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 wr