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Next Crash Exponentially Larger than Any Financial Panic in History – James Rickards

Sunday, October 12, 2014 18:34

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(Before It's News)

TND Videocast Spotlight: Greg Hunter’s USAWatchdog |

Best-selling author and financial expert James Rickards contends a big financial crash is locked in. Rickards says, “Everyone is waiting for some blunder down the road, and the point I try to make is the blunders have already been made. The blunders have already been built into the system. You can see this collapse coming a mile away. . . . Using science, we can’t say very much about the timing, but we can say a lot about the magnitude. This will be the greatest financial collapse in history. I am quite sure about that, but I am not sure about the timing. . . . People think I can call them up at 3 o’clock in the afternoon and tell them tomorrow’s that day, sell your stocks and buy some gold. I can’t do that. I don’t know what day it will be. If we get to that point, it would be too late to act. So, the time to act is now.” Rickards goes on to say, “On top of the threats from Ebola, the Islamic State, the normal currency wars and the normal depression the world is in, there is financial war going on right now. We put sanctions on Russia. Do you think Russia is going to sit there and take it? Russia is responding asymmetrically through cyber warfare.”

Rickards says in the coming crash, it is going to be very difficult to turn your assets into spendable cash. Rickards explains, “People think everything is money. People think your stocks are money because you can sell them and get the cash in your account in a couple of days. People think your money market funds are money because you can call your broker and get the cash in your bank account tomorrow. You think your house is money because you can take a second mortgage or sell your house. What you find out in a panic is all those things are not money. You are locked in, locked down and the only thing that is money is money. That would be cash, if you happen to have it or gold or silver in physical form, not paper gold. So, people don’t understand what money really is until everyone wants their money back. That’s when you find out only a small number of things are actually money.”

Click here to read the rest of Greg Hunter’s write-up and to access the active comment section.

After the Interview:

Rickards has a website called JamesRickardsProject.com. You can keep up with his tweets, interviews and articles on his home page. If you would like a copy of his best-selling book “The Death of Money,” please click here.

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About Greg Hunter:

Mr. Hunter is the producer and creator of Greg Hunter’s USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. Greg Hunter’s USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows. Greg encurages feedback and welcomes comments. You may also support USAWatchdog.com by clicking here to donate. Reprinted with permission.