Author Topic: Unstoppable Crash Worse than 2008 Coming – James Rickards  (Read 38 times)

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Offline Ptarmigan

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Unstoppable Crash Worse than 2008 Coming – James Rickards
« on: November 20, 2022, 08:24:18 PM »
Unstoppable Crash Worse than 2008 Coming – James Rickards
https://usawatchdog.com/unstoppable-crash-worse-than-2008-coming-james-rickards/

Quote
Six-time, best-selling financial author James Rickards says the upcoming book “Sold Out” lays out the case why a huge crash is already a certainty sometime in 2023.  In a nutshell, broken supply chains have already caused big inflation, and the Fed is raising rates to tamp it back down.  On top of the perfect storm of inflation and prolonged supply problems, we have the recent meltdown of the FTX crypto currency exchange.  Rickards says, “It is definitely going to cause sequential collapses in the crypto world, but will it jump the fence into the broader financial world?  My expectation is it will, but it can take six months or more to play out. . . . We probably have an acute global financial crisis coming anyway.  If FTX never existed, I would say we are staring at a worse financial crisis than 2008.  Throw FTX on top of that, and it’s like throwing gasoline on a fire.  It will accelerate the fire.  So, we’re probably going to have problems anyway, but the FTX implosion just makes it worse.”

As far as the dwindling supply chains, Rickards says, “The old supply chain has collapsed.  A new supply chain will emerge, and I talk about that in my book and what it will look like.  Right now, we are in a very messy middle period where things don’t work well.  It’s like a vase.  You knock over a vase, and it breaks into 5,000 pieces.  You can’t put it back together.  You’ve got to go get a new vase.  We broke the vase, and we are shopping for a new one.  We are not there yet.  We are just cleaning up the mess. . . . Russia invades Ukraine.  The Ukrainian plastic conduit factory shuts down, and all of a sudden, the BMW production lines are shut down because they cannot get a part.  Again, this is another example of how this is all falling apart, and it’s not going to be put back together quickly.  There will be a new supply chain, and I call it supply chain 2.0, but we are in that in between time, and it’s going to be just a mess.”

Rickards says the Fed is going to keep raising rates because that is what they keep telling the public.  Rickards says, “They are telling us what they are going to do, and you should believe them.”

Could 2023 be worse than 2008?
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Offline Eupher

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Re: Unstoppable Crash Worse than 2008 Coming – James Rickards
« Reply #1 on: November 21, 2022, 11:17:36 AM »
something's going to break sometime -- you just can't jack around with the economy to the level that the politicians on both sides have done and it not responding back with revulsion and projectile vomit.

The sad part is the Repubs will be on the receiving end of the inevitable "It's your fault!" narrative that the leftists and their flying monkeys in the LSM will drumbeat and the Repubs are too dense to see it ahead of time.
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