction didn’t he? The end of the world, the end of time, gold @ $5,000 – $7,000 per troy oz. are all pending predictions aren’t they on someone elses calendar? Evidently it pays to watch evens from the sidelines not “KNOWING” much of anything but with patience wait & watch?!

    [email protected]

    • Greg

      Thank you Russ for your comment. I know the video was not the best but what Mr. Rickards was very important and insightful.


    It seems as though the rule of law has been coerced to protect the elite, we now have that pain in the butt class of royals and privileged hanging around our necks and we are sinking into the mideveal ages once again where power over freedom will decide the fates of all…..
    Were we here in the US to once again reclaim our heritage left us by the founders and locate our moral compass, this situation could be reversed and repaired but so far I don’t see the will to make it possible…

  9. Miguel

    Hi Greg,

    your guest’s sound is awful. Can you do something about it?

    Best Regards,

    • Greg

      Sorry Miguel,
      It was a bad connection but the content is worth spending time to listen to.

  10. jay

    Iv been looking foward all week for this interview. thanks.

    • Greg

      Thank you Jay for the comment.

  11. Tired of Tyranny

    JULY 23 2012 – – Nine minutes past noon Pacific Daylight Time – I tried watching several different videos on this website and through YouTube and get the msg “The video is currently unavailable”

    • Greg

      Tired of Tyranny,
      Don’t know what happened but it is working now. A few other folks had some problems earlier, so it’s not just you.

  12. chris1

    Great channel.
    ZH had a great article on now is a good time to buy gold. ( I agree)
    Seasonal weakness in summer.

  13. Ambrose


    That is a good one – “Too big to fail” has turned into “too big to jail”. The good old USA has turned from “A Country of the Brave and the Free” into “A Country of the Crooked and the Greedy”.

    The Libor scandal is huge but it was not big enough to wake up the conscious of the MSM. Since I read about the Libor scandal two weeks ago, I noticed that many TV channels did not even mention Libor in their news reports. I don’t know if they intentionally ignored the biggest bank scandal in history but it definitely is an act of poor journalism. We can get much better news coverage from foreign news channels like BBC News, Russia Today or DW News. Even standup comedians have better news coverage than the MSM.

    Gallup reported that “Americans’ Confidence in Television News Drops to New Low” ( And I wonder why? MSM have ignored a lot of important news and acted as propaganda for Wall Street and politicians. Without websites like USAWatchdog, we would be living in the dark. I miss those days when real journalists like Walter Cronkite reporting real news on TV.


    • Greg

      There is no way the MSM is simply missing the Libor story. It is intentional. By the way, JP Morgan is a large investor in Gannett–the same people who own USA Today. JP Morgan is one of the 16 Libor rate setting banks. Thank you for your comment and for the link!

  14. Bob

    The Bankers are just part of the pentagon long war. Would you put the general in jail for doing his job. The insiders who double up on wealth under Bush, new the end game would end with inflation. They the money changers would never pay for a worthless war,so they were given the freedom to double up. Inflation is just a fuel to carry on the wars. Nothing new under the sun.
    Good time for a smart young person to buy a home with a garden, not so good for people who can’t grow a potato.
    Those Bankers and D.C.folks will take the gold before they let the banking system fail. It’s just how it’s been done before and will be done again. PEACE,LOL

  15. bob

    Greg looks very tired in this video. This is a very nice interview and another HUGE reason to protect yourself now before times runs out. This Libor scam just might be the last nail in this giant global economic coffin. If you need a good nights sleep—become a trader for J.P. Morgan. They seem well rested to me——–

  16. Best Price

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  17. Matt Fenton

    James Ricards warned of doomsday, with the IMF going off the dollar as the petro dollar, Sept. 30,2016. Nothing happened why should we take credence in his next prediction?

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