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The global financial system is at melting point. Factors like the rising cost of debt and a fear of global recession are the main reasons for this grim outlook. So, what assets we should own as an investor and as a consumer to survive through any worrisome situation. Jim Rickards is an American Investor, economist, investment banker, speaker, media commentator, and author on matters of personal finance and precious metals. In this video, we will discuss about Jim explaining how he sees the next economic crisis developing while giving some historical background to the situation. Moreover, we will also show you some tips from Jim to prepare for the upcoming circumstances. He will also suggest some preventive measures to safeguard your investment and how to grow your investments despite the tough circumstances..
But first let me tell you why you should pay attention to Jim Rickards predictions. In 1998, Rickards successfully negotiated a 3.6-billion-dollar rescue while working as general counsel for long-term Capital Management LTCM. For years, Rickards has been predicting an FTX like catastrophe and kept warning about cryptocurrency risks. In 2022, Rickards cautioned about cryptocurrency. He called it crypto hysteria. He forewarned that the upper class and the Fed would ultimately demolish and utilize the sector for their own purposes and same thing happened. Jim took a timely exit from Bitcoin near its last cycle peak and advised investors to keep some cash to buy later after correction is done. Current bitcoin chart is proving his point right.
Rickards discussed in his Wall Street Journal best-selling book, Aftermath, that how the global financial markets are blowing up artificially and how you can protect your assets. He notified about crypto-currency and many other asset classes. In his daily reckoning article, Rickards said bitcoin is bogus and will ultimately collapse. He also hinted that the 2018 bitcoin fall was an indication of a more severe crash wwill come at the end of this super bubble cycle. He anticipated that all the crypto currency investors will go bankrupt if they dont cash out at peaks. Closing of world’s fifth crypto currency exchange, FTX, depressed the whole sector.
Also as stated by Reuters news agency, FTX clients have lost billions of dollars. They said, FTX was a Ponzi scheme based on fraud. Rickards warned about bitcoin and called it a Madoff scheme.
One of Jim Rickards most important point to talk on is the value of gold and its use as a defense during tough times. In March 2009, he elaborated on the value of gold in his speech at John Hopkins University. In all his bestselling books as well as his blogs, he always tried to warn his readers about risks associated with our financial system. In his debut book, Currency Warfare, that was published in 2011, he highlighted the danger of Chinese monetary manipulation and covert gold supply. Rickards is always focused on gold. He has written about the importance of gold in New Case for Gold, USA today and in Wall Street bestselling journals from 2016. Gold provides protection in case of a market collapse. It is also a benchmark for currencies. He claimed in another book the same year that all the rich people in the world are accumulating gold because they believe there is a forecast of impending financial crisis and a road to ruin.
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