New Great Depression Coming in 2021 – Jim Rickards with Greg Hunter

James Rickards – $15,000 Gold & $100 Silver

by Greg Hunter
USA Watchdog

Five time. best-selling financial author James Rickards contends all this money printing to retard the effects of CV19 is not going to produce inflation—just the opposite. Rickards explains, “Let’s say I go out to dinner and I tip the waitress. The waitress takes a taxi home, and she tips the taxi driver. The taxi driver takes the tip money and puts gas in his car. In that example, my $1 tip had a velocity of three: the waitress tip, the taxi tip and the gasoline. So, my $1 produces a velocity of three. My $1 produces $3 of goods and services. That’s velocity, but what if I stay home, don’t go out and don’t spend any money? In that case, my money has a velocity of zero. $7 trillion times zero is zero. If you don’t have velocity, you don’t have an economy. The $7 trillion is the base money supply, and that could be $8 trillion or $9 trillion . . . and that by itself does not produce inflation. What you need is turnover, and we are not getting that.”

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