Jim Rickards: Bernanke and the Fed

Five years ago, Federal Reserve Chairman Ben Bernanke warned members of Congress that without an emergency bailout for Wall Street "we may not have an economy on Monday." Lehman Brothers collapsed, Fannie Mae and Freddie Mac were placed into conservatorship, and AIG was seized by the federal government. In providing nearly $1 trillion to Wall Street, President George W. Bush said that he "abandoned free market principles to save the free market system." Did we save the free market system or merely allow the Federal Reserve to forestall yet another economic catastrophe? Author and managing director of Tangent Capital James G. Rickards has claimed that the Federal Reserve is "playing with a nuclear reactor." As the Bernanke-era draws to a close, Rickards will discuss the Fed chairman's legacy, the inherent vulnerabilities facing the U.S. dollar, and the challenges ahead for the new occupant at the Eccles Building.

[@Mikesorrento3344]

Rickards is brilliant in two ways. First, he has great insight. Second, he is able to convey his message in a way tat most people can understand. That's true talent.

[@kylek1556]

Needs to be 100% backed. If it’s only 40% backed then they’re still 60% criminal

[@laughliketheflowers]

Fascinating! Perhaps he can be a part of the second Trump administration, to re/construct the new/renewed America.

[@avil8686]

He was so wrong on Russia... Russia didn't collapse because of Swift

[@william1863]

Russia by Mr Putin is one of the only people who have any decency left and I am an AMERICAN. God ALMIGHTY help us all in the USA my friend but these politicians here NEED TO HANG ALONG WITH WALLSTREET But that we that JUST WANT TO LIVE PEACEFUL LIVES ESCAPE. ✝️

[@richardb4787]

Letting the banks collapse would have been the best thing to do.

[@TheBest-ff8zz]

So long as there are huge welfare and defense spending the Fed will never be stopped, If you can't afford it you have to put it on your credit card and what better credit creation machine there is than the Fed.

[@mek1one]

This is what humanity has come to sad so sad to see how much we as human beings have devolved into believing the very things we create out of nothing but our own creative thoughts.

[@koltoncrane3099]

The other issue isn’t just that they stole gold but they made it illegal to own. They could have made gold legal own again a few years after they stole it. That would have ensured people could mine gold and was incentivized. The other issue though is the euro dollar system or offshore banks creating dollars out of thin air with no reserve asset or dollars even. Without preventing that there’s no use trying to have a gold backed currency. Although I think it’s interesting they could have high food inflation after WW2 for a decade and gold not move. I get the government can set the price of gold but if labor or fuel to mine gold goes up you’d think price of gold should reflect the input cost inflation. I think if you want a stable gold currency or back currency it should fluctuate some what shouldn’t it? Or maybe have the government systemically adjust it once a decade to reflect the input costs and other inflation. It’s amazing to think gold could be at $35 for decades while land and other assets go way up.

[@koltoncrane3099]

If there was a private market for gold at $42 and there was a risky free arbitrage you’d think the government would be incentivized to legally declare gold was now $42.

[@whitewiz222]

8:55 "And umm, one of the scenarios we laid out at the time was that Russia and China would acquire gold and over time have enough gold to, in effect, discard the dollar and come up with their own gold-backed currency, and then insist on payment in that currency for Chinese manufactured goods and Russia natural resource exports. Nothing that's going to happen tomorrow but over a 5-year scenario if they were pushing in that direction, you couldn't rule that out." .... fast fwd to today, and Russia's ruble is now gold-backed and the insisted-upon currency for their oil and gas natural resources. Way to go gaming, Jimmy.

[@patrickmcgoohan115]

this was in 2015. 2019 had the repo crisis and run on the t bill with 6 month fed intervention. now it's 2022. . well, gotta hand it to them. heck of a way to induce inflation though.

[@jdsoms21]

Mr. Rickards, is the velocity decrease the same demographic cliff the Harry Dent speaks of? The whole world is going off, except some emerging markets.

[@hume1234561]

1999 levels of employments means current oil production can meet the needs of a population greater than that of the 1999 level.

[@bleacherz7503]

This is exactly correct - and now you links why the gov has put students in debt and why medical costs continue to escalate

[@thomasanderson5466]

Don't forget Adam Smiths' precursor to Wealth, i.e. Theory of Moral Sentiments. Those self interested entrepreneurs require due moral enlightenment;)

[@robs2579]

Jim Rickards will always remain as one of the most well articulated thinkers and actors in the field of public and private finance, brilliant man and genius encyclopedic articulation.

[@rogersmith667]

go for gold people

[@virtuous8]

this video is great

[@liju24]

brilliant!

[@TheMraptor]

terrific...

[@mariacummins432]

Thanks again Jim for the great insight...Cheers!

[@karstenkleyensteuber3546]

Very informative !

[@davidcunningham2984]

Gentlemen you can't fight in here this is the war room.

[@vallieri72]

Fantastic conference!