David McWilliams interviewed Jim Rickards at Kilkenomics for TV3’s Agenda and the short ten minute interview is a must watch.

mcwilliamsMcWilliams Rickards interview here (from 34:16)

Key points covered are


  • We are already in global currency wars


  • End of the dollar as the benchmark global reserve currency coming


  • Higher inflationary – “all the currencies will fall against hard assets”


  • Massive financial crisis coming – complexity theory, behavioral economics shows this


  • “Allowing system to get larger and larger and we do not understand risk”


  • “In 1998, Wall Street bailed out a hedge fund; in 2008, the  central banks bailed out Wall Street; in the next financial crisis which could be tomorrow or could be in 2018, who is going to bail out the central banks?”


  • Best description of financial panic – “everybody wants their money back at same time …”


  • “Money in the bank is not money – it is an unsecured liability of an occasional insolvent financial institution..”


  • In a panic, everyone seeks to get their money “which is gold, silver or cash…”

Ireland’s Pensions Timebomb – Source: Irish Independent


  • Next financial crisis will be so great that dollar will fall sharply – be very inflationary


  • Prepare now with physical gold – “recommend 10%” allocation


  • Gold, silver, property, land, natural resources, fine art will do well in coming inflation


  • Stocks, bonds, pension funds “will be wiped out…”


  • Don’t trust financial institutions as they do not understand risks in system themselves …


  • “Blind leading the blind …”

 

Jim Rickards is editor of Strategic Intelligence for Agora Financial as well as the founder of the James Rickards Project: an inquiry into complex dynamics of geopolitics and capital. He is also the author of New York Times bestsellers The New Case for Gold, Currency Wars: The Making of the Next Global Crisis and The Death of Money: The Coming Collapse of the International Financial System. Jim’s newest book, The Road to Ruin was published November 15.

David McWilliams is co-founder of Kilkenomics and one of Ireland’s leading economic commentators. He was one of the very few to accurately predict that the boom was a bubble that would all end in a monumental crash with bank failures, negative equity, rising unemployment and emigration. He is an economist, broadcaster and bestselling author and writes columns for the Sunday Business Post and Irish Independent. David also runs an daily economic bulletin called 360 Macro.

See McWilliams Rickards full