{"id":16084,"date":"2014-05-05T11:37:12","date_gmt":"2014-05-05T18:37:12","guid":{"rendered":"http:\/\/www.itmtrading.com\/?p=16084"},"modified":"2014-09-19T13:36:22","modified_gmt":"2014-09-19T20:36:22","slug":"jim-rickards-and-craig-griffin-talk-money-and-gold-part-one","status":"publish","type":"post","link":"https:\/\/www.itmtrading.com\/blog\/jim-rickards-and-craig-griffin-talk-money-and-gold-part-one\/","title":{"rendered":"Jim Rickards And Craig Griffin Talk Money And Gold"},"content":{"rendered":"
\"Jim

Jim Rickards Discusses Gold In A Television Interview<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements.
\nJim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin<\/strong><\/a>. After reading the transcript of the interview between Jim Rickards and Craig Griffin.<\/p>\n

From The Interview:<\/p>\n

Craig Griffin:<\/strong>
\nCan you tell our listeners a little bit about how you came to work in government intelligence and explain a little bit about your work on the Project Prophecy and what was the end result of that?<\/p>\n

Jim Rickards: \u00c2\u00a0<\/strong>
\nYeah, the, that was a project conducted, a strategic study, conducted by the CIA over multiple years to look into what really started as insider trading before 9\/11.\u00c2\u00a0 But the CIA wasn\u00e2\u20ac\u2122t really involved in getting to the bottom of that, that was really the job of the 9\/11 Commission and the SEC and the FBI and others. What the CIA was interested in is OK, let\u00e2\u20ac\u2122s assume that there was insider trading, if there were going to be another attack of a spectacular kind. Would there be insider trading again? Could you spot it? If you could spot it, could you trace it back to the source and using proper legal process get a warrant and , you know, break down the door and stop the attack and save thousands of lives?\u00c2\u00a0 That was the question, they didn\u00e2\u20ac\u2122t know the answer. They wanted to study it, but of course the CIA did not have a lot of capital markets expertise. And why should they?\u00c2\u00a0 The capital markets were not really part of the battle space during the cold war even throughout the 1990s. So, as they frequently do, they engaged in outreach, they called various market experts. So I was literally tapped by someone who was involved and based on my background, not only in finance in genera, but, I had worked in the middle east, I had worked in Pakistan, I was an expert on Islamic banking.\u00c2\u00a0\u00c2\u00a0 I had done a lot of things early in my career that would maybe give me a little bit more inside or a little bit of an edge into the mind of the terrorists. Because obviously the terrorism was coming from Pakistan and Afghanistan and Islamic fundamentalists. So, I was asked to volunteer, and of course I immediately said \u00e2\u20ac\u0153Yes\u00e2\u20ac\u009d. And, actually over the years, I ended up recruiting more people myself and one of the things that was very heartening is we were never turned down. Whenever we asked people if they would volunteer their time and effort. They always said \u00e2\u20ac\u0153Yes\u00e2\u20ac\u009d, they would do what ever they could to help the country and so I came on board as a volunteer but I started writing and getting more involved and as I got more involved I actually became a co-project manager under the direction of Randy Townsend, as I mention in the book. So that was the beginning of it.<\/p>\n

Learn Why We Suggest Owning Physical Gold
\nGet Your Free Investors Guide<\/a><\/h3>\n
\"Jim

Jim Rickards And One Of His Favorite Assets<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin.\u00c2\u00a0 After reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.
\nCraig Griffin:<\/strong>
\nWas it — was your conclusion then from that study that 9\/11 was actually an act of financial terror?<\/p>\n

Jim Rickards:<\/strong>
\nNo. 9\/11 was an act of physical terror. They, they crashed planes into the World Trade Center. But, certainly Osama bin Laden was very conscious of the financial impact.\u00c2\u00a0 One, he was using, let\u00e2\u20ac\u2122s call it conventional terror, using, you know, planes as flying missles in effect. Osama bin Laden was very cognizant of the potential financial impact.\u00c2\u00a0 In fact I quote in the book, from an interview he gave where he calculated in his head the financial damage caused by the 9\/11 attacks. So there is no question that Al Qaeda all along has been thinking about financial damage to the United States as one of the ways that they could attain victory. So it was, it was physical terror, it was violent terror, murderous terror, but, you\u00e2\u20ac\u2122re correct that they did in their mind have the financial impact very much front and center.<\/p>\n

Craig Griffin:<\/strong>
\nWell, weren\u00e2\u20ac\u2122t they going in and shorting stocks prior to the 9\/11 attacks? Wasn\u00e2\u20ac\u2122t that an analogy that you drew in your book?<\/p>\n

Jim Rickards: \u00c2\u00a0<\/strong>
\nWell, it wasn\u00e2\u20ac\u2122t an analogy. I actually — I drew that conclusion and it gives statistical, academic, forensic and anecdotal evidence to support it. So it was very clear that there was insider trading ahead of 9\/11.<\/p>\n

Craig Griffin:<\/strong>
\nYou know in your book you also explain the dangers of exponential function of scale.\u00c2\u00a0 Well, you know, it sounds kind of complicated. But, you know can you explain it?<\/p>\n

To listen to the interview, follow this link<\/a>.<\/p>\n

\"Jim

Jim Rickards Has Been Seen On Bloomberg, CNN, And CNBC, AS Well As Other Business Channels<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin. After reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.<\/p>\n

From The Interview:<\/p>\n

Jim Rickards:<\/strong><\/p>\n

Well, it really isn\u00e2\u20ac\u2122t — I mean — the scale is just a word that physicist use for size. So, you know, I talk about the scale of the system that\u00e2\u20ac\u2122s the technical term. But just think of it as the size of the system. And, you say to someone, well, what would happen if you triple the size of the system? What would the impact be on risk be? Well, if you ask Jamie Dimon and the people at say, you know, JP Morgan, they would say that there\u00e2\u20ac\u2122s very little additional risk. And the reason they say that is because they\u00e2\u20ac\u2122re looking as long-short, long-short, long-short. In other words, all these positions balance off against each other and you kind of ignore the gross and look at the net and use these Value-at-Risk models and it would tell you that there\u00e2\u20ac\u2122s only the net exposure, it\u00e2\u20ac\u2122s quite small, it\u00e2\u20ac\u2122s manageable, you have enough capital, etcetera, etcetera. That\u00e2\u20ac\u2122s complete garbage because the Value-at-Risk models are garbage. The risk is not in the net, it\u00e2\u20ac\u2122s in the gross. Now, go over to, you know, everyday person on the street who\u00e2\u20ac\u2122s not necessarily a dynamic systems analyst or financial economist and say, \u00e2\u20ac\u0153What do you think would happen if you triple the size of the system?\u00e2\u20ac\u009d They would probably say. \u00e2\u20ac\u0153Ah, you\u00e2\u20ac\u2122ll, you\u00e2\u20ac\u2122ll triple the risk.\u00e2\u20ac\u009d In other words, it\u00e2\u20ac\u2122s a linear function and sort of an intuition, if you make something three times bigger you increase the risk by a factor of three. Well, Jamie Dimon\u00e2\u20ac\u2122s wrong and the everyday intuition is wrong. The correct answer is that when you triple the system you exponentially, meaning, ten times or fifty times or a hundred times, you know, you don\u00e2\u20ac\u2122t even know how many times you\u00e2\u20ac\u2122re doing it because all the empirics behind this theory have not been totally worked out yet.<\/p>\n

\"Jim

Jim Rickards Has Worked With The CIA To Curb Financial And Physical Terrorism<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin. After reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.<\/p>\n

From The Interview:<\/p>\n

Jim Rickards (cont.):<\/strong><\/p>\n

But, you can bet that it\u00e2\u20ac\u2122s multiple of whatever it is you\u00e2\u20ac\u2122re doing. Now, the same phenomena exist in natural systems. The complexity theory and the self-organized criticality and the dynamic systems analysis I talk about don\u00e2\u20ac\u2122t just exist in financial markets. In fact they\u00e2\u20ac\u2122ve barely been researched in financial markets, I\u00e2\u20ac\u2122m one of the ones doing that. But they do exist in many other phenomena, whether it\u00e2\u20ac\u2122s, you know, solar flares, earthquakes, you know, power grid outages and other backbone failures, etcetera.\u00c2\u00a0 It exists in a lot of other places. When you look at those other places and say Okay, What\u00e2\u20ac\u2122s the worst thing that can happen? Let\u00e2\u20ac\u2122s take earthquakes for example. Take the San Andreas Fault in California. Well, what kind of earthquakes does it produce. Well, sometimes it\u00e2\u20ac\u2122s like a 3.0 on the Richter Scale, that\u00e2\u20ac\u2122s something you can feel, but doesn\u00e2\u20ac\u2122t really do a lot of damage. Sometimes it\u00e2\u20ac\u2122s a 5.0 on the Richter Scale, now you not only can feel it but it does some damage, maybe some walls come down or some windows break and so forth. All the way up to, let\u00e2\u20ac\u2122s say to an 8.0, which is catastrophic and with, you know, thousands of people and cause billions of dollars of worth of damage. Well, that\u00e2\u20ac\u2122s normal behavior in a complex dynamic system where you\u00e2\u20ac\u2122re going to have a whole bunch of 3\u00e2\u20ac\u2122s and some fewer 5\u00e2\u20ac\u2122s and very rarely will you have an 8, but you\u00e2\u20ac\u2122ll have one every now and then. But nobody thinks it\u00e2\u20ac\u2122s a good idea to go out and make the San Andreas Fault bigger. Nobody thinks we should send in the Army Corp of Engineers to make it bigger so we can have bigger earthquakes. But that is what we\u00e2\u20ac\u2122re doing in financial services. We\u00e2\u20ac\u2122re making the system bigger by adding on derivatives, by adding on off-balance sheet items, by increasing leverage, we\u00e2\u20ac\u2122re making the system much, much bigger. So in effect we should expect bigger earthquakes. Bigger than we have ever seen before. We should expect financial catastrophes that are exponentially larger than anything we\u00e2\u20ac\u2122ve seen in the past and that\u00e2\u20ac\u2122s what I write about in the book.<\/p>\n

\"Jim

Jim Rickards’ New Book,”The Death Of Money”<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin. If after reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.<\/p>\n

 <\/p>\n

From The Interview:<\/p>\n

Craig Griffin:
\nSo the larger the system, the greater the risk?\u00c2\u00a0 The more . . .<\/p>\n

Jim Rickards:
\nWell, I would say the larger the system the exponentially greater the risk.<\/p>\n

Craig Griffin:
\nIf we go back to 1980, the national debt, as well as GDP was right around a trillion dollars. Wasn\u00e2\u20ac\u2122t it?<\/p>\n

Jim Rickards:
\nNot sure just what it was in 1980. I\u00e2\u20ac\u2122m — but we can go back and look, it\u00e2\u20ac\u2122s easy enough to look up. But it\u00e2\u20ac\u2122s certainly much, much greater today. But, it\u00e2\u20ac\u2122s not just that. I mean the debt is kind of visible, the GDP is visible, those are much bigger numbers, you\u00e2\u20ac\u2122re right about that.<\/p>\n

Craig Griffin:
\nThe derivative bubble today is the problem, isn\u00e2\u20ac\u2122t it Jim?<\/p>\n

Jim Rickards:
\nThat\u00e2\u20ac\u2122s exactly right. Derivatives are approaching you know ten times global GDP and global GDP is about, you know, round numbers about seventy trillion dollars and we have about seven hundred trillion dollars of gross national valued derivatives. So it\u00e2\u20ac\u2122s ten times global GDP and growing faster all the time. So that\u00e2\u20ac\u2122s, that\u00e2\u20ac\u2122s what I mean by making the San Andreas Fault larger. You\u00e2\u20ac\u2122re not just going to increase the risk you\u00e2\u20ac\u2122re going to increase it exponentially. And since the system\u00e2\u20ac\u2122s never been bigger, it follows, as a matter of science, that the catastrophe will be exponentially bigger than anything we\u00e2\u20ac\u2122ve ever seen before. And it will be bigger than the Federal Reserve.<\/p>\n

Craig Griffin:
\nRight. There is so much money floating around the world and banks around the world are very interlinked. Aren\u00e2\u20ac\u2122t they?<\/p>\n

To listen to the interview, follow this link<\/a>.<\/p>\n

\"Jim

Jim Rickards, Author Of “The Death Of Money”<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin. After reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.<\/p>\n

 <\/p>\n

Craig Griffin:
\nThe derivative bubble today is the problem, isn\u00e2\u20ac\u2122t it Jim?<\/p>\n

Jim Rickards:
\nThat\u00e2\u20ac\u2122s exactly right. Derivatives are approaching you know ten times global GDP and global GDP is about, you know, round numbers about seventy trillion dollars and we have about seven hundred trillion dollars of gross national valued derivatives. So it\u00e2\u20ac\u2122s ten times global GDP and growing faster all the time. So that\u00e2\u20ac\u2122s, that\u00e2\u20ac\u2122s what I mean by making the San Andreas Fault larger. You\u00e2\u20ac\u2122re not just going to increase the risk you\u00e2\u20ac\u2122re going to increase it exponentially. And since the system\u00e2\u20ac\u2122s never been bigger, it follows, as a matter of science, that the catastrophe will be exponentially bigger than anything we\u00e2\u20ac\u2122ve ever seen before. And it will be bigger than the Federal Reserve.<\/p>\n

Craig Griffin:
\nRight. There is so much money floating around the world and banks around the world are very interlinked. Aren\u00e2\u20ac\u2122t they?<\/p>\n

Jim Rickards:
\nYes. And this is what the IMF calls, they refer to it as a spill-over effects or a contagion effects. I\u00e2\u20ac\u2122ll give you a very specific example. I was in Tokyo in September 2007, right around the time the U.S. mortgage markets started to melt down. Now, you know that the panic stage came in 2008 with Lehman Brothers and AIG. But the mortgage crisis, the sub-prime crisis actually became very visible in 2007. So there I was in Tokyo and the Japanese stock market was going down very rapidly and the Japanese, you know said to me, \u00e2\u20ac\u0153Um, wait a second, we understand that you Americans have a mortgage problem, but why is our stock market going down?\u00e2\u20ac\u009d What does one have to do with the other? And I explained to them, that when you\u00e2\u20ac\u2122re in financial distress you don\u00e2\u20ac\u2122t sell what you want, you sell what you can. In other words, U.S. hedge funds and money managers were selling Japanese stocks to get cash to meet margin calls on the mortgages because they couldn\u00e2\u20ac\u2122t sell the mortgages or at least not at prices they wanted. So, they would have loved to dump the mortgages and keep the stocks, but they couldn\u00e2\u20ac\u2122t get a good price on the mortgages, so they sold the liquid stocks to get cash to meet the margin calls.<\/p>\n

Listen to the interview, follow this link<\/a>.<\/p>\n

\"Jim<\/a>

Jim Rickards’ Tweet Discussing The Metals Markets When Bankers Don’t Interfere<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin. After reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.<\/p>\n

Craig Griffin:
\nRight. There is so much money floating around the world and banks around the world are very interlinked. Aren\u00e2\u20ac\u2122t they?<\/p>\n

Jim Rickards (cont):<\/p>\n

\"Jim

Jim Rickards Discusses Owning Gold On CNBC<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin. After reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.<\/p>\n

 <\/p>\n

Craig Griffin:
\nSo has the size of the derivative market actually been reduced since the Great Recession?\u00c2\u00a0 Or has the problem gotten worse? What\u00e2\u20ac\u2122s your opinion on that?<\/p>\n

Jim Rickards:
\nWell, it\u00e2\u20ac\u2122s not an opinion. Its a fact that it\u00e2\u20ac\u2122s not being reduced. Its getting bigger. And we don\u00e2\u20ac\u2122t have to guess. We actually get numbers from the Bank for International Settlements in Basel, Switzerland. They post an annual report and they have a survey of the gross national value of off-balance sheet derivatives of all the major banks. So we can actually look at the data and the answer is, it\u00e2\u20ac\u2122s getting bigger. That you go back to 2008, what did we hear about? Everything was too big to fail. To big to fail. Well, guess what? Since 2008 the five largest banks in the United States are bigger than they were at the time, they have a larger percentage of the total banking assets in our system and their derivatives books are much bigger. So, by those measures the system is not safer, it\u00e2\u20ac\u2122s much, much riskier. Yeah they\u00e2\u20ac\u2122ve added capital, but not nearly enough to cover the risk. And so, when the crisis comes again, which it will. They happen every five or six or seven years. It\u00e2\u20ac\u2122ll wipe out the capital and it will be back over to the taxpayers. Except this time, that is to say the next time, it\u00e2\u20ac\u2122ll be bigger than the Fed. The Fed papered it over the last time, the next one will be sufficiently larger that the Fed will not be able to do that.<\/p>\n

To continue reading more of \u00e2\u20ac\u0153Jim Rickards And Craig Griffin Talk Money And Gold\u00e2\u20ac\u009d, and to learn more about why you should buy gold coins, or more specifically, buy American Gold Eagles
\nThat\u00e2\u20ac\u2122s a very good example of how the mortgage crisis very quickly spilled over into the Japanese stock market even though superficially one should have nothing to do with the other. Well, just take that example and multiply it by a thousand and then apply an exponent to it and you can begin to get some idea of the interconnectedness and complexity of the system as a whole. And when we have a crisis in one area, don\u00e2\u20ac\u2122t think that it can be contained. It\u00e2\u20ac\u2122ll pop up in some other market, I mean, Dubai is a perfect example. Dubai World defaulted on their debt in November, 2009, it was really the day after Thanksgiving. And that turned into a European sovereign debt crisis. Well, what did Dubai have to do with Europe? Well, the answer is, no sooner — once Dubai falls, everyone took a look at Greece and said, \u00e2\u20ac\u0153wait a second, you guys are a mess\u00e2\u20ac\u009d, and then Greece\u00e2\u20ac\u2122s distress and that spread to the periphery, Spain, ultimately, Italy and almost took down the Euro. So, these are all examples of how, how the system is densely connected, densely networked, the spill-over effects happen very rapidly. They are greater than ever and we should expect to see that again.<\/p>\n

 <\/p>\n

\"Jim

Jim Rickards Discusses Gold Demand<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin. After reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.<\/p>\n

Craig Griffin:
\nWell, do you think people are putting to much faith in the Fed these days?<\/p>\n

Jim Rickards:
\nI wouldn\u00e2\u20ac\u2122t put any faith at all in the Fed. The answer is definitely putting too much faith.\u00c2\u00a0 If you have any faith in the Fed, that\u00e2\u20ac\u2122s too much. For a couple of reasons. Number one, the Fed was not created to help the economy. The Fed was created to help the banks and that is still their mission. Anything the Fed does for the economy is by accident. What they really do is they try to prop up the banking system, that\u00e2\u20ac\u2122s why they have a zero interest rate policy. They pay savers nothing so the banks can get free money and lend it out on leverage basis and get very good returns on equity to rebuild their capital basis.\u00c2\u00a0 So that\u00e2\u20ac\u2122s what\u00e2\u20ac\u2122s going on there. The Fed demonstratively does not know what they are doing. I mean, look at the fact that they\u00e2\u20ac\u2122ve had fifteen separate policies since 2009. You know, they offered forward guidance, they say we won\u00e2\u20ac\u2122t raise rates until 2013, then they said 2014, then they said 2015. They had QE1, QE2, QE3 Part 1, QE3 Part 2, forward guidance, currency wars, Operation Twist, zero interest rate policy, nominal GDP targeting, they came up with a 6 1\/2 percent unemployment goal. They got there and then threw it away, and said that doesn\u00e2\u20ac\u2122t mean anything anymore. So, if you have fifteen different policies in five years it says you don\u00e2\u20ac\u2122t know what you\u00e2\u20ac\u2122re doing.<\/p>\n

Craig Griffin:
\nA little schizophrenic.<\/p>\n

Jim Rickards:
\nWell, they, just, they\u00e2\u20ac\u2122re guessing. It\u00e2\u20ac\u2122s an experiment. We\u00e2\u20ac\u2122re all guinea pigs in the central banking experiment. So, I wouldn\u00e2\u20ac\u2122t have any confidence in them at all. In fact, not only would I say, they probably don\u00e2\u20ac\u2122t know what they were doing. I would say they definitely don\u00e2\u20ac\u2122t know what they were doing. And I\u00e2\u20ac\u2122ve been told that by central bankers, members of the Federal Open Market Committee, members of monetary policy, many of the Bank of England have said to me privately, \u00e2\u20ac\u0153We were making it up. We\u00e2\u20ac\u2122d try something, if it worked, great. If it didn\u00e2\u20ac\u2122t work, we\u00e2\u20ac\u2122d try something else.\u00e2\u20ac\u009d They don\u00e2\u20ac\u2122t know what they\u00e2\u20ac\u2122re doing, so you shouldn\u00e2\u20ac\u2122t have any faith in them at all.<\/p>\n

To listen to the interview, follow this link<\/a>.<\/p>\n

\"Jim

Jim Rickards Gives An Interview To “Risk And Reward”<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin. After reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.
\nCraig Griffin:
\nSince the stock market bottomed on March 9th of 2009, of course it has floated higher. You know a lot of credit\u00e2\u20ac\u2122s been given to QE1, 2, and 3. What\u00e2\u20ac\u2122s your opinion? Do you — why is the stock market, you know, floating higher? Is it because were seeing real growth here in the United States or is there something different going on?<\/p>\n

Jim Rickards:
\nNo, it\u00e2\u20ac\u2122s not coming from real growth. Real growth is sort of anemic. It\u00e2\u20ac\u2122s coming from leverage and free money. There is nothing Wall Street doesn\u00e2\u20ac\u2122t like about free money.\u00c2\u00a0 So, if you give them free money and let them use leverage, they\u00e2\u20ac\u2122ll bid up the price of that assets. It\u00e2\u20ac\u2122s exactly what the Fed wants, by the way, of course you\u00e2\u20ac\u2122re just creating another bubble. You know, the dot-com bubble burst in 2000, the housing bubble burst in 2007, now we have the double bubble, housing and stocks and they\u00e2\u20ac\u2122re going to burst, you know, soon enough. Maybe, I\u00e2\u20ac\u2122m not saying tomorrow or next month, maybe not until next year.\u00c2\u00a0 But when you create these new bubbles, they will burst and they will produce very catastrophic outcomes. So, it doesn\u00e2\u20ac\u2122t really come as a surprise to me. If you said, \u00e2\u20ac\u0153Hey Jim, I\u00e2\u20ac\u2122m going to give the market unlimited free money and lots of leverage.\u00e2\u20ac\u009d I would say, \u00e2\u20ac\u0153OK. I\u00e2\u20ac\u2122m not surprised things are going up.\u00e2\u20ac\u009d<\/p>\n

Craig Griffin:
\nSo, do you think that if the Fed was to continue with QE and maybe even increase its asset purchases, do you think they could continue to just float the stock market up indefinitely?<\/p>\n

To listen to the interview, follow this link.<\/a><\/p>\n

\"Jim

Jim Rickards Is Often Interviewed By Leaders In The Market<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin. After reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.<\/p>\n

Craig Griffin:
\nSo, do you think that if the Fed was to continue with QE and maybe even increase its asset purchases, do you think they could continue to just float the stock market up indefinitely?<\/p>\n

Jim Rickards:
\nFor a while. But not indefinitely. Because eventually,you know, all of a sudden the money illusion goes away, the mirage goes away, people get nervous. The Fed\u00e2\u20ac\u2122s balance sheet looks, you know, by the way, Feds already broke on a mark to market basis. The Fed is insolvent on a mark to market basis. They\u00e2\u20ac\u2122re leveraged 80 to 1, if you took their assets and marked them at today\u00e2\u20ac\u2122s prices it would wipe out their capital. So, a dollar is, it could be understood as a perpetual non-interest bearing liability of an insolvent central bank. In other words, the Fed\u00e2\u20ac\u2122s already broke. And, but, but that\u00e2\u20ac\u2122s not apparent, it\u00e2\u20ac\u2122s going to be an issue in the political campaign of 2016, by the way. Some of the presidential candidates are already talking about this. So you\u00e2\u20ac\u2122re going to be hearing a lot more about that in the years to come. And, that\u00e2\u20ac\u2122s going to call attention to it and the Fed\u00e2\u20ac\u2122s going to have to do one of two things. They\u00e2\u20ac\u2122re either going to have to stop, you know, keep, in other words, keep the taper going, stop the asset purchases or unwind a little bit and get their balance sheet back into better condition. Of course, that\u00e2\u20ac\u2122ll throw the economy into a second recession within the depression. Or, they can keep printing money, which will keep the game going on awhile longer, but eventually the bubbles will burst and we\u00e2\u20ac\u2122ll have a catastrophe of a different kind. So, it\u00e2\u20ac\u2122s going to end badly, we just don\u00e2\u20ac\u2122t quite know how.<\/p>\n

Craig Griffin:
\nDo you think that will affect the value of the dollar?<\/p>\n

To listen to the interview, follow this link<\/a>.<\/p>\n

\"Jim

Jim Rickards Discusses The Future Of Quantitative Easing<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin. After reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.<\/p>\n

Craig Griffin:
\nDo you think that will affect the value of the dollar?<\/p>\n

Jim Rickards:
\nSure. \u00e2\u20ac\u02dcCause it\u00e2\u20ac\u2122s only based on confidence. And confidence is fragile, it\u00e2\u20ac\u2122s easily lost and once you lose it you can\u00e2\u20ac\u2122t regain it, at least not very easily. So, they\u00e2\u20ac\u2122re abusing the trust, they\u00e2\u20ac\u2122re abusing the confidence, for the time being it is working, you know, we haven\u00e2\u20ac\u2122t had that disastrous outcome since 2008, but, eventually the, you know, the magic will wear off, if you will, people will see what\u00e2\u20ac\u2122s going on and they\u00e2\u20ac\u2122ll walk away from the dollar, which Warren Buffet\u00e2\u20ac\u2122s already doing. Warren Buffet\u00e2\u20ac\u2122s out buying railroads, oil and gas, those are all hard assets. Warren Buffet\u00e2\u20ac\u2122s dumping paper money, buying hard assets as fast as he can.<\/p>\n

Craig Griffin:
\nSeems as though Warren maybe a little concerned about the future as well. You know it was reported that gold demand in China is slowing down. In your book \u00e2\u20ac\u0153The Death of Money\u00e2\u20ac\u009d, you say that China\u00e2\u20ac\u2122s biggest threat is inflation taking off in the United States before they get a chance to rebalance their gold. Can you elaborate on that a little bit?<\/p>\n

Jim Rickards:
\nWell, China has about four trillion dollars of reserves. The vast majority of which are denominated in U.S. dollars and most of that is in the form of U.S. Treasury securities.\u00c2\u00a0 So, you know, there\u00e2\u20ac\u2122s an old joke in banking that if I owe you a million dollars I have a problem. But if I owe you a billion dollars you have a problem because you\u00e2\u20ac\u2122ve got to collect it from me. Well, China, you know, everyone thinks that they have the U.S. over a barrel because we owe them four trillion dollars, but it\u00e2\u20ac\u2122s actually the opposite.<\/p>\n

To listen to the interview, follow this link<\/a>.<\/p>\n

\"Jim

Jim Rickards Speaks To A Group Of Economic Professionals<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin. After reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.<\/p>\n

Craig Griffin:
\nSeems as though Warren maybe a little concerned about the future as well. You know it was reported that gold demand in China is slowing down. In your book \u00e2\u20ac\u0153The Death of Money\u00e2\u20ac\u009d, you say that China\u00e2\u20ac\u2122s biggest threat is inflation taking off in the United States before they get a chance to re-balance their gold. Can you elaborate on that a little bit?<\/p>\n

Jim Rickards (cont.):
\nWe could just say, \u00e2\u20ac\u0153Hey, China, here\u00e2\u20ac\u2122s your four trillion dollars, we just, we just printed it. Good luck buying a loaf of bread.\u00e2\u20ac\u009d In other words, we\u00e2\u20ac\u2122ll just inflate the debt away. See China\u00e2\u20ac\u2122s very vulnerable to that, so they\u00e2\u20ac\u2122re acquiring gold, to in effect create a hedge position. They can\u00e2\u20ac\u2122t dump their dollar assets, they can\u00e2\u20ac\u2122t do that. The markets big, but it\u00e2\u20ac\u2122s not that big, and they would cause a meltdown and catastrophe, and a depression, you know, in the United States, which would hurt their export goods before they could ever get rid of a small fraction of what they have. So, they\u00e2\u20ac\u2122re stuck with what they have. What they are doing is building up a gold component of the reserve position. That way, if the dollar is stable, which is what they want, they\u00e2\u20ac\u2122re, they\u00e2\u20ac\u2122re the biggest dollar fans because they\u00e2\u20ac\u2122re the biggest dollar creditors. If the dollar is stable, they might not make very much on their gold, but they\u00e2\u20ac\u2122ll get paid back, you know, a hundred cents on the dollar on their bonds. If we inflate the dollar, in effect steal from them on the bond side, they\u00e2\u20ac\u2122ll take a loss there, but they\u00e2\u20ac\u2122ll make it up on the gold because any kind of inflation like that is going to make gold go way up. And, so what they\u00e2\u20ac\u2122re really doing — they\u00e2\u20ac\u2122re not — there\u00e2\u20ac\u2122s been some speculation that they want to launch a Chinese-backed reserve currency backed by gold. That\u00e2\u20ac\u2122s not true. They\u00e2\u20ac\u2122re nowhere close to being able to have a reserve currency. But what they are doing is creating a hedge position. Have a lot of gold, you know, maybe four thousand tons, aiming higher to offset the paper vulnerability they have to the U.S. dollar. As far as purchases, slowing down, maybe the reported purchases are slowing down, but, I just got back from Hong Kong, and I talked to one of the leading secure logistics professionals, people who line armored car companies and gold transportation companies, he told me the opposite. He said that he sees no let-up in demand. And, also mentioned in my book that China\u00e2\u20ac\u2122s using – doing things off the book – using the People\u00e2\u20ac\u2122s Liberation Army assets including armored personnel carriers to bring gold in to Central Asia. So, I don\u00e2\u20ac\u2122t really trust the public figures. I mean . . . .<\/p>\n

To listen to the interview, follow this link<\/a>.<\/p>\n

\"Jim<\/a>

Jim Rickards Holds True Wealth<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin. After reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.<\/p>\n

Craig Griffin:
\nSo they actually have more gold than what\u00e2\u20ac\u2122s being reported, right?<\/p>\n

Jim Rickards:
\nWell they have a lot more gold than they\u00e2\u20ac\u2122re reporting, we know that. But the question is, how much? We don\u00e2\u20ac\u2122t necessarily have a good handle on, you know, on all of gold that\u00e2\u20ac\u2122s imported. We don\u00e2\u20ac\u2122t know how much goes to private demand, how much goes to the government. And, all the gold that\u00e2\u20ac\u2122s reported is not all the gold they have, because they\u00e2\u20ac\u2122re bringing in some gold that\u00e2\u20ac\u2122s not reported. So, you really can\u00e2\u20ac\u2122t take those figures at face value. They, they mean what they mean, but they don\u00e2\u20ac\u2122t give you the whole picture.<\/p>\n

Craig Griffin:
\nAnd you thought that that would probably take place, the re-balancing sometime in 2015?\u00c2\u00a0 Is that correct?<\/p>\n

Jim Rickards:
\nIt\u00e2\u20ac\u2122s an estimate. I, that\u00e2\u20ac\u2122s what I say in the book, I don\u00e2\u20ac\u2122t know that for sure. But, I based that on the fact that, you know, the last time they updated their reserves was 2009, and the time before that was 2003. So there was a six year gap in between. The Chinese actually don\u00e2\u20ac\u2122t like to do things differently. They like to do things the way they\u00e2\u20ac\u2122ve been done before, and so, having waited six years the last time, I estimate it would be that they would wait six years the next time, which means that the next disclosure would be in 2015. But, you know, it\u00e2\u20ac\u2122s just my own estimate. I don\u00e2\u20ac\u2122t have any inside information, maybe they\u00e2\u20ac\u2122ll do it sooner or maybe they won\u00e2\u20ac\u2122t do it at all. But, that is what…<\/p>\n

To listen to the interview, follow this link<\/a>.<\/p>\n

 <\/p>\n

\"This<\/a>

This Tweet By Jim Rickards Comments On Debt Vs. Metals<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin. After reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.<\/p>\n

Craig Griffin:
\nAnd if that occurs, Jim if that occurred in 1915, 2015, I\u00e2\u20ac\u2122m living back in the 1900s.\u00c2\u00a0 I just turned 60 in December. If that was to occur, what do you think it would do to gold and gold prices at that time? Would that take the lid off of inflation here in the United States? Is that what I\u00e2\u20ac\u2122m reading into this when I\u00e2\u20ac\u2122m listening, you know, in the book, that after this re-balancing takes place, that the lid for inflation will be at least somewhat off here in the United States?<\/p>\n

Jim Rickards:
\nYes. Because if you have that kind of inflation today, China doesn\u00e2\u20ac\u2122t have enough gold.\u00c2\u00a0 They\u00e2\u20ac\u2122re going to lose on the paper. But they don\u00e2\u20ac\u2122t have enough gold.\u00c2\u00a0 Europe does and the U.S. does and Russia does. Europe, the U.S. and Russia all have their gold to GDP ratio is somewhere between 2.7 and 4.3 percent. China officially is 0.7 percent, unofficially they might be as high as 2 percent, 2.1 percent. They\u00e2\u20ac\u2122re not up to the, it\u00e2\u20ac\u2122s called the 2.7 percent level. So, if inflation took off today, Russia, the U.S. and Europe would partly be protected by their gold holdings, but China doesn\u00e2\u20ac\u2122t have enough gold.\u00c2\u00a0 China would be left in the dust and China is saying in effect, \u00e2\u20ac\u0153Hey, we\u00e2\u20ac\u2122re the world\u00e2\u20ac\u2122s second largest economy, you developed economies, want us to be a good, you know, a good citizen on the world stage, well, don\u00e2\u20ac\u2122t in effect steal from us by inflation.\u00e2\u20ac\u009d And so, so China, the way to prevent this for China to get enough gold so that it has gold on a par with the United States and Europe. Well, they\u00e2\u20ac\u2122re not there yet, but they\u00e2\u20ac\u2122re getting close.\u00c2\u00a0 But once they are there then you could say well the whole world can inflate and China will not be left behind. So, so I view this, China\u00e2\u20ac\u2122s acquisition of gold not just as a portfolio re-balancing by them as part of an effort so that they have the same inflation hedge as Europe and the United States have.<\/p>\n

To listen to the interview, follow this link<\/a>.<\/p>\n

 <\/p>\n

\"An<\/a>

An Amusing But True Situation Tweeted By Jim Rickards<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin. After reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.<\/p>\n

 <\/p>\n

Craig Griffin:
\nAnd if that occurs, Jim if that occurred in 1915, 2015, I\u00e2\u20ac\u2122m living back in the 1900s.\u00c2\u00a0 I just turned 60 in December. If that was to occur, what do you think it would do to gold and gold prices at that time? Would that take the lid off of inflation here in the United States? Is that what I\u00e2\u20ac\u2122m reading into this when I\u00e2\u20ac\u2122m listening, you know, in the book, that after this re-balancing takes place, that the lid for inflation will be at least somewhat off here in the United States?<\/p>\n

Jim Rickards:
\nYes. Because if you have that kind of inflation today, China doesn\u00e2\u20ac\u2122t have enough gold.\u00c2\u00a0 They\u00e2\u20ac\u2122re going to lose on the paper. But they don\u00e2\u20ac\u2122t have enough gold.\u00c2\u00a0 Europe does and the U.S. does and Russia does. Europe, the U.S. and Russia all have their gold to GDP ratio is somewhere between 2.7 and 4.3 percent. China officially is 0.7 percent, unofficially they might be as high as 2 percent, 2.1 percent. They\u00e2\u20ac\u2122re not up to the, it\u00e2\u20ac\u2122s called the 2.7 percent level. So, if inflation took off today, Russia, the U.S. and Europe would partly be protected by their gold holdings, but China doesn\u00e2\u20ac\u2122t have enough gold.\u00c2\u00a0 China would be left in the dust and China is saying in effect, \u00e2\u20ac\u0153Hey, we\u00e2\u20ac\u2122re the world\u00e2\u20ac\u2122s second largest economy, you developed economies, want us to be a good, you know, a good citizen on the world stage, well, don\u00e2\u20ac\u2122t in effect steal from us by inflation.\u00e2\u20ac\u009d And so, so China, the way to prevent this for China to get enough gold so that it has gold on a par with the United States and Europe. Well, they\u00e2\u20ac\u2122re not there yet, but they\u00e2\u20ac\u2122re getting close.\u00c2\u00a0 But once they are there then you could say well the whole world can inflate and China will not be left behind. So, so I view this, China\u00e2\u20ac\u2122s acquisition of gold not just as a portfolio re-balancing by them as part of an effort so that they have the same inflation hedge as Europe and the United States have.<\/p>\n

To listen to the interview, follow this link<\/a>.<\/p>\n

 <\/p>\n

\"Jim

Jim Rickards Is Also The Author Of The National Best Seller “Currency Wars”<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin. After reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.<\/p>\n

Craig Griffin:
\nThere is kind of a cooperative effort going on between the nations.<\/p>\n

 <\/p>\n

Jim Rickards:
\nThat\u00e2\u20ac\u2122s right.<\/p>\n

Craig Griffin:
\nYou seem to think that we might return to a gold standard at some point. What will you say to the people that say there\u00e2\u20ac\u2122s not enough gold in the world to return to a gold standard?<\/p>\n

Jim Rickards:
\nWell, there\u00e2\u20ac\u2122s always enough gold. It\u00e2\u20ac\u2122s just a question of price. In other words, if you price it at, you know today’s price is around $1300 an ounce. If you price all the official gold at $1300 dollars an ounce, that is not a big enough money supply to support world trade and world finance. It would be extremely depressionary and deflationary. So, it doesn\u00e2\u20ac\u2122t mean you can\u00e2\u20ac\u2122t go on a gold standard. It just means you have to get the price right. So the question I ask myself is; What is the implied non-deflationary price of gold, in other words, what would the price of gold have to be to support the trade and fiance that we already have going on? In other words, to support the existing money supplies? What I\u00e2\u20ac\u2122ve done is calculations, there\u00e2\u20ac\u2122s some assumptions that have to go into it, you have to decide, you know, which countries are going to be included, you know, when you talk about money is it M0, M1, M2, those are all different measures of money supply. And you have to ask yourself what percentage backing am I talking about? Do I want 40 percent backing? Or a hundred percent backing? You know, so there are some parameters you have to put in, but once you\u00e2\u20ac\u2122ve done that the way I\u00e2\u20ac\u2122ve explained in the book, my estimate is $9000 dollars an ounce. So at $9000 dollars an ounce, the existing gold supply does produce enough money supply to support trade and finance. At $1300 dollars an ounce it doesn\u00e2\u20ac\u2122t. So that doesn\u00e2\u20ac\u2122t mean you can\u00e2\u20ac\u2122t have gold, it just means you\u00e2\u20ac\u2122ve got to take the price to $9000 dollars an ounce to have a gold standard.<\/p>\n

To listen to the interview, follow this link<\/a>.<\/p>\n

\"Jim

Jim Rickards Was Recruited By The CIA For His Knowledge And Understanding Of Currency Wars And Financial Systems<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin. After reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.<\/p>\n

Craig Griffin:
\nSo it\u00e2\u20ac\u2122s just a matter of Math, isn\u00e2\u20ac\u2122t it? Do you think hyperinflation is possible or maybe even probable here in the United States? Is that what you\u00e2\u20ac\u2122re seeing in the future?<\/p>\n

Jim Rickards:
\nYes. It\u00e2\u20ac\u2122s certainly possible and maybe probable, I think is a good way to put it. I would define hyperinflation, my definition is anything more than 10 percent a year and some people would disagree with that. They would say that it\u00e2\u20ac\u2122s got to be much higher than that.\u00c2\u00a0 But, you know, ten percent a year, the value of your money is being cut in half in six years, I consider that hyperinflation. But, you know, whether you accept that designation or not, if you\u00e2\u20ac\u2122re talking about ten percent inflation, I can definitely see that coming. See the way the Fed thinks, the Fed wants to get inflation to around three, three and a half.\u00c2\u00a0 They want to get inflation higher than interest rates so you can have negative real rates which is powerful inducement to borrow, invest to try to get the economy going. But they\u00e2\u20ac\u2122re not succeeding in that. The inflation is only about, you know, between one and two percent. So they\u00e2\u20ac\u2122re going to print, print, print more money until they can get it up to where they want to go. But my point is, as inflation goes from, you know, two percent, two and a half, three, three and a half, and at that point the Fed will say, \u00e2\u20ac\u0153Okay, you know now it\u00e2\u20ac\u2122s getting close to four, we have to dial it down a little bit.\u00e2\u20ac\u009d What they\u00e2\u20ac\u2122re going to discover is that expectations have changed and it goes up to seven, eight or nine. In other words, it\u00e2\u20ac\u2122s very, very hard to bend the curve very, very hard to get people to change the mentality from deflation to inflation, but once you do it\u00e2\u20ac\u2122s very hard to get them to change back again. Because you\u00e2\u20ac\u2122re talking about human behavior, which really from the Fed\u00e2\u20ac\u2122s perspective has to be manipulated. You have to lie to people to get them to do what you want. And so, I think it will be very difficult for the Fed to get inflation to three percent, but if they do next stop is eight or nine percent because at that point expectations have changed and behavior has changed.<\/p>\n

To listen to the interview, follow this link<\/a>.<\/p>\n

\"You<\/a>

You Can Follow @JamesGRickards and @ITMTrading on Twitter<\/p><\/div>\n

This past April, Jim Rickards, the Author of \u00e2\u20ac\u0153The Death Of Money\u00e2\u20ac\u009d and Craig Griffin, President and Founder of ITM Trading, spoke about some of the topics in Jim\u00e2\u20ac\u2122s book that are effecting the world markets and the global economies, and Jim\u00e2\u20ac\u2122s experiences, research, and reasoning that go in to forming his statements. Jim suggests that people hold 10% of their wealth in gold. He suggests they buy gold coins, and suggests the American Gold Eagle coin. After reading the transcript of the interview between Jim Rickards and Craig Griffin, you may want to pick up some American Gold Eagles, or you may wish to buy gold bars online.<\/p>\n

Craig Griffin:
\nSo at ten percent inflation rate, do you have any projections as to what that would do to the gold price?<\/p>\n

Jim Rickards:
\nWell, it\u00e2\u20ac\u2122s happened before, see everything in the book I talk about has happened before.\u00c2\u00a0 From 1977 to 1981, in a five year period cumulative inflation in the United States was fifty percent. So, that was about ten percent a year over a five year period. And during that period, you know, gold actually, you go back to 1971, it was $35.00 dollars an ounce, by 1980 it was $800 dollars an ounce. So, we know what inflation does to gold, it takes it sky-high. Now, who knows how much. If you think there is going to be a gold standard, you\u00e2\u20ac\u2122d probably be at the $9000 dollar range. But even if it was just regular inflation, you know, gold could easily go to $3000 dollars or more. So I think that\u00e2\u20ac\u2122s not a stretch and A) I think it can happen, B) I think that is what would happen to gold.<\/p>\n

Craig Griffin:
\nWell, Jim I really appreciate you being with us today. I\u00e2\u20ac\u2122m telling you that book The Death of Money, everybody ought to get it. It\u00e2\u20ac\u2122s a great book. There\u00e2\u20ac\u2122s a lot coming. Don\u00e2\u20ac\u2122t be looking for snowflakes and avalanches is one of the things you state in your book and it\u00e2\u20ac\u2122s a great statement. And, appreciate you being here and hopefully we can do this again this again.<\/p>\n

Jim Rickards:
\nI hope so. Thank you.<\/p>\n

Craig Griffin:
\nThanks a lot Jim. You can buy Jim\u00e2\u20ac\u2122s book The Death of Money online at Amazon.com.\u00c2\u00a0 If you\u00e2\u20ac\u2122d like more information about how to protect yourself from the coming collapse of the dollar call ITM Trading at 1-8888-OWN-GOLD. That\u00e2\u20ac\u2122s 1-888-OWN-GOLD.<\/p>\n

Thank you for reading this informative interview between Craig Griffin and Jim Rickards. Jim and Craig suggest you seriously consider diversifying your financial portfolio to own gold coins and gold bars. Please do your due diligence when choosing a gold firm to do business with. There are several types of way to own gold, including old gold coins, foreign gold coins, and rare gold coins. Not every type of gold coin is suitable for every buyer. If you would like to speak to an ITM Trading Precious Metals Specialist, please call us at 1.888.OWN.GOLD. If you would like to hear the audio version of this interview, follow this link<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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