Global authorities are already planning for the next major crisis and, depending on its severity, are likely to respond with bail-ins, confiscations of wealth, and a new global currency backed by the IMF, says Jim Rickards in his new book, The Road to Ruin: The Global Elite’s Secret Plan for the Next Financial Crisis.
In a recent 40-minute interview with Financial Sense Newshour, Rickards explained many of the key ideas presented in The Road to Ruin including his thoughts on when the next crisis may hit.
The IMF Will Step In
The next crisis will be the third since 1998, Rickards noted. In 1998, Wall Street bailed out a hedge fund. In 2008, central banks were forced to bail out Wall Street.
‘In 2018, if not sooner, who’s going to bail out the central banks?’ he said.
Enter the International Monetary Fund.
The IMF is only levered 3-to-1, he said, while the Federal Reserve is levered 103-to-1. The IMF can print money, known as Special Drawing Rights, and that’s what Rickards expects will happen in the next major downturn.
This post was published at FinancialSense on 11/17/2016.