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« Understanding Global Monetary Policy: And How to Profit From It | Main | Uranium producer Cameco expects up to 5 pct fall in revenue »
Monday
Nov032014

Jim Rickards Exclusive Interview: The Fed Basically Still Uses LTCM’s Financial Models


Hi Jim. You have recently published Currency Wars and now The Death of Money. Are you expecting a global collapse of every currency? And if so, a collapse relative to what?

I expect a collapse in the value of currencies relative to real goods, real assets and real services. This will happen to all currencies, not just the dollar. I don’t expect a word where people lose confidence in the dollar and the euro does really well. On a relative basis, I’ve been bullish on the euro for some time. In the endgame, however, if people lose confidence in the dollar this will be inflationary in all countries around the word and I don’t think that any currency will be able to withstand it. When I say ‘the death of money’ what I really mean is the loss of confidence in the purchasing power of money. That’s very likely to be a global phenomenon not confined to any particular country.

Is a widespread loss of confidence in paper currencies the end result of a currency war that you see happening?

Currency wars are part of the picture because the way you fight a currency war is by cheapening the currency, cutting rates and quantitative easing. We saw that recently with the announcement of more quantititive easing from Japan, which took the markets by surprise and causing the Japanese Yen to fall by over 2 percent in a single morning. That is a huge move in the currency markets.

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Could there be a final capitulation just ahead of us? 

 

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