TRIGGERnometry Jim Rickards: Recession is Coming
May 21, 2023
Jim Rickards, an economist and investment banker known for his sharp insights on finance and precious metals, dives into pressing economic issues. He highlights the troubling state of inflation and the risks of U.S. national debt, while discussing the implications of financial defaults. The conversation navigates the potential rise of alternative currencies, especially amidst global shifts like BRICS Plus. Rickards emphasizes gold's enduring value and critiques climate initiatives, connecting economic turmoil with evolving societal dynamics.
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Debt and GDP
- High national debts, like in the US and UK, are only problematic relative to GDP.
- A healthy approach involves increasing debt during crises and decreasing it during peacetime.
Modern Monetary Theory and Confidence
- Modern Monetary Theory (MMT) suggests governments can print unlimited money, rendering bonds and taxes unnecessary.
- However, confidence in currency, not just its printability, is essential for a functioning economy.
Diversification Strategy
- Diversify investments across various asset classes, including equities, real estate, cash, alternatives, and gold.
- Cash preserves wealth during deflation and offers buying opportunities in market downturns.
