I'm old enough to remember Levi's the great old American jeans maker ran tv ads begging Americans to buy their jeans made in America. But today's people who complain about China quit buying Levi's made in America. No one forced them to. Levi's cost half again or more and people do not want to pay extra for the same value item. No one forced people to buy at the fast food chains. But we did. I recall asking locals where a good place to eat was before the chains in an unfamiliar town. With the chains you knew what you were going to get. The chains didn't put Mom and Pop out of business. We the buyers did. Reality is hard to accept, but it's still reality whether we accept it or not.
You correct. I am in the UK, and you, and us have voted ourselves into this mess because we were lazy and complacent. Nobody protested over here when our entire industry was closed down sold of,f and transferred overseas.
@@TheDAT9 Your local industry and mom and pops were not voted out. They went out because you quit buying from them. If nobody buys from them, how could they stay in business. We are all driven by wanting the lowest price or best deal on equal value items. It's really that simple.
@@TheDAT9 Actually, the Left and the Unions in the UK protested vociferously at the time. You're just choosing to forget. They were ignored by those in power, namely Thatcher, who started the process, and Blair who finished it.
@@Pushing_Pixels the left then and the left now are two completely different animals..!! But you are right in what you say!!! Only that the left now would not nore will not raise that issue again.! And the reason being!!! Well.!! That also is a different animal of discussion which changes constantly.!! Constantly in meaning weekly if not daily..!!
THIS! With the power of a free market comes the responsibility. There are some people who will blame anything & everything on "the government". Wish more people were like you.
Everyone making personal comments about Jim, please stop. He is doing this for free and we care about his information, not your opinions. This is free content, he may think twice about doing these type of interviews in the future because of irrelevant comments.
Unfortunately the main audience for free TH-cam videos about investing and finance are the bellhops who can't afford to pay even a small amount for quality advice. Those people are the sort to arc up when confronted with someone smarter than them who thinks differently to them. That is what you're seeing here.
My Grandfather was born in 1916 and was raised quite wealthy till 1930 when the bankers gave my great grandmother half an hour to pack up one car and get out of the mansion my great great grandfather built in Bremerton, WA in the 1880's. They were homeless, he had to find day labor work loading produce on train cars for a nickel per hour when they settled (ran out of gas) in Medford, Oregon. He was so scarred by the depression that to his last day he did not trust banks. He was 85 and never lost that fear and loathing. We found envelopes all over his his house with cash in them, some was quite old. We even found a coffee can with money in it under some plywood beneath a work bench in the garage. The estate liquidated the house but we all wonder how much of his hoarding we actually found. Did he bury gold/silver in the garden?
@@f0rtyEight Many Americans are living the exact same way.... they buy property after property and leverage debt... thinking they are wealthy collecting rents. Now the pandemic hit. They are expecting the renters and /or govt are going to keep or make them whole. so are they wealthy ? we will see
My Dad grew up during the Great Depression, said ppl worked for $5 a wk & were glad to have it!! We kids would sell pot holders for 25 cents each door to door. We went crabbing in Pensacola back in the 1950’s, sold some for 3 cents each, Navy housing. Neighbors were cheap, so we ate them that day , 1958 😮
My Mom lived in Honolulu, during depression, but had a good life, lots of fish to eat and bread was only 3 cents a loaf!! Then Pearl Harbor was bombed…..she ran down to Waikiki to watch the “dog fights” in the air over the beach & The Royal Hawaiian Hotel! 😮
He’s absolutely right. You can print as much money as you want, but if people don’t spend it, it’s useless. Too much money is locked up in the hands of people who won’t (or can’t) spend.
Corporate America needs to look at itself, Apple charging $1000 + for an iPhone made in China. They could still make very good profit manufacturing in the US, the same goes for most of these companies which offshored production. What is happening now could be clearly forecast 30 years ago.
Apple has not been the same since Steve Jobs died. Only Apple phone # 27. We need more people like Elan Musk using technology to making things cheaper and better right here in the US
For such a bright person, it fascinates me that Jim won't differenciate asset inflation to cost of living inflation... the price of meat, education, rent, health care.... it all went up!
And autos along with home prices. How about the stock markets and luxury toys. The rich received it and put it where they wanted all of those things are things they buy 🤷🏻♂️
@@michaelodonnell6361 yes, that was caused by a glitch, not necessarily by price discovery per se. And the negative price didn't last more than 24 hrs.
@LazicStefan long story short. You're right technically, but that was not the full story. It turned out the bag-holders were actually some small-time retail investors in China. They weren't told they had to take physical delivery by Bank of China, their broker. As a result, they had lost over $1 billion. In the end, the Chinese government footed the bill and bailed everyone out. So in that sense, it was a glitch.
So, according to Jim, if I buy gold at $2,000 and it gets pegged at $15,000, I don't make any money? If the dollar is debased accordingly. I at least preserve my buying power.
The best way to acquire value in this scam is to scam the scammers. Take a monster 30 year loan out on your house at the lowest interest rates, slowest repayment option possible. If you can get a 50 year loan, go for it as long as there is no prepayment penalty and your interest rate is 2 or 3 percent. Then use the cash to buy a nice pile of precious physical metals. Hide the gold and silver well and just sit on it. If you subsequently lose your job and cannot service the home debt from paycheck based cash flow then you can make the payment by selling a small amount of metals each month. At some point gold (and especially silver) will skyrocket. Yes, so will gas and bread and milk. But even if your paycheck doesn't keep up, your debt will be inflated away by the rising price of the metals. In just a few years you will repay the loan in full and still own 75% of the metals free and clear.
My first investment with Mr Thomas Roger gave me profit of over $24,000 Us dollars and ever since then he has never failed to deliver and I can even say he's the most sincere broker I have known
Only 6% of those "deaths" from Covid 19 were Covid 19 only. The rest of the 'deaths' were due to car wrecks, cancer, heart disease,etc., in which the patients happened to test for the Sars Cov 2 virus in their system.
4 ปีที่แล้ว +2
it's much less the 6 % less then 1 % death...90 recovery...it a scam to sell toxic vaccines......according to Gerald Celente...
And unfortunately, small businesses are being eliminated by the government while big corporations are fed FREE money.......money that is being tacked onto the debt that taxpayers will wind up having to pay the interest payments on the debt.
He is wrong on inflation. ....he clearly does not shop for his food. The grocery store has been going crazy on prices long before COVID19 and the supply chain problems we have now.
After the 1929 great depression, America had oil production to fall back on. This time it really IS different as oil production in America is no longer profitable thus America has nothing to fall back on.
Yeah this part is interesting because overall goods and service might have an average lower price, but groceries and rent have become a bigger percentage of normal people’s budgets. I always figured the inflation will be where the velocity is. Like right now in food as you said.
velocity is never zero, with all respect, this is flawed reasoning. Division or multiplication with zero has some peculiar effects. I buy groceries too , go to the hairdresser and so on, do not see deflation anywhere. Maybe things we do NOT want to buy are cheaper and average down the things we need to buy.
Too many old codger's did not shelter in place. I see a lot of elderly people wandering around Walmart like "I don't give a shit". If the elderly and older boomers including the morbidly obese refuse to shelter in place why should everyone else have to suffer?
The comments not fair. That varus was new to everyone. It was not came from lab. China closed down the entire country in Jan. West counties have plenty time to prepare. Blame on your great leadship.
Long time ago when I was young, we used to say "don't trust anyone over 30". Now we might have to say "don't trust anyone over 30 who doesn't make his bed" (LOL). Thanks Jim, you are wonderful, and definitely reliable in spite of your messy bed....
We can infer he must be single, or anyways his wife out of town or something. No wife would allow her husband to go on an international web broadcast with a rumpled shirt and the unmade bed in plain view. A related phenomenon is speakers wearing beautiful white shirt, tie, and suit coat from Brooks Brothers, and only torn underwear under the table.
Same here with the depression mentality Mr. Rickards. Just today I picked a perfectly good aluminum ladder out of someone's garbage. People could make a living off what American's throw away. Can't cite all the good stereo receivers, speakers, turntables, bicycles, etc. etc. I've picked from folks' refuse piles.
If US does not honour the treasury obligations to China, how can Americans continue to receive an abundance of cheap goods from China in the foreseeable future? So, should we start buying US treasuries with the expectation of their prices going even higher if such a scenario is realized?
Yes, interesting question. One thing to think about is that the Fed has been buying an ungodly amount of them up in exchange for "printing" more fiat and dumping it into the US Treasury. Guess they have had to buy the bonds because they can't find enough foreign investor, OR our fiat is getting risky to them and worthless.
YES, go read a history book on transmittable disease. wasn't even just once look at 1918 and1832 pandemic in America and the flu pandemic later in the 17century. the only difference now is that now we are interconnected with the world and people move faster than traded goods.
It hit our family in December. One older person connected to the party ended up on a ventilator. We buried my beautiful brother-in-law last week who’s chemotherapy was stooped for three months as nonessential, then spread like a wildfire. Visited the San Diego in March after our 28 business was shutdown, and destroyed. Standing in front of a closed beach, Hotel Del Coronado closed with a sign. Closed for the first time in 132 years. That’s WWI, WWII, and the Spanish Flu. I just went through the history of Rome series, and the Black Plague that hit Rome. Throughout history you kept on carrying on, including burying your dead. Do I drive around where I live, everywhere I go, everting was shuttered, asking myself, “ who’s paying for this? How? At what cost?” My head spins. The silver lining the things Peter Zeihan talks about, our demographics. Things are going to change, we are fortunate
I think Mr Richards is quite spot on when he says we're headed for tumultuous times not unlike the great depression. If this virus mutates all bets are off for economic recovery.
The FED is worsening the situation by aggressively suppressing Free Market creative destruction and price discovery. The FED is trying to relieve the pain caused by the unbelievably massive debt bubble that is created by financially illiterate Keynesians who run the printing (counterfeiting) press. Cancer is not cured by pain killers. *"You don't fix a solvency problem with liquidity." -- Mark Yusko*
Jim Rickards doesn't make his bed in the morning. He often has to look around his bed to find missing socks. He leaves his pajamas on the bed for nightly change an leaves a fresh change of undies on the mirror.
Great content! Quick side note shae your mic volume Level is always alot lower than your guests on your videos little hard turn up to hear you but too loud for your guest. Another great guest!
Printing money increases the odds of velocity which would increase inflation. Not to mention the mass amount of cash that is being hoarder could all be dumped at once , causing velocity and then inflation Money printing increases the probability of Inflation
Sure. If for any reason people increase personal spending rate more than the decrease in the money supply. Eg Suppose government announced that January 1 sales tax is going up to 20%, people would rush to buy things before then. Or if government announced permanent universal minimum income of $50,000 for everyone, so nobody worries about unemployment.
I visited this presentation a couple of weeks ago. Now I remember that the young lady is fidgeting to the point of distraction. I accused myself of being a cranky old lady. Ha. Now I see several comments/complaints on the same subject below. She doesn't seem to grasp the severity of the economic consequences. "Wow."
Actually, monetary policy is failing not because it's useless, but because of where the money is going. If the government gave that money to the people, then there would be velocity. People would pay their rents and mortgages and, if they had money left over, they would spend it on consumables. Sure, things would slow down, but not nearly as much. The problem is that 95% of the money is going to the 1000 wealthiest people in the country. That money is going to huge corporations to pay shareholders and the top officers. None of that is going into R&D or to expand businesses and the reason the stock market is still doing well is because that money is going into stock buy-backs, artificially inflating the stock prices of those companies. That's why the stock market is doing well, but the economy is tanking. In other words, the rich are protecting their own and everyone else can just go pound sand. This whole thing is about our government, BOTH Republicans AND Democrats throwing the bottom 75% of people under the bus. This will not change until we overthrow our political duopoly that is 100% controlled by the oligarchy of this country (speaking about the U.S. here). The saddest thing about this is that, in inspiration, people will vote *100%* against their own self-interest and put demagogues and authoritarians in place that will impose austerity and further disrupt and destroy democracy and freedom. Because people are STUPID.
Jim, velocity does not need to increase to create inflation - if the money supply increases 20% then velocity would actually need to fall by 20% to subdue spending increases. Velocity may have fallen now, but that is obviously because of the lockdown - when shops open their doors again, just watch velocity go - and inflation increase in due course (about 2 years later).
Absolutely true, however, what banks actually do is activate loans based the amount of actual money their members deposit, they can loan more than ten times the amount you deposit in the form of loans. Its called the multiplication of money. Scary.
🧡💛💚💙 I wish Jim was my grandpa. I would be telling him about how I'm bullish Bitcoin and he would be telling me about History and Inflation and how politics works at Christmas lunch 🧡💛💚💙
13:44 - Even though we did quadruple the money supply, which could lead to infaltion, this didn't happen because the money didn't enter the real economy. Most of the money was left in the financial system. Hence, the reason for asset inflation. So, he is wrong saying that money printing doesn't effect inflation. It does. But, not if most of the money stays in the financial system.
Default, raise taxes, or trigger high inflation.... Yeah, inflation as you said is just a form of taxation, but it is also a form of default. And Jay Powell is telling government and markets that the Fed is going to raise inflation beyond 2%. Mind you my inflation as actaully experienced is already double digit and they are flat out lying about the real rate of price increases. I remember the inflation of the late sixties and early seventies, this dwarves that. Most people under about 60 do not remember what it was like to work your ass off and yet see your standards of living drop by chunks and bits every week and month for more than a decade. When prices for things went up every time you bought them. When things like sugar suddenly became scarce. When we had gas rationing. In December of 1979 when I was honorably discharged from the air force the unemployment rate in my home county in California was 33% and the only thing that saved me was a minimum wage CETA job which you can google. Buckle up because this is going to get a lot worse before it gets better.
The interview was recorded during the 2020 Sprott Natural Resource Symposium in July and first released to Shae's subscribers on Hard Money Trader and Rock Stock Insider.
random guy from internet (me): Rickards is wrong, there will be no depression because the problem is gov's restrictions rather than actual natural phenomena, unless the restrictions don't go away :)
wish shae could sit still..put your phone away....GEEEEZZZZZ. Professionalism and attention....more scared of that if we are to talk of generational....anything. I actually had to "put a post it on her"....remain mindful of such a great guest. Thank you Jim!
Shae takes notes with pen and paper while Jim is talking. When Jim says something incredible you want to have it written down, especially if you want to follow up on it later in the interview.
Please somebody give me a educated pragmatic and reality-based response to this question. This was a very intriguing informational and educating seminar and it sounds like Master chess where the US decides to file a lawsuit against China and then withhold on the treasury bonds. What happens when China reveals they're sitting on more gold than the Federal reserve which is probably been looted or leveraged reveals that there's no goal to back up our currency. I'm very curious how that would play out because I do feel like quite a large percentage of the world economy has no confidence in the US dollar
It does not matter if they dont have confidence in the US dollar . Russia and China, Saudis spurn the dollar ,but its rhe world reserve currency , no matter how much of it is printed, countries have a shortage of the dollar as we speak.
4 ปีที่แล้ว +1
you mean so called pandemic...the percentages are too small..it's a missive sales campaign for forced toxic vaccines. A global profit making scam on us all...
Well over 200,000 thousand dead and millions who miss one to three weeks of work and maybe pay, I find it hard to accept what you say. Thinking this is a hoax plays right into China's hand. China loves to see more dying Americans and more millions of American missing millions of hours of work. I don't know, but I suspect China encourages Americans to be against masks and shutdowns. The more American dead and even more millions of missed work hours from people who are able to get through it without the hospital helps the Chinese in their economic battle with us. How does hundreds of thousands and millions of missed American work hours hurt the Chinese more than it hurts us?
Totally agree. Her movements and facial expressions are very distracting. Glad i am not the only one finding it a problem. Couldn't watch the full video. Either ants in her outfit or exceptionally high on caffine.
Jim Rickards, financial analyst, lawyer, CIA consultant, advanced mathematician, revered by world leaders. Shae Russell is probably used to interviewing unknown mid-level analysts from Goldman Sachs, but is suddenly face to face with the exalted Rickards. It’s like an interviewer who normally talks to to maybe Roseanne Barr, suddenly is interviewing Harrison Ford
I pointed to the screen to show my wife that rich people don't tidy their beds either. God bless you, Jim!
😁
Well if she wants to see it today, just tell her to do it. Simple.
@@2nostromo shes has very good manners and very considerate- shows a pig was not staying in the room.
Hahaha I died
Looks like a hotel
I'm old enough to remember Levi's the great old American jeans maker ran tv ads begging Americans to buy their jeans made in America. But today's people who complain about China quit buying Levi's made in America. No one forced them to. Levi's cost half again or more and people do not want to pay extra for the same value item. No one forced people to buy at the fast food chains. But we did. I recall asking locals where a good place to eat was before the chains in an unfamiliar town. With the chains you knew what you were going to get. The chains didn't put Mom and Pop out of business. We the buyers did. Reality is hard to accept, but it's still reality whether we accept it or not.
You correct. I am in the UK, and you, and us have voted ourselves into this mess because we were lazy and complacent. Nobody protested over here when our entire industry was closed down sold of,f and transferred overseas.
@@TheDAT9 Your local industry and mom and pops were not voted out. They went out because you quit buying from them. If nobody buys from them, how could they stay in business. We are all driven by wanting the lowest price or best deal on equal value items. It's really that simple.
@@TheDAT9 Actually, the Left and the Unions in the UK protested vociferously at the time. You're just choosing to forget. They were ignored by those in power, namely Thatcher, who started the process, and Blair who finished it.
@@Pushing_Pixels the left then and the left now are two completely different animals..!! But you are right in what you say!!! Only that the left now would not nore will not raise that issue again.! And the reason being!!! Well.!! That also is a different animal of discussion which changes constantly.!! Constantly in meaning weekly if not daily..!!
THIS! With the power of a free market comes the responsibility. There are some people who will blame anything & everything on "the government". Wish more people were like you.
Everyone making personal comments about Jim, please stop. He is doing this for free and we care about his information, not your opinions. This is free content, he may think twice about doing these type of interviews in the future because of irrelevant comments.
Rickards is not a doctor and I disagree with his pandemic 'facts'.
Unfortunately the main audience for free TH-cam videos about investing and finance are the bellhops who can't afford to pay even a small amount for quality advice. Those people are the sort to arc up when confronted with someone smarter than them who thinks differently to them. That is what you're seeing here.
Jim is fabulous as per usual but that interviewer moving and fiddling around is annoying and distracting.
@@hereandthere6001 Exactly my response to her, too. She makes this very hard to watch. I was wondering if someone else found her annoying, too.
That woman is tweaking or something. Yea she high as hell.
My Grandfather was born in 1916 and was raised quite wealthy till 1930 when the bankers gave my great grandmother half an hour to pack up one car and get out of the mansion my great great grandfather built in Bremerton, WA in the 1880's. They were homeless, he had to find day labor work loading produce on train cars for a nickel per hour when they settled (ran out of gas) in Medford, Oregon. He was so scarred by the depression that to his last day he did not trust banks. He was 85 and never lost that fear and loathing. We found envelopes all over his his house with cash in them, some was quite old. We even found a coffee can with money in it under some plywood beneath a work bench in the garage. The estate liquidated the house but we all wonder how much of his hoarding we actually found. Did he bury gold/silver in the garden?
Get a metal detector!
@@f0rtyEight Many Americans are living the exact same way.... they buy property after property and leverage debt... thinking they are wealthy collecting rents. Now the pandemic hit. They are expecting the renters and /or govt are going to keep or make them whole. so are they wealthy ? we will see
My Dad grew up during the Great Depression, said ppl worked for $5 a wk & were glad to have it!! We kids would sell pot holders for 25 cents each door to door. We went crabbing in Pensacola back in the 1950’s, sold some for 3 cents each, Navy housing. Neighbors were cheap, so we ate them that day , 1958 😮
My Mom lived in Honolulu, during depression, but had a good life, lots of fish to eat and bread was only 3 cents a loaf!! Then Pearl Harbor was bombed…..she ran down to Waikiki to watch the “dog fights” in the air over the beach & The Royal
Hawaiian Hotel! 😮
Excellent interview Shae, Jim knows what he's talking about, long time follower.
Just because CPI is below 2% per year doesn't mean money isn't being debased by 10% per year.
Exactly ,things are so damn expensive now!!
Big thanks Jim & Shae for my lifetime as a subscriber The Daily Reckoning Australia. Congrats!
Much appreciated!
He’s absolutely right. You can print as much money as you want, but if people don’t spend it, it’s useless. Too much money is locked up in the hands of people who won’t (or can’t) spend.
Corporate America needs to look at itself, Apple charging $1000 + for an iPhone made in China. They could still make very good profit manufacturing in the US, the same goes for most of these companies which offshored production. What is happening now could be clearly forecast 30 years ago.
They did forecast and thought they'd make a heap of money...and went right ahead.
Not to mention they are being bought on time with interest.
Apple has not been the same since Steve Jobs died. Only Apple phone # 27. We need more people like Elan Musk using technology to making things cheaper and better right here in the US
Jim is solid logic and facts.
And solid gold! ❤
He’s one of the few people that understands velocity and that we are in actually a deflationary environment right now
ABSOLUTELY!! ❤
Nice one Jim. I do like listening to you, don't always agree with u but very interesting perspective. and world wide depth.
For such a bright person, it fascinates me that Jim won't differenciate asset inflation to cost of living inflation... the price of meat, education, rent, health care.... it all went up!
And autos along with home prices. How about the stock markets and luxury toys. The rich received it and put it where they wanted all of those things are things they buy 🤷🏻♂️
That is because in the rich world, cost of living is always low. They only have to worry about financial trends..Everything is relative.
Thank you ..Great content ..always get excited when Jim releases his insights.. trolls go away...way over your heads...
Yep! ❤❤❤
The confirmation that we're in a greater depression is when oil price is around $5 a barrel and stays there for a long time.
It went below ZERO dollars just months ago. No depression YET.
At $5.01 all is well? Get a grip
@@reprogrammingmind "around $5" was what I said. Get a grip.
@@michaelodonnell6361 yes, that was caused by a glitch, not necessarily by price discovery per se. And the negative price didn't last more than 24 hrs.
@LazicStefan long story short. You're right technically, but that was not the full story. It turned out the bag-holders were actually some small-time retail investors in China. They weren't told they had to take physical delivery by Bank of China, their broker. As a result, they had lost over $1 billion. In the end, the Chinese government footed the bill and bailed everyone out. So in that sense, it was a glitch.
So, according to Jim, if I buy gold at $2,000 and it gets pegged at $15,000, I don't make any money? If the dollar is debased accordingly. I at least preserve my buying power.
The best way to acquire value in this scam is to scam the scammers. Take a monster 30 year loan out on your house at the lowest interest rates, slowest repayment option possible. If you can get a 50 year loan, go for it as long as there is no prepayment penalty and your interest rate is 2 or 3 percent. Then use the cash to buy a nice pile of precious physical metals. Hide the gold and silver well and just sit on it.
If you subsequently lose your job and cannot service the home debt from paycheck based cash flow then you can make the payment by selling a small amount of metals each month. At some point gold (and especially silver) will skyrocket. Yes, so will gas and bread and milk. But even if your paycheck doesn't keep up, your debt will be inflated away by the rising price of the metals. In just a few years you will repay the loan in full and still own 75% of the metals free and clear.
@Dillon c well said, we must know what we do
@@DIYDaveT you have to pay cash not card purchases under 5k otherwise they no whos got the gold.
Despite the economic crisis and pandemic now is still the best time to invest.
Bitcoin is the feature investing in it now is the wisest thing to do now especially the current rise
Investing in crypto is the only chance of making money
People are scared of investing because of the high rate of scam in the business
My first investment with Mr Thomas Roger gave me profit of over $24,000 Us dollars and ever since then he has never failed to deliver and I can even say he's the most sincere broker I have known
Mr Thomas Roger is obviously the best, I invested $3,000 and he made profit of $28,000 for me just in 15days
Only 6% of those "deaths" from Covid 19 were Covid 19 only. The rest of the 'deaths' were due to car wrecks, cancer, heart disease,etc., in which the patients happened to test for the Sars Cov 2 virus in their system.
it's much less the 6 % less then 1 % death...90 recovery...it a scam to sell toxic vaccines......according to Gerald Celente...
We didn’t fail, our Businesses were shut down!
And unfortunately, small businesses are being eliminated by the government while big corporations are fed FREE money.......money that is being tacked onto the debt that taxpayers will wind up having to pay the interest payments on the debt.
Jim Harris and said businesses will be picked up pennies on the dollars. As will the housing in the next crash, and turned into expensive rentals.
He is wrong on inflation. ....he clearly does not shop for his food. The grocery store has been going crazy on prices long before COVID19 and the supply chain problems we have now.
After the 1929 great depression, America had oil production to fall back on. This time it really IS different as oil production in America is no longer profitable thus America has nothing to fall back on.
MMT
War & We Are Great At Killing!!!! Peace;-) WW1, WW2 WW3 Started Already! We just don't know it yet.;-(
Inflation is an expansion of the currency supply, higher prices are a potential consequence.
I for one totally enjoy watching Shae moving about.
@Evad Sel She's very easy on the eyes.
What about all the FED QE that corporate raiders (private equity) have pocketed into off shore bank accounts?
Thats where it all goes
Good morning from Germany 🇩🇪 😃👋
Thank You Shae.
I really enjoyed this informed interview.
No inflation? I want to know where he buys groceries.
I know im waiting for wall street to realize that.
Yeah this part is interesting because overall goods and service might have an average lower price, but groceries and rent have become a bigger percentage of normal people’s budgets. I always figured the inflation will be where the velocity is. Like right now in food as you said.
velocity is never zero, with all respect, this is flawed reasoning. Division or multiplication with zero has some peculiar effects. I buy groceries too , go to the hairdresser and so on, do not see deflation anywhere. Maybe things we do NOT want to buy are cheaper and average down the things we need to buy.
EXACTLY. I PAID OVER $8 FOR A BAG OF CHOCOLATE CHIPS YESTERDAY. RIDICULOUS!
@Pearl Perlita Venegas 4$ for gluten free and 3 $ for bread
By the way Shae, you are a beautiful Lady 🌹
Agree
@@TheGilbalfas Daniela Cambone is better looking
@@GhostwriterBollywood thats not very kind
I call dibs!
@@GhostwriterBollywood Your specific flavor doesn't apply to everyone else.
Too many old codger's did not shelter in place. I see a lot of elderly people wandering around Walmart like "I don't give a shit". If the elderly and older boomers including the morbidly obese refuse to shelter in place why should everyone else have to suffer?
I see them licking their fingers in the produce section of the supermarket.
The comments not fair. That varus was new to everyone. It was not came from lab. China closed down the entire country in Jan. West counties have plenty time to prepare. Blame on your great leadship.
When did this interview take place?
2020 for sure, i think october. because Jim said we runs 6months in this pandemic already
Long time ago when I was young, we used to say "don't trust anyone over 30". Now we might have to say "don't trust anyone over 30 who doesn't make his bed" (LOL).
Thanks Jim, you are wonderful, and definitely reliable in spite of your messy bed....
We can infer he must be single, or anyways his wife out of town or something. No wife would allow her husband to go on an international web broadcast with a rumpled shirt and the unmade bed in plain view.
A related phenomenon is speakers wearing beautiful white shirt, tie, and suit coat from Brooks Brothers, and only torn underwear under the table.
If you google : Thomas Herndon Reinhart Rogoff. You find out the white paper that Jim is talking in this video has a lot of issues.
???at Jim is talking in this video has a lot of issues.
@@kevinjoseph517 He mentiones about a white paper by Reinhart and Rogoff called " Growth in the time of Debt".
Same here with the depression mentality Mr. Rickards. Just today I picked a perfectly good aluminum ladder out of someone's garbage. People could make a living off what American's throw away. Can't cite all the good stereo receivers, speakers, turntables, bicycles, etc. etc. I've picked from folks' refuse piles.
There isn't much velocity in stacking gold and silver.
If US does not honour the treasury obligations to China, how can Americans continue to receive an abundance of cheap goods from China in the foreseeable future?
So, should we start buying US treasuries with the expectation of their prices going even higher if such a scenario is realized?
US treasuries prices are going higher. No doubt about it.
Yes, interesting question. One thing to think about is that the Fed has been buying an ungodly amount of them up in exchange for "printing" more fiat and dumping it into the US Treasury. Guess they have had to buy the bonds because they can't find enough foreign investor, OR our fiat is getting risky to them and worthless.
Wow! What an amazing interview! 👏 Really answered so many questions I had. Thank you!
15 pandemics, have we ever shut down the economies? Ever?
YES, go read a history book on transmittable disease. wasn't even just once look at 1918 and1832 pandemic in America and the flu pandemic later in the 17century. the only difference now is that now we are interconnected with the world and people move faster than traded goods.
It hit our family in December. One older person connected to the party ended up on a ventilator. We buried my beautiful brother-in-law last week who’s chemotherapy was stooped for three months as nonessential, then spread like a wildfire. Visited the San Diego in March after our 28 business was shutdown, and destroyed. Standing in front of a closed beach, Hotel Del Coronado closed with a sign. Closed for the first time in 132 years. That’s WWI, WWII, and the Spanish Flu. I just went through the history of Rome series, and the Black Plague that hit Rome. Throughout history you kept on carrying on, including burying your dead. Do I drive around where I live, everywhere I go, everting was shuttered, asking myself, “ who’s paying for this? How? At what cost?” My head spins. The silver lining the things Peter Zeihan talks about, our demographics. Things are going to change, we are fortunate
Every time when you open your mouth, it was just so unbeatable.
Unbeatable! Full of it!
Unbearable!
I like Jim's contrasting views to Peter Schiff in regards to inflation. Both very compelling and equally valid points
I think Mr Richards is quite spot on when he says we're headed for tumultuous times not unlike the great depression. If this virus mutates all bets are off for economic recovery.
The FED is worsening the situation by aggressively suppressing Free Market creative destruction and price discovery.
The FED is trying to relieve the pain caused by the unbelievably massive debt bubble that is created by financially illiterate Keynesians who run the printing (counterfeiting) press.
Cancer is not cured by pain killers.
*"You don't fix a solvency problem with liquidity." -- Mark Yusko*
Jim Rickards doesn't make his bed in the morning.
He often has to look around his bed to find missing socks.
He leaves his pajamas on the bed for nightly change an leaves a fresh change of
undies on the mirror.
You had to use the word fresh? By fresh you mean no skid marks.
Just joking, I love Jim and his work but the bedroom was just too funny not to make the joke.
Just poor hotel service. Jim’s still gets my 👍
@@miketharp4914 bahahahah looks like he just got up for this interview. LOL
i don't make my bed either
Great content!
Quick side note shae your mic volume
Level is always alot lower than your guests on your videos little hard turn up to hear you but too loud for your guest. Another great guest!
Shae, Beauty AND Brains, with, Jim, total brains! Great interview, thanks!
Now if we could just have a peek at that fat tail, LOL!
+1
Great interview. Thank you !
wow! so much truth in one place! thank you jim
BEST INTERVIEW EVER
Great interview! Thank you ☺️
Shae.... Your hair is gorgeous!!!
Greetings from Diamond, Missouri.
Recession, hell we are in a depression.
This is the “calm” before the storm. Right now the fed is propping everything up. Wait until they can’t..
Shea, take a chill pill and sit still. Jim carries the show but your fidgeting is causing a recession.
The pandemic hasn’t caused this, the way world governments have used it to induce a depression for their own ends
Make your bed Jim!! Lol. Zoom is hilarious for seeing people’s homes and all the warts...
He did that on purpose as a metaphor to show everyone how messy the economy is LoL
I would get a nice shoji screen
Printing money increases the odds of velocity which would increase inflation.
Not to mention the mass amount of cash that is being hoarder could all be dumped at once , causing velocity and then inflation
Money printing increases the probability of Inflation
Please do TEFL. Your writing is so clear. I THINK that you may like it Mr Richards.
Gold discussion starts at 36
Theoretically, could you have inflation when there is a falling money supply, but, for whatever reason, an increase in the velocity of money?
Sure. If for any reason people increase personal spending rate more than the decrease in the money supply. Eg Suppose government announced that January 1 sales tax is going up to 20%, people would rush to buy things before then. Or if government announced permanent universal minimum income of $50,000 for everyone, so nobody worries about unemployment.
I visited this presentation a couple of weeks ago. Now I remember that the young lady is fidgeting to the point of distraction. I accused myself of being a cranky old lady. Ha. Now I see several comments/complaints on the same subject below. She doesn't seem to grasp the severity of the economic consequences. "Wow."
All Ms Shea’s squirming is so distracting. So much better to focus the screen just on the economist, Mr. Rickerts. I cannot watch this again.
She must suffer from susvitus dance
But isn’t she so pretty?
Actually, monetary policy is failing not because it's useless, but because of where the money is going. If the government gave that money to the people, then there would be velocity. People would pay their rents and mortgages and, if they had money left over, they would spend it on consumables. Sure, things would slow down, but not nearly as much. The problem is that 95% of the money is going to the 1000 wealthiest people in the country.
That money is going to huge corporations to pay shareholders and the top officers. None of that is going into R&D or to expand businesses and the reason the stock market is still doing well is because that money is going into stock buy-backs, artificially inflating the stock prices of those companies. That's why the stock market is doing well, but the economy is tanking.
In other words, the rich are protecting their own and everyone else can just go pound sand. This whole thing is about our government, BOTH Republicans AND Democrats throwing the bottom 75% of people under the bus. This will not change until we overthrow our political duopoly that is 100% controlled by the oligarchy of this country (speaking about the U.S. here).
The saddest thing about this is that, in inspiration, people will vote *100%* against their own self-interest and put demagogues and authoritarians in place that will impose austerity and further disrupt and destroy democracy and freedom. Because people are STUPID.
Jim, velocity does not need to increase to create inflation - if the money supply increases 20% then velocity would actually need to fall by 20% to subdue spending increases.
Velocity may have fallen now, but that is obviously because of the lockdown - when shops open their doors again, just watch velocity go - and inflation increase in due course (about 2 years later).
Great news, it means we are at the bottom of things
Isn't it true that the banks doesn't hold your money, they make loans to mostly small businesses, personal loans, etc?
Absolutely true, however, what banks actually do is activate loans based the amount of actual money their members deposit, they can loan more than ten times the amount you deposit in the form of loans. Its called the multiplication of money. Scary.
Yes its called rehypothecation
This guy didn't make his bed before jumping on this zoom call. This guy fucks. You can tell he's bout his business for sure. Respect.
Great interview & we are as full as a state school on gold & silver.
🧡💛💚💙 I wish Jim was my grandpa. I would be telling him about how I'm bullish Bitcoin and he would be telling me about History and Inflation and how politics works at Christmas lunch 🧡💛💚💙
13:44 - Even though we did quadruple the money supply, which could lead to infaltion, this didn't happen because the money didn't enter the real economy. Most of the money was left in the financial system. Hence, the reason for asset inflation. So, he is wrong saying that money printing doesn't effect inflation. It does. But, not if most of the money stays in the financial system.
Default, raise taxes, or trigger high inflation.... Yeah, inflation as you said is just a form of taxation, but it is also a form of default. And Jay Powell is telling government and markets that the Fed is going to raise inflation beyond 2%. Mind you my inflation as actaully experienced is already double digit and they are flat out lying about the real rate of price increases. I remember the inflation of the late sixties and early seventies, this dwarves that. Most people under about 60 do not remember what it was like to work your ass off and yet see your standards of living drop by chunks and bits every week and month for more than a decade. When prices for things went up every time you bought them. When things like sugar suddenly became scarce. When we had gas rationing. In December of 1979 when I was honorably discharged from the air force the unemployment rate in my home county in California was 33% and the only thing that saved me was a minimum wage CETA job which you can google. Buckle up because this is going to get a lot worse before it gets better.
Hi, Jim any insight about Nesara Gesara would happen at all or is the all thing is fake?
Shae. Can you hunt down Marc Faber for an interview?? He's my other macro goto man.
That sounds excellent! Shae's got quite a few on her interview wishlist, let's add Faber in there too.
He says 'They" don't have to pay the money back because it's all gone....what? Not comprehensive, says contrived.
badass hair is the only thing that could ever distract me from jim! werk it girl
I cant stand a untidy bed.
Or me. ( O wait, that looks my untidy bed!)
Must be Jim's cat sleeping on the bed hence he can' clean it. Probably.
Jim Excellent post .Thank You !
Jim looks very relaxed in this interview.
New York had excess deaths in their Medicaid Hospital. Everyone got a Ventilators. Most of them died.
Was the interview made in July?
The interview was recorded during the 2020 Sprott Natural Resource Symposium in July and first released to Shae's subscribers on Hard Money Trader and Rock Stock Insider.
Rickards is still sayiny that spending is the answer and we know that a consumer based model does not work.
Free Julian Assange. And debate Dalio. Pathetic Jim
But if the govt outlaws possession of gold for national interests then it may not be so valuable. It has happened before.
Rickards quoting spurious stats on covid deaths ... disappointing. On board with the alarmists I suppose.
Welcome to New Hampshire Jim Rickards! Great state with no sales tax or income tax...but real estate taxes are just through the roof.
Peter Schiff gone to Puerto Rico for all the best in tax avoidance. There you can really Live Free or Die.
Jim Rickards interview...and he chooses to do it in his bedroom...with his unmade bed as the backdrop...yeah-h-h-h-h-h right...this isn't fake.
Your perception of other's tells everyone everything about you.!!
And thank you for being the perfect example..!
Thanks !
Brilliant!
Wow, Shae is beautiful. Smart too! What a combo! Have a great weekend and thanks for the very nice video.
yes, i wonder if she has a fat tail, LOL
We have been hearing this for years. Doom is coming.
@Dillon c Doom would be the continued efforts to force us all into one world governance. This is supposed to help usher that in.
@@realretta The economy in the US was collapsing well before this virus Actually since the 2008 collapse
random guy from internet (me): Rickards is wrong, there will be no depression because the problem is gov's restrictions rather than actual natural phenomena, unless the restrictions don't go away :)
wish shae could sit still..put your phone away....GEEEEZZZZZ. Professionalism and attention....more scared of that if we are to talk of generational....anything. I actually had to "put a post it on her"....remain mindful of such a great guest. Thank you Jim!
Shae takes notes with pen and paper while Jim is talking. When Jim says something incredible you want to have it written down, especially if you want to follow up on it later in the interview.
This young lady is an excellent interviewer, she allows the interviewee do his thing without interruptions, which is very rear these days.
She is too busy fidgeting with everything on her desk... Both hands so not just taking notes..
Wow, Jim, you really wrecked your bed there! It’s good to know our luminaries are human, too, lol!
Please somebody give me a educated pragmatic and reality-based response to this question. This was a very intriguing informational and educating seminar and it sounds like Master chess where the US decides to file a lawsuit against China and then withhold on the treasury bonds. What happens when China reveals they're sitting on more gold than the Federal reserve which is probably been looted or leveraged reveals that there's no goal to back up our currency. I'm very curious how that would play out because I do feel like quite a large percentage of the world economy has no confidence in the US dollar
It does not matter if they dont have confidence in the US dollar . Russia and China, Saudis spurn the dollar ,but its rhe world reserve currency , no matter how much of it is printed, countries have a shortage of the dollar as we speak.
you mean so called pandemic...the percentages are too small..it's a missive sales campaign for forced toxic vaccines. A global profit making scam on us all...
Well over 200,000 thousand dead and millions who miss one to three weeks of work and maybe pay, I find it hard to accept what you say. Thinking this is a hoax plays right into China's hand. China loves to see more dying Americans and more millions of American missing millions of hours of work. I don't know, but I suspect China encourages Americans to be against masks and shutdowns. The more American dead and even more millions of missed work hours from people who are able to get through it without the hospital helps the Chinese in their economic battle with us. How does hundreds of thousands and millions of missed American work hours hurt the Chinese more than it hurts us?
I would enjoy this more if she could actually sit still.
Totally agree. Her movements and facial expressions are very distracting. Glad i am not the only one finding it a problem. Couldn't watch the full video. Either ants in her outfit or exceptionally high on caffine.
to be fair to her, jim talked 99% of the time
Jim Rickards, financial analyst, lawyer, CIA consultant, advanced mathematician, revered by world leaders. Shae Russell is probably used to interviewing unknown mid-level analysts from Goldman Sachs, but is suddenly face to face with the exalted Rickards. It’s like an interviewer who normally talks to to maybe Roseanne Barr, suddenly is interviewing Harrison Ford
same i thought why is she wriggling so much
I'd love to play pool with both of you guys some day. :) Jim is a legend
... of course, Shae is a HOT GENIUS, also... Great great show. Thank you x100
Great interview.
Great interview🙏
Please put up a time line so i can fast forward through covid news. I came for economics, not covid news
Please search for economics news.