Interview: Jim Rickards on Inflation and Currency Wars

[Mogambo Guru]

Great interview of Jim Rickards by Hera Research Newsletter..

Worth the read

http://news.goldseek.com/GoldSeek/1296849600.php

 

[pmbug]

Every time I hear Jim Rickards name, I sit up and take notice. This guy is connected, smart and gifted with the ability to communicate complex ideas to the layman. He's been sounding warning bells for a while now. My favorite part of the interview:

HRN: Won’t rising prices make most Americans poorer?

Jim Rickards: The Fed doesn’t care about that. The Fed doesn’t care about people. They don’t care about workers. They don’t care about wages. They say they do, but the Fed only cares about banks.


HRN: Bernanke has been in the media, saying that inflation will stimulate the U.S. economy and help create jobs without causing prices to go up.

Jim Rickards: It’s propaganda. I had a discussion with former Fed governor, no reason to mention the name, who is a very well known economist, and what he said was that behind closed doors the Federal Open Market Committee spends about 10% of their time on policy and 90% of their time on communication. They very quickly arrive at what they’re going to do and then spend the vast majority of their time thinking about messaging and wordsmithing. Well, there’s a name for that. It’s called propaganda.

 

[xd9fan]

yep with out a doubt...I stop and listen when he talks...You listen to him against ANY guest on CNBC...and its pretty clear. His Twitter feed is a part of my daily routine.

 

[hazek]

But you have to keep in mind that he is part of the problem. As much as he is willing to reveal how it all works he still works with the system and not against it. I mean his arguments aren't lets abolish the FED but rather the FED does this and that. In one recent interview he said his solution to Ireland for example would be to nationalize their banks, tell the shareholders to stick it, clean their balance sheets through the government and then market it back to the public and! heavily regulate them so they will never try their casino gambles again.

So I do listen to him to figure what's happening but not to figure what needs to be done.

 

[hugolp]

Every time I hear Jim Rickards name, I sit up and take notice. This guy is connected, smart and gifted with the ability to communicate complex ideas to the layman. He's been sounding warning bells for a while now. My favorite part of the interview:

HRN: Won’t rising prices make most Americans poorer?

Jim Rickards: The Fed doesn’t care about that. The Fed doesn’t care about people. They don’t care about workers. They don’t care about wages. They say they do, but the Fed only cares about banks.


HRN: Bernanke has been in the media, saying that inflation will stimulate the U.S. economy and help create jobs without causing prices to go up.

Jim Rickards: It’s propaganda. I had a discussion with former Fed governor, no reason to mention the name, who is a very well known economist, and what he said was that behind closed doors the Federal Open Market Committee spends about 10% of their time on policy and 90% of their time on communication. They very quickly arrive at what they’re going to do and then spend the vast majority of their time thinking about messaging and wordsmithing. Well, there’s a name for that. It’s called propaganda.

Brilliant, absolutely spot on.

10% deciding what to do, 90% getting the propaganda right.

 

[rckt24]

But you have to keep in mind that he is part of the problem. As much as he is willing to reveal how it all works he still works with the system and not against it. I mean his arguments aren't lets abolish the FED but rather the FED does this and that. In one recent interview he said his solution to Ireland for example would be to nationalize their banks, tell the shareholders to stick it, clean their balance sheets through the government and then market it back to the public and! heavily regulate them so they will never try their casino gambles again.

So I do listen to him to figure what's happening but not to figure what needs to be done.

most of the time he is talking about what is going to happen as opposed to what he thinks should happen and what he thinks the outcomes will be. But as you say he never says the FED needs to be abolished but that the FED just did everything wrong and he does talk a lot about gold being a part of the monetary system again. So he is not completely part of the problem