by James Rickards
Over the course of 13 years as a media commentator and nine years as a bestselling author, I’ve had frequent occasion to state the following:
“In 1998, Wall Street came together to bail out a hedge fund. In 2008, the Federal Reserve stepped forward to bail out Wall Street. Each crisis was worse than the one before. In the next crisis, who will bail out the Fed?”
This was more than just rhetoric. It was a clinical description of a pattern of worsening crises on an approximately 10-year tempo, along with escalating bailouts.
Now the worst economic crisis in U.S. history is here and the Fed itself is in need of a bailout.