Episode 07/ Full Interview: Jim Rickards on the new Great Depression

Recorded March 4, 2021. Jim Rickards, an American lawyer, is the author of the national bestseller, Currency Wars: The Making of the Next Global Crisis, and a partner in JAC Capital Advisors, a hedge fund based in New York. He is a counsellor and investment advisor and has held senior positions at Citibank, Long Term Capital Management (LTCM) and Caxton Associates. He was the principal negotiator of the rescue of the LTCM sponsored by the Federal Reserve. He has been interviewed in The Wall Street Journal and has appeared on CNBC, Bloomberg, Fox, CNN, BBC and is an Op-Ed contributor to the Financial Times, New York Times and Washington Post. Mr. Rickards is a visiting lecturer at Northwestern and the School of Advanced International Studies (SAIS) at the Johns Hopkins University. He has written and delivered numerous papers on risk management. He is an advisor on capital markets to the Director of National Intelligence and the Office of the Secretary of Defense. Mr. Rickards holds an LLM in Taxation from the NYU School of Law, a J.D. from the University of Pennsylvania Law School, an M.A. in economics from SAIS and a B.A. from the Johns Hopkins University. He joins us to tell us about his latest book, The New Great Depression: Winners and Losers in a Post-Pandemic World.Show Notes07:48 JR on the difference between depressions and recessions 15:40  JR on being raised with a depression mentality through the 50s and 60s, long after the last great depression.20:20 JR on how the botched policy response to the pandemic caused the depression.23:32 JR on how this was the greatest economic blunder in history.27:30 JR on the disastrous politicization of the virus.30:00 JR  tracks the initial spread of the virus. 37:23 JR on the increasing impotence of central banks.39:43 JR on "Chinese levels" of saving in the US economy.43:18 JR on the multiple asset bubbles, whether in crypto, stock market or residential housing.47:00 JR on how small businesses have borne the brunt of the pandemic.49:00 JR on the looming risk of systemic failure.52:00 JR on the structural problems and demographic time bomb in the Chinese economy. 1:01 JR explains the Triffin dilemma.1:02 JR on the viability of a yuan denominated bond.1:03:44 JR on the winning strategies in his new book The New Great Depression. Hosted on Acast. See acast.com/privacy for more information.