Jim Rickards joined the Financial Survival Network to discuss his new book Currency Wars and to discuss the eventual dropping of the fiat money standard. Virtually everyone who doesn’t reside in Washington, DC or Wall Street understands that Nixon’s closing of the Gold Window 40 years ago, has helped create the unstable economic and monetary conditions the world is now experiencing. At some point, either an economic collapse or a world monetary agreement is going to put the experiment out of our collective misery. Jim doesn’t see an economically enlightened leader stepping forward to lead the world into a new Golden Age.
So that means that a collapse and resulting chaos are probably going to cause the inevitable transition. Jim states for the record, and it is a well established fact, “a Central Bank is not mandatory.” The US got along just fine during the 1800’s after President Andrew Jackson disbanded the Second Bank of the United States. In fact on his death bed, Jackson said he was most proud of his victory of central banking. The problem is that mankind doesn’t learn from history until it’s too late. And that will probably be the case here.
Please fill out the subscription box on KerryLutz.com to receive your free Financial Survival Toolkit.