In a Daily Mail interview, Jim Rickards says the next financial crisis is eight months away, will be BIGGER than the last and triggered by war with North Korea.
“It is inevitable, it will hit us in the next six to eight months,” claims Rickards.
My Response
I do not make light of nuclear war. Rather, I mock predictions that such an event will happen within a designated time frame, if at all.
Perhaps it will. Heck, it is “conceivable” war breaks out next week or later today.
If war happens, and Seoul is flattened, it may indeed trigger a huge financial meltdown. China has even agreed to back North Korea if we strike first.
At a minimum, I would expect an enormous supply chain disruption and an immediate global recession. Treasury yields would collapse.
The likelihood is that war won’t happen in the predicted timeframe.
Sensational headlines are not necessary to promote gold.
Related Articles
- War Games: China Say It Will Prevent US From Attacking North Korea First (Is this a Game or is it Real?)
- North Korea Explodes Hydrogen Bomb, Triggers 6.3 Magnitude Earthquake: What’s Trump to Do?
Link 2 above details the significance of South Korea. It’s far greater than most think.
Forget the popcorn. Buy gold.
Forget the popcorn. Buy gold. How Much? See How Much Gold Should the Common Man Own?
Mike “Mish” Shedlock
Isn’t NK about 20 miles away from Seoul? Wouldn’t they get a lot of fallout? And even then, the US would almost certainly invade them or nuke them all dead. Regardless of what China does or says. It would be guaranteed suicide.
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NK would not do anything other than posturing. But China saying it will come to NK’s help if US strikes first, should keep things quiet – other than the stuff that is blurted out by both sides for public consumption.
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Was “Kim” Rickards meant as some Korean pun?
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Yes. Similarly, you will see talk of a new Cold War, which is actually a Gold War.
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Damn, just when I was going to go all in Chester Inc.
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The NYTimes or WaPo sensationalizes a story to sell more papers / webviews … its called literary license…
When Rickards or anyone else does it, faceplant and the blog-o-sphere have to dump on them and call it fake news.
Let’s have a little consistency and criticize both types of “sources” as the clickbait cr@p that they are.
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Gold and popcorn!
http://www.myrecipes.com/recipe/gold-dusted-white-chocolate-popcorn
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“Berco’s gold-coated “Billion Dollar” popcorn retails for $5 a kernel, or $500 a tub. ”
https://firstwefeast.com/eat/2016/08/2-chainz-gold-dusted-popcorn
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I’ve lost some respect for Rickards. He seems to have gone off the deep end. I believe he made a call that the market would crash 10% if Trump got elected, but would remain flat if Hillary got elected because her victory was already priced in. Oooooops
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I would call it “prolific pointless blather”. Is he becoming the Kardashian of Doom? Famous for being famous, but otherwise not contributing much needed content?
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If it goes nuclear there will be more at stake than the price of gold.
It’s then you discover if there is anything lurking off the coast with a transit time of minutes from launch to detonation over the US – Chinese, Russian, not NK.
Enemies are sneaky & not stupid.
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Actually, you wouldn’t even need to have a nuclear strike reach the ground. 3 or 4 well placed orbital explosions would take the entire western hemisphere’s grid down via EMP, and good luck proving who did what; although given the tracking capabilities, the military would have a good idea. Kiss production goodbye.
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conceivable and predictable are two very different things, those who predict are usually playing on people’s fears,only the gullible pay attention to such nonsense Taro readings belongs to the dark ages.
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O/T from ZH on Trump DACA Wall.
“A typical article over at Breitbart gets a few hundred comments, and a heated topic a few thousand. The one mentioning this has 46,000 as of right now. This would be betrayal akin to finding your spouse in bed with Scary Reid. If this is true, he’s done. His base will PUSH for him to be impeached.”
That bad?
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Nobody, including the Chinese, appears to be able to explain how China will “prevent” the US from attacking NK, either first or as a response to a NK attack on US territory or on SK. Let’s put it this way. If China can prevent the US from carrying out an attack on NK, then we might as well concede the rest of the world and our own security to them.
I have no idea what their bargaining chip would be, but it can’t be military retaliation or nuking the US. Again, if that’s what it is we are held hostage to Chinese (and likely Russian) threats going forward. If that is the way it is, what’s to prevent China from using whatever they have as this so-called method of “prevention” to extend it to telling us to get out of the Western Pacific? Out of the S China Sea? Stay away from South Asia? Stop selling military equipment to Taiwan? Japan? S Korea? In other words, we would not be able to carry out a preventive first strike on NK, even if we had evidence that they were preparing to launch an intercontinental missile at the US. No American President is going to stand for blackmail.
The Chinese may have something, but it won’t be enough. One of our problems is that we always seem to overestimate the enemy’s strength and capability. Remember, there was a Soviet Union (the evil empire). Not anymore. Remember, there was the Iraqi military, one of the largest in the world with millions of men, hundreds of airplanes and thousands of tanks. Not anymore and we whipped them is less than 100 days. Same with the Israelis when they beat Egypt, Iraq and Jordan more than once.
All you need to do is pull up a map showing the US military bases in the western Pacific and around the world. We control the sea lanes that supply China (and N Korea) with oil and other natural resources. We have at least 10 nuclear powered aircraft carriers and almost 100 years experience in naval carrier and submarine operations. Nobody, and that means China and Russia combined, can match our naval capability. China has one carrier, which is a refurbished old Soviet carrier that they bought years ago. It does not have steam catapults. It has virtually no capability to fight and its personnel and pilots have zero experience in doing what it takes to maintain a wartime tempo.
Yes, I know the Chinese have millions of men under arms or available, but I don’t imagine we are planning to fight a land war in China. They do have some fighter aircraft and also some sophisticated anti-ship missiles and submarines. But, can they use them effectively against the best military the world has ever seen? The Chinese are very smart and very wary of overextending themselves. They are aware of our power and their own weaknesses. They would likely bargain away the NK dictatorship before they will use their forces to “prevent” us from attacking NK under the unlikely circumstances that call for it.
But, of course, maybe I’m missing something sitting here in my bunker.
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Your fatal mistake is that will not be fighting a conventional war – not like the last war – the next will not be the same.
And by the way USA did not win the last war against Nth Korea and has not won a war since the WW2 (and that one was won thanks to UK persistence and intel and most of all, Russia destroying Hitler’s armies in the East). Yes the US defeated Iraq but did not win anything except more debt – what was the objective?
It can be said that the USA has won wars but those wars won have been hearts and minds and the spread of USD hegemony and Capitalism. Free trade is better than breaking windows everywhere.
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Aircraft carriers are more vulnerable than people think. If anything the US keeps underestimating the enemy. Otherwise they never would have entered the war in Vietnam or in Korea. The “shock and awe” thing did not work. The worst delusion Americans have is that they will be welcomed by the locals who will rise up against their government. Never happens. They’ve been thinking that since the first forays into Québec and Canada (1812). For the rest, Saruna has summed it up.
In addition, no war with a nuclear capable country can be “contained”. Contained means you are talking to each other to avoid war. Rickards is crazy, or has evidence that Trump et al are certifiable. In the present case, it would be more than worthwhile to listen to people like Carter, who repeat the obvious: Give ‘m what they want. Direct talks, and international guarantees of sovereignty and non-aggression. Once provided, N Korea will evolve more quickly (particularly if you start giving them stuff) than they ever would by continued aggression — it has not worked for 72 years (since Sept 8 1946).
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“Nobody, including the Chinese, appears to be able to explain how China will “prevent” the US from attacking NK, either first or as a response to a NK attack on US territory or on SK.”
China is the biggest holder of US debt.
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Predictions and more predictions–I have been waiting for the bomb to go off since we were grade school kids [Galesburg, Illinois] in the early 1950s, nine year old kids couching under our desks in “war drills.” Regardless are you prepared. Rickards, I contend is an Agency Man–so listen and judge accordingly. I am concerned about the split in our military–how serious is it? Ralph
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War with NK will not happen for two reasons:
NK only threatens those who threaten it.
Second rarely contemplated reason is that neither China nor US want it. The US does not want it because a potentially united Korea would be a less compliant vassal, and more potent economic rival. United Korea wouldn’t need US troops, and that should worry Washington. Then again, there are plenty of nutcakes on both sides.
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Gold plated pop-corn sounds just fine to me.
“Kim” Richards: same old same old – some of it is probably correct.
NK: they seem to be the definition of a terrorist state given the words and rhetoric
I’m already long Gold to some extent.
China should sort NK out, US leave SK, China leave NK after, two Koreas merge and live happily ever after……I wish.
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He leaves a lot unsaid, in 6-8 months we may not have a president. Locking the Chinese out of the dollar market is another problem and i know everyone remembers how China helped with the Korean problem in 1950. certainly if China goes to war they can reach 10% GDP.
Before any of that happens someone will let the truth out about China’s complicity in helping Bin Laden hide from the US, and also to plan 9/11. Only days after that event W Bush signed WTO. The dirt on China is very deep, the current occupant has no real connection to the CIA or the GOP on these matters, and is clearly expendable for someone who is.
You have to assume Kim is using the vacuum in US leadership to push his (or his Chinese overlords) agenda. This is the moment you had to know is coming, while our leadership is vulnerable.
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There will be no war. He’s scaremongering.
Would it be possible that he’s trying to sell us stuff?
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I agree with most of what David Stockman says, but he’s been predicting a crash for about, what, eight years now.
What cannot continue indefinitely won’t, but who knows when the end will be or whether it will be a crash or a long, slow, ratcheting-down decline to hell with some wars sprinkled in for good measure.
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Good news for gold. Both African unions and African governments covet gold mining profits. Eating seed corn is an African delicacy.
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Sounds to me like Rickards is running out of credibility. Reminds me of the global warmists. The hysteria is supposed to drum up believers.
Long ago, I accumulated more than enough silver to get me through the day when the economy does a reset. I know it’s coming. And I’m not vulnerable when it does come.
But after a while, there is only so much hysteria I can take. I tune them out now. Stockman, Roberts, Butler, X22 Report, Silver Doctor, Sinclair among others are on my tune-out list. They’re broken records. Always blaming the manipulators.
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If I buy Jim’s product right freaking NOW, I won’t be hurt by the upcoming nuclear war with the Norks. I have no idea what he’s selling but I’m guessing it will prevent me from having to bend over and kiss my ass goodbye after the mushroom cloud shows up.
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“If Seoul is flattened, at a minimum we have an instant global recession.” Really, that’s the best you have? My wife is originally from Korea and I have been to Korea 7 times now, twice to the DMZ area. We spent a month with family there this summer. The Seoul MSA has a population of around 25 million people. MILLION. These are hardworking, family oriented salt-of-the-earth humans. It will not take nukes, Seoul and Inchon are within range of conventional weapons (artillery) from the north. This is not some academic concept up for a theoretical discussion. These are folks with a history that goes back 4,000 years. Please do not ignore the tremendous human loss by making the main point that the result of attack would be a recession. Thanks for listening…
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Absolutely agree
Flattening Korea would be a crime on humanity
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Even a broken clock … you know the rest.
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Wouldn’t nuclear war be great for economic growth [from a smaller base, of course]?!
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“Jim Rickards Compares The Collapse Of The Roman Empire To The US, Concludes That We Are Far Worse Off” article appeared on ZeroHedge.com in 2010! Eventually he will be right. In the long run, we will all be dead as well.
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I predict a crunch earlier. Not because of a war, but good old economics. In the run up to the Chinese Congress the economy received a bigger annual boost then in 2009 and that boost is now depleted. Even the wonky Chinese statistics are pointing to a slowdown and if they are not, then the price of copper is. And as for the USA, don’t those speculators ever learn that Apple’s phones are overpriced and under spec.
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its not just rickards. Martin Weiss supposedly cut his vacation short to have an emergency call to his subscribers (according to the junk mail I received) about how the coming disaster in October
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i can’t eat gold. i’ll take the popcorn.
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