Brace for a Collapse of the World Monetary System in 2016 (Video)
Jim Rickards agrees with Peter Schiff. The stock market is in a bubble thanks to the monetary manipulation of the Federal Reserve. Like Peter, he doesn’t think the Fed will raise interest rates in 2015. Instead, Yellen will be forced to start quantitative easing again by the beginning of 2016. This, he argues, will be the beginning of the end of the existing world monetary system. Watch Rickards explain his reasoning to Bloomberg below.
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Highlights from Rickards’ interview:
“Russia has a certain amount of dollar reserves and gold reserves, actually. It’s enough to cover the sovereign debt, but not enough to cover the corporate debt… So how are you going to cover those corporate debts. Well, they can earn some dollars, but we’re putting sanctions on them so that makes it hard. So they may end up defaulting…
“Who owns dollar-denominated Russian corporate debt? The answer is European banks and US investors. So those losses are going to come back here. When people owe you money, you say they have a problem. But actually you’re the one with the problem, because you hold the bonds…
“The Fed wants inflation… But a strong dollar is deflationary… If you raise interest rates, you’re going to make the dollar even stronger, which makes the deflation worse. So I don’t see the Fed raising interest rates next year. That’ll be a big shock to the market…
“You’re absolutely right, [a new round of QE] does continue to inflate the bubble, but the alternative is deflating the bubble. No politician or central banker wants that. It’ll eventually crash on its own, but they’ll try to keep the game going as long as they can. Meanwhile, you’ve got China and Russia stockpiling gold, trying to get out of the dollar…
“This is a major potential collapse of the international monetary system. Not tomorrow, but a year or year and a half from now…”
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If the US dollar collapses as you say, then in the USA chaos
will wipe out everyone. I believe you should identify what you
mean by a collapse. Did Greek currency collapse? Don’t you mean
that the dollar’s value may drop 100% or so? Please identify
collapse because even if I have gold where do I buy food in the
USA when everything has collapsed?
[…] Brace for a Collapse of World Monetary System in 2016 Peter Schiff / 12.03.2014 Jim Rickards agrees with Peter Schiff. The stock market is in a bubble thanks to the…manipulation of the Federal Reserve. [He thinks] Yellen will be forced to start quantitative easing again by the beginning of 2016. This, he argues, will be the beginning of the end of the existing world monetary system….read more […]
[…] all this to do with gold? The first domino in world wide hyperinflation – Russia – has fallen. The domino effect – the ripple effect – has begun. And it will gather momentum. While “Politically Correct” […]
Quit predicting and showcasing predictors, Peter! You got 2008 squarely on the nose, and for that I am a follower. I’ve read Rickard’s latest books, David Stockman’s, yours, and if I followed the advice and switched from the U.S. denominated securities to foreign securities and Gold, I’d be pretty wiped out! The best advice is to diversify, stick with it, do your research and pay attention so you can reallocate before or shortly after a trending market.
This site is dedicated to investing in physical gold and silver. By its nature, buying and storing this hard asset is a long-term decision. Even taking into account recent declines, precious metals have performed well as an asset class since the early 2000s. While a diversified portfolio is always a wise investment strategy, the mainstream financial media continues to ignore the risk of steep dollar devaluation – a risk which we believe an allocation to physical gold and silver helps to mitigate.
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Its the EU turn to print , this will cause economic activity , the world finanical markets will respond by moving money about , which will cause economic activity , that dollar will get stronger which will cause economic activity . Now reverse the process in 2016 , same effect .This suffling can go on for a while until Developed economies have reordered their economies into the cyber age . As economies become fully automated new jobs will and are being created in the virtual economy (which is just activity between humans that doesn’t have a material product ; like playing games for money .Soaking up that unemployement and keeping people occuptied is the big thing.