Video: Jim Rickards:
"The System Is Highly Unstable—If [Confidence] Is Lost, It Can Melt Down Very Quickly"
IPM Group: The financial system is now facing a crisis of confidence not only with the monetary authorities themselves but the explosion in debt loads across all spectrums (sovereign, personal, banking leverage) which reverberates into confidence of the fiat currencies themselves.
This may sound alarmist, but the evidence is clear, irrevocable and irrefutable, it really is only a matter of time now.
The US Fed are extremely aware we face a world pension fund crisis (amongst many other dominos) due to ZIRP and this extreme emergency policy which was promised to be unwound in due course as far back as 2009 has now just been confirmed - that’s impossible!
What is next ?
Jim Rickards, best-selling author and advisor to US Department of Defense and Intelligence Communities, was kind enough to share a few comments with Sprott Asset Managament ....
When asked about People’s Bank of China’s recently announced gold reserve holdings numbers, Jim noted that, “I’ve been [to] China and [spoke] to secure logistics people, that [told me] gold is being brought in completely off the books…over land using People’s Liberation Army assets…coming in from Kazakhstan, maybe Russia.”
“[So] I’m not saying the People’s Bank of China is lying about their gold [holdings]…But whether to ignore how much gold [affiliates hold] off the books is the question…I think it’s reasonable to estimate at least 3000 tons…[but] there’s reason to think it could be [much] more.”
Since the closing of the gold window there has been confidence in the system. “But if you push one wrong button, the whole thing melts down catastrophically,” Jim added. “You create a chain reaction…[where] I see gold going to $5000, $7000, [even] $10,000 an oz.”
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