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Jim Rickards: Best Case Scenario, We Are Japan
Wed, 05/16/2012 - 17:24 — StingingNettle
Capital account has a great interview with Jim Rickards author of "Currency Wars". Jim thinks that the FED will have to keep rates at 0% for as long as they can, and we may never see them raise rates in our lifetime (the bond market might not cooperate). He concluded that the best case scenario for the U.S. is that we turn out like Japan (no growth for 20+ years), worst case is that it all falls apart.
They continue on to talk about Jamie Dimon and JP Morgan, saying that he wouldn't care if JPM was a hedge fund doing these spread trades, but the fact is that they are doing it on the back of taxpayers and savers in a corrupt banking system that doesn't add to any economic growth and consists of nothing more than gambling.
Watch the full interview here below. Well worth watching.
I also wanted to clarify part of my last post on "Copper as Money: Will it Work?". I do not believe the Federal government had a legal leg to stand on, when they threw the Liberty Dollar leader behind bars. Dave from the forum was quick to point out the law and I thank him. Check out the forum thread here: http://taoeconomics.com/ss/viewtopic.php?f=1&t=4997
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