Jim Rickards on Next Financial Crisis

Jim Rickards asserts the next major financial crisis is around the corner, which will usher in the use of Special Drawing Rights (SDRs) as the next global reserve currency to bail out bankrupt nations such as the U.S. He asserts the next crisis could cause the closure or restricted use of banks and other financial institutions for several weeks. He also believes any deflation will be countered by inflation by the world’s central banks — in this respect, his outlook is similar to Michael Pento‘s. Rickards believe tangible assets such as gold, fine art, and real estate will maintain their value during this financial storm.

Here is the interview with Greg Hunter.

Gold Standard Gaining Mainstream Interest

The Chicago Tribune has a new article about how the gold standard is gaining mainstream support as more people realize the flaws of the current monetary system.

George Gilder thinks gold-standard ideas are on the way back whatever the politicians do. Founder and chairman of the Gilder Technology Group and a bestselling author who helped popularize supply-side economics in the Reagan era, he says the trillions of dollars that fly around global currency markets every day are a “bizarre abuse of capitalism,” sucking vitality out of the real economy.

Jim Rickards: Gold to Reach $10,000

Here is an excellent interview of economist Jim Rickards, author of “Currency Wars,” with Hedgeye CEO Keith McCullough. In this interview, Rickards debunks numerous arguments made against a gold standard and gold by the general public and media pundits.

He points out numerous advantages that tangible wealth has over intangible wealth, and asserts that the current system is a “shadow gold standard,” given the increased interest in gold by central banks around the world, particularly in the east.