Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Jim Rickards Describes Coming Shut Down of US Financial System

  by    0   1

Jim Rickards,the chief global strategist at West Shore Group, appeared on Bloomberg Markets to discuss the next financial crisis. Rickards said he sees next US downturn approaching a tipping point soon. However, the Federal Reserve’s response to restoring financial solvency will be much different because there’s no place left to go with monetary policy.

“The next time, they’re not going to print the money because they’re tapped out,” he states. “They’re going to lock down the system.” In a move Rickards refers to at the “bail in, lock down” plan, large sections of the financial sector will be deactivated to avoid bank runs and complete collapse. Rickards describes some of the more likely scenarios:

“Money market funds will suspend redemptions, bank ATMs can be reprogrammed to give you $300 per day for gas and groceries; they can selectively shut down the banks. We saw it in Greece. We saw it in Cyprus; we’re seeing it today in India. The banks are closing. They’re out of cash.”


Related Posts

Peter Schiff: The Fed Will Try Again But It’s Not Going to Work

“In case the people in this room didn’t know, the financial crisis of 2008, which I had been forecasting for some time, and the Great Recession that ensued, was caused predominantly by the Federal Reserve.” This was the opening line of Peter Schiff’s talk at the Las Vegas MoneyShow. The Fed managed to “rescue” the […]

READ MORE →

Peter Schiff: JP Morgan Indictments Don’t Prove Gold Manipulation Conspiracy Theories

You have probably heard about the JP Morgan traders indicted in a gold and silver market manipulation scheme. The allegations involve “spoofing.” Traders put in buy and sell orders with the intention of canceling them before execution. By creating false impressions of demand, they could potentially move prices and cash in on their own trades. […]

READ MORE →

Peter Schiff Says the Price of Gold Is Going to Take Off! But Why? (Video)

Peter Schiff has been saying that the price of gold and silver are going to take off. But why? Peter isn’t just taking a wild guess or gazing into a mystical crystal ball. He’s basing this prediction on the unavoidable economic consequences stemming from decades of Federal Reserve mechanizations. In s nutshell, the central bank […]

READ MORE →

Peter Schiff: The Next Crash Could Bring Down the Fiat Money System

Peter Schiff appeared on RT Boom Bust on Tuesday (Sept. 17) to talk about interest rates, gold and the dollar. Peter said the fiat currency system may not survive the next recession. The conversation started focusing on the repo operations conducted by the Federal Reserve early in the week, Peter said the financial media and […]

READ MORE →

Peter Schiff: The Only Winners Will Be the People Who Bought Gold and Silver

Gold has been on a three-day skid, but as Fox Business anchor Liz Claman put it, “So what? It’s been a breakout summer for bullion.” Over the last three months, gold is up about 12% and has hit six-and-a-half year highs in recent weeks. Peter Schiff joined Claman, along with, Frank Holmes and Imaru Cassanova […]

READ MORE →

Comments are closed.

Call Now