Jim Rickards: “There Will Be A War On Gold” – Creating Gold Standard to Prepare for Economic Collapse

Saturday, September 24, 2016
By Paul Martin

Amber William
MyDailyInformer.com
September 24, 2016

You need to be telling your readers to invest in gold because the dollar is about to become worthless.

Financial Expert James Rickards says, “The Fed wants inflation . . . . They are not getting it, but they have to have it. What does that mean for policy? That means they are not going to give up . . They are going to keep trying until they get inflation, and when that happens, you are going to wish you had your gold.” How much will gold be in the future? Rickards calculates, “$10,000 per ounce with 40% backing . . . if you had 100% backing (of the dollar), that number would be $50,000 per ounce. The implied non-deflationary price of gold, depending on your assumptions, is between $10,000 and $50,000 per ounce. If you are going to have a gold standard and you want to avoid the blunder of the 1920’s, you are going to have gold at least at $10,000 per ounce and possibly much higher. I explain all this in my book.”

“Author James Rickards maintains that gold remains the real underpinning of the international monetary system. Governments may disparage it, he says, yet many of them have held on to gold — and China and Russia have been acquiring more…

“’The crisis in 2008 was centered around “too big to fail” banks. Since 2008, those same banks have grown larger, control a larger percentage of all banking assets in the U.S., and have much larger derivatives books. This makes the risk of collapse and the potential size of the collapse much greater than anything seen since the Great Depression, perhaps longer. Meanwhile, little of the policy support used in 2008-2009 has been withdrawn. This means that the risk of collapse is greater and the means to truncate collapse are used up and not available…

“’The U.S. will default on this debt by inflation (it’s the American way)… Countries around the world are acquiring gold at an accelerated rate in order to diversify their reserve positions. This trend, combined with the huge reserves held by the U.S., Eurozone and the IMF amount to a shadow gold standard…

“’China, like Russia, is acquiring gold so that they have a comparable ratio to the U.S. and Europe. This ratio will be critical when the monetary system collapses since it will form the basis for any monetary reset and the new ‘rules of the game.’ In any monetary reset, countries will come together and sit around the table. One can think of that meeting as a poker game. When you sit down at the poker table, you want a big pile of chips. Gold functions like a pile of poker chips in this context. This doesn’t mean that the world automatically goes to a gold standard. It does mean that one’s voice at the table is going to be a function of the size of its gold hoard… These major gold powers are already preparing for this outcome.’” (“Gold is the pile of poker chips in the next global crisis,” MarketWatch, 4/5/16.)

The Rest…HERE

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