Jim Rickards, an economist and author of the best-selling book ‘Currency Wars,’ has issued an alert about the possible collapse of the global clearance system. In a recent interview, Rickards noted that Euroclear, a settlement service, holds 0 billion in Russian assets. He further explained that Euroclear could face lawsuits if Western countries seize these […]
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SEC Approves Spot Ether ETFs, Jim Rickards Predicts $27K Gold Price, and More — Week in Review
The U.S. Securities and Exchange Commission (SEC) has approved significant regulatory filings for spot ether ETFs. Economist Jim Rickards predicts that gold prices could surpass ,000 based on rigorous analysis. Satoshi Nakamoto’s Genesis wallet now holds over 100 BTC after an accidental transfer added 0.10754671 BTC, bringing its total value to approximately .75 million. The […]
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Economist Jim Rickards Predicts Gold Price Exceeding $27,000 — Says: ‘It’s Not a Guess. It’s Rigorous Analysis’
Economist Jim Rickards forecasts that gold prices could surpass ,000, emphasizing that this projection is not made for attention or shock value. “It’s the result of rigorous analysis,” he clarified. This represents a significant increase from his previous estimate of ,000 by 2026. Jim Rickards’ K Gold Prediction Explained Economist Jim Rickards shared his prediction […]
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Economist Jim Rickards’ ‘Tumultuous’ and ‘Shocking’ Predictions: Global Recession and a New Banking Crisis to Ensue in 2024
Jim Rickards, a famous economist and investment lawyer, has predicted a year of turmoil for global economies in 2024. According to Rickards, the U.S. Federal Reserve will be unable to pull off a soft landing scenario, prompting a global recession. Also, according to Rickards, a new banking crisis involving medium-sized regional banks will develop.
Jim Rickards Predicts a Year of Turmoil: Recession and Banking Crisis to Happen in 2024
Notable economist, investment banker, and best-selling author Jim Rickards has predicted 2024 will be a year of turmoil for the global economy, forecasting a global recession that will affect the U.S. and China, which will be unable to emerge unscathed from the significant headwinds they are facing. “My overall forecast is that 2024 will be more tumultuous and shocking than 2023,” Rickards notes.
According to Rickards, China, the U.S., and Japan will all fall into recession in the coming months, resulting in a global recession scenario in 2024. The Federal Reserve’s tightening policies won’t result in a soft landing, Rickards forecasts, stating that the U.S. might already be in a recession given reports regarding inverted yield curves, rising commercial real estate defaults, declining industrial production, declining job creation, and falling bank loans.
China, even with its stimulus reopening policies, will fail in its most recent relaunch attempt due to debts weighing heavily on its economy.
Rickards also believes the banking crisis that developed this year will continue in 2024, with not-too-big-to-fail regional banks having a starring role on this stage. Rickards explained:
Investors are relaxed because they believe the banking crisis is over. That’s a huge mistake. History shows that major financial crises unfold in stages and have a quiet period between the initial stage and the critical stage.
According to Rickards, this midsize banking meltdown could snowball into a global crisis directly affecting capital markets. Stocks will perform poorly, losing up to 50% if global geopolitical conflicts escalate, while gold and silver should “perform well” in a flight-to-quality scenario. “Put on your crash helmets for a wild ride in the coming year,” he warned.
What do you think about Jim Rickards’ dire predictions for 2024? Tell us in the comments section below.
Jim Rickards Blasts US Congress Confiscation Initiatives: ‘The Drive to Create New Currencies Will Go Into Overdrive’
Renowned economist and best-selling author Jim Rickards has warned about the effects of a new U.S. congressional initiative that proposes confiscating Russian assets to reimburse itself for the aid given to Ukraine. Rickards believes that, if passed, this legislation will alert the international community about the need for creating new currencies.
Jim Rickards Explains Confiscating Russian Assets Will Reinforce the Need for New Currencies
Jim Rickards, renowned economist and best-selling author, has alerted about the possible effects of confiscating Russian assets.
In one of his latest posts on social media, Rickards stated that enacting a new legislative initiative introduced this week to confiscate these assets to help Ukraine in its conflict, could alert the international community about the need for new currencies to the detriment of the U.S. dollar.
The “Make Putin Pay” Act was introduced on Wednesday by Georgia Rep. Rich McCormick and would snatch 0 billion from the 0 billion in Russian assets currently frozen in the U.S. to pay for the help already delivered to Ukraine.
Another 0 billion would finance Ukraine’s aid until the conflict ends. The move would ostensibly allow the U.S. to stop bankrolling Ukraine with its assets, as it has done since day one.
Rickards opposed McCormick’s legislation due to its potential unforeseen consequences, explaining the difference between freezing and confiscating assets. He stated:
Freezing assets is one thing. Confiscating them is another. If the U.S. goes ahead with the Republican call to steal Russian assets, the drive to create new currencies will go into overdrive.
Nonetheless, according to the bill, these actions are justified, as it stresses that “for the survival of Western civilization, the United States must continue to face authoritarian regimes head-on.” Furthermore, it declares that “the United States must continue to support Ukraine in a responsible and effective manner.”
New Currencies Ahead
Rickards is not the only one who has recently predicted that the continued abuse of the U.S. dollar will change the world’s economic landscape in the future.
Jeffrey Sachs, another American economist, is predicting that dollar hegemony will end during the next decade because the U.S. “became reliant on using the financial system for the sake of achieving geopolitical goals.”
To substitute the dollar, central bank digital currencies (CBDCs), digital versions of current fiat currencies, will become the basis of payments, per Sachs’ statements.
What do you think about Jim Rickards’ opinion on the U.S. confiscating Russian assets? Tell us in the comments section below.
Economist Jim Rickards States BRICS Currency Will Leverage Gold to ‘Destroy the Dollar’
Jim Rickards, economist and best-selling author, has explained the possible repercussions of issuing a BRICS bloc currency for the dollar. For Rickards, the “bric” (the name he gives to the BRICS currency) will be anchored (but not redeemable or backed) to a weight of gold and will be used for debasing the dollar by propping up commodity prices.
Jim Rickards Speculates BRICS Currency Will Be Anchored to a Weight of Gold
Jim Rickards, economist and best-selling author, has commented on his vision of a hypothetical BRICS (Brazil, Russia, India, China, and South Africa) bloc currency and how it could be leveraged to devalue the U.S. dollar.
To Rickards, the “bric” — the name he gives the BRICS currency — will be anchored to a determined weight in gold, but not backed by it. This is because the BRICS nations will free-ride on top of the gold markets without intervening to manage the bric-dollar peg.
This will also allow its price to go up as inflation and devaluation hit the U.S. dollar, ostensibly leading to the greenback’s destruction. On this, Rickards stated:
It’s a way to destroy the dollar. You don’t need dollars and you don’t need gold. You just need to be smart enough to anchor your currency to gold, and when dollar inflation starts to go up, your currency is going to be worth more because of how you pegged it, not to dollars, but how you pegged it to gold.
However, Rickards acknowledges that this might take years to happen.
Disrupting Supply Chains
Rickards stated that another way of turbocharging the debasement of the U.S. dollar would be to interfere with the supply chains of commodities in the world. He mentioned the end of the Black Sea grain deal between Russia and Ukraine as an example, stating that grain prices went up by 10% just after the announcement of the suspension.
On this, Rickards explained:
So, if I were a BRICS member, and I were Russia in particular, and I had this currency tied to gold, and I wanted my currency to be more valuable and your currency (U.S. dollar) less valuable, one of the ways to do that is mess with the supply chain and drive up the price of oil, gasoline, grain.
In January, Russian Foreign Minister Sergey Lavrov stated that the bloc would discuss an official currency this August. However, South Africa’s diplomat in charge of BRICS relations, Anil Sooklal, recently declared this topic was not on the agenda for the upcoming summit.
What do you think about Rickards’ thoughts on the hypothetical BRICS currency? Tell us in the comments section below.
Economist Jim Rickards: ‘Biden Is Now a World Historic Figure — He Has Destroyed the Dollar’
Jim Rickards, economist and best-selling author, has accused the Biden administration of destroying the U.S. dollar as a reserve currency. Rickards stated that Biden is to blame for the upcoming marginalization of the U.S. dollar at the hands of a BRICS bloc common currency to be proposed on August 22.
Jim Rickards States Biden ‘Destroyed the Dollar’
Best-selling author and economist Jim Rickards has given his opinion about the Biden administration’s handling of U.S. monetary policy. Rickards, an investment expert with 35 years of experience, accused President Joe Biden of taking down the U.S. dollar as a global reserve currency.
On social media, Rickards stated:
Biden is now a world historic figure. He has destroyed the dollar, not an easy task.
The currency expert noted that one of the biggest rivals for the dollar is the birth of a BRICS bloc-wide currency that could potentially link the economic transactions of Brazil, Russia, India, China, and South Africa (the BRICS bloc). Rickards stated that a gold-backed BRICS common currency will be previewed on August 22 and that it will be implemented in stages.
Reports coming from the Russian embassy in Kenya support this allegation. In contrast, Leslie Maasdorp, vice president and chief financial officer of the New Development Bank, also known as the BRICS bank, recently stated that there was no immediate push to create a common currency, explaining that any alternatives in this area would be part of “a medium to long-term ambition.”
SCO and BRICS Merge
According to Rickards, BRICS and the Shanghai Cooperation Organization (SCO), two of the most significant economic blocs in the world, will merge into an unnamed cooperation group. Rickards believes the size of this new organization will inspire other countries to unite, consolidating an economic unity that will hurt the status of the U.S. dollar as a reserve and transactional currency.
However, Rickards maintains that the dollar will continue to be used as a second-hand currency, being “marginalized.” This is one of the scenarios that Rickards predicted in his 2011 best-seller Currency Wars: The Making of the Next Global Crisis, where he describes the rise of a multicurrency world as dollar dominance continues to fade.
Others have also warned about the destruction of the dollar and its value. Jim Rogers, an investor who predicted the 2008 financial crisis in 2002, recently warned about the effects of the demise of the U.S. dollar, stating that the country is “going to suffer” due to inflation and debt problems.
What do you think about Jim Rickard’s predictions on the dollar’s future? Tell us in the comments section below.
Economist Jim Rickards Warns of a CBDC-Supported Social Credit System in the US: ‘It Can Happen Here’
Jim Rickards, an economist and investment banker, has warned about the establishment of a social credit system powered by the issuance of a central bank digital currency (CBDC). According to Rickards, this combination could be used to restrict the civil liberties of Americans by limiting their capabilities to travel and their reach on social media platforms.
Jim Rickards on a Hypothetical CBDC-Fueled Social Credit System: ‘Yes, It Can Happen Here’
Jim Rickards, an economist with more than 40 years of experience in investment banking, has warned about a hypothetical social credit system in the U.S. powered by a central bank digital currency (CBDC). In his latest article, Rickards explains that issuing a CBDC would allow the government to get the data needed to construct such a system.
Rickards stated that the information collected by monitoring transactions on a CBDC would facilitate “the creation of a social credit system that allows governments to punish those who engage in unapproved activity such as buying guns, donating money to the wrong political party, buying unapproved literature, etc.”
While recognizing this might sound paranoid to some, Rickards compares these measures to the ones taken by the federal government to stop the Covid pandemic, declaring:
Before the pandemic, you probably wouldn’t have thought that any of this was possible. But it all happened. When you think of it in that light, you begin to understand that some type of social credit system in the U.S. really isn’t that far-fetched.
A System Built for Control
In Rickards’ hypothetical system, implementing a CBDC would allow the government to control or block people’s movement to other cities or countries, limit their liberties by nullifying their opinions on social media, and even target them via intelligence agencies. Using the CBDC would be the only way of paying, and a social credit score would be the tool for limiting these actions.
According to his forecast, this might be done deceptively, establishing measures to pursue extremists and criminals first. On this, he declared:
It’ll all be made to sound very benign, even necessary, to support ‘our democracy’ against MAGA types, white supremacists, climate deniers and domestic terrorists.
Others have also risen to criticize and sound the alarm against the issuance of a CBDC in the U.S. In May, Florida Governor Ron DeSantis signed a law prohibiting the use of CBDCs in the state. Presidential Candidate Robert F. Kennedy Jr. has also been vocal against CBDCs “because they are instruments of control and oppression, and are certain to be abused.”
What do you think about Jim Rickards’ warnings? Tell us in the comments section below.
Economist Jim Rickards Predicts Unveiling of New BRICS Currency — Says ‘the World Is Unprepared for This Geopolitical Shock Wave’
Jim Rickards, an economist and the author of “Currency Wars,” has predicted the unveiling of a new BRICS currency, stating that it “could weaken the role of the dollar in global payments and ultimately displace the U.S. dollar as the leading payment currency and reserve currency.” Emphasizing that “The process by which this will happen is unprecedented, and the world is unprepared for this geopolitical shock wave,” he noted that “The BRICS+ present a realistic effort to de-dollarize global payments and eventually global reserves.”
Jim Rickards on BRICS Currency Challenging U.S. Dollar Dominance
Economist and “Currency Wars” author Jim Rickards shared his predictions about a proposed BRICS currency in an opinion piece published by the Daily Reckoning earlier this week. The leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are expected to discuss the proposed common currency at their next leaders’ summit in August.
“On Aug. 22, about 2½ months from today, the most significant development in international finance since 1971 will be unveiled,” Rickards wrote, elaborating:
It involves the rollout of a major new currency that could weaken the role of the dollar in global payments and ultimately displace the U.S. dollar as the leading payment currency and reserve currency. It could happen in just a few years.
“The process by which this will happen is unprecedented, and the world is unprepared for this geopolitical shock wave,” he opined.
Rickards explained that there are currently eight nations that have formally applied to join the economic bloc and 17 others have expressed interest in joining. The eight are Algeria, Argentina, Bahrain, Egypt, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates, he detailed, adding that the 17 countries are Afghanistan, Bangladesh, Belarus, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Senegal, Sudan, Syria, Thailand, Tunisia, Turkey, Uruguay, Venezuela, and Zimbabwe.
In April, Anil Sooklal, South Africa’s ambassador to the BRICS economic group, revealed that 19 countries have either applied to join or have expressed interest in joining. “We are getting applications to join every day,” he stated at the time.
“By every measure — population, landmass, energy output, GDP, food output and nuclear weapons — BRICS is not just another multilateral debating society. They are a substantial and credible alternative to Western hegemony. BRICS acting together is one pole of a new multipolar or even bipolar world,” Rickards stressed.
De-Dollarization of Global Payments and Global Reserves
The economist then discussed the global de-dollarization trend, as a growing number of countries shift away from using the U.S. dollar in trade settlements in favor of national currencies. “What’s behind this quest to ditch the dollar? In no small part the answer is U.S. weaponization of the dollar through the use of sanctions,” the Currency Wars author described.
“Many other nations began to conclude that they could be next if they run afoul of the U.S. on certain issues. And that fear has greatly accelerated the push to opt out of the dollar system entirely,” he continued, adding:
The BRICS+ present a realistic effort to de-dollarize global payments and eventually global reserves.
Rickards noted that efforts to shift to using national currencies “may soon be superseded by a new BRICS+ currency, which will be announced in Durban, South Africa, at the annual BRICS leaders’ summit Conference on Aug. 22–24.”
Believing that the new BRICS currency “will be pegged to a basket of commodities for use in trade among members,” Rickards predicted: “Initially, the BRICS+ commodity basket would include oil, wheat, copper, and other essential goods traded globally in specified quantities.”
He further explained: “In all likelihood, the new BRICS+ currency would not be available in the form of paper notes for use in everyday transactions. It would be a digital currency on a permissioned ledger maintained by a new BRICS+ financial institution with encrypted message traffic to record payments due or owing by participating parties.” He clarified that this new currency will not be a cryptocurrency “because it is not decentralized, not maintained on a blockchain, and not open to all parties without approval.”
The economist concluded:
Based on the impracticality of commodity baskets as uniform stores of value, it appears likely that the new BRICS+ currency will be linked to a weight of gold.
“This plays to the strengths of BRICS members Russia and China, who are the two largest gold producers in the world and are ranked sixth and seventh respectively among the 100 nations with gold reserves,” he stressed.
While Rickards anticipates the unveiling of the new BRICS currency at the forthcoming leaders’ summit of the economic bloc, there is widespread skepticism regarding the feasibility of such a currency. This skepticism extends to individuals like Lord Jim O’Neill, the British economist credited with coining the acronym BRIC.
What do you think about the predictions regarding a new BRICS currency by economist Jim Rickards? Let us know in the comments section below.
Economist Jim Rickards Says US Dollar’s Greatest Enemy as Reserve Currency Is the Treasury
Jim Rickards, an economist and the author of “Currency Wars,” says the U.S. Treasury is actually the biggest threat to the U.S. dollar’s status as a reserve currency. However, he cautioned that an increasing number of countries seeking alternatives to the dollar as a payment currency is also “a big deal,” emphasizing: “The dollar is being attacked from all sides.”
Jim Rickards on U.S. Dollar Losing Reserve Currency Status
Economist and “Currency Wars” author Jim Rickards has warned that despite China and other nations intensifying their efforts to reduce their dependency on the U.S. dollar, the USD’s biggest threat comes from the Treasury. He stressed on “Fox & Friends Weekend” Saturday:
The greatest enemy of the dollar as a reserve currency is not all those other countries. It’s the U.S. Treasury.
Rickards explained the difference between payment and reserve currency. He noted that while many countries are moving away from using the USD for payments, the “bigger threat” to the U.S. dollar is its potential replacement as a reserve currency. He detailed:
The U.S. Treasury has weaponized the dollar, frozen the reserves of the Central Bank of Russia and other countries looking around saying, ‘Hey, what if they don’t like what I did? What if they don’t like one of my policies, are they’re going to freeze my reserves?’
“If you say I want to get out of the dollar as a reserve currency, the only really good alternative is gold,” the economist opined.
Commenting on efforts by China and several other countries to challenge the USD as a payment currency, Rickards said:
That’s a big deal. The dollar is being attacked from all sides. People are looking for substitute payment currencies.
A growing group of nations, which includes China, Russia, India, Malaysia, and Saudi Arabia, have made efforts to reduce their reliance on the U.S. dollar. Recently, China and Brazil reached an agreement to replace the USD with their own currencies in trade transactions. Moreover, ASEAN countries have agreed to reduce their reliance on the U.S. dollar for trade settlements, and the BRICS nations are reportedly working on creating a new currency.
Do you agree with Jim Rickards? Let us know in the comments section below.