Here’s Jim Rickards explaining the Fed’s intentions behind Operation Twist, expectations on future gold prices, and the logistics behind the Currency Wars of the economic world today. Also, with Jamie Dimon & JPMorgan filling the latest headlines, Rickards gives his take on the parasitic institution of Rent Seeking, which has invaded both parties – Republicans and Democrats. Rent Seekers have taken the form of:
- On the Democratic side, Public Sector Unions, who are inflating their latter years’ pay in order to retire earlier with better benefits than those in the private sector.
- On the Republican side, Wall Street Bankers like JPMorgan and Goldman Sachs have been profiting from their proprietary trading and derivative schemes, while at the same time ensuring losses are covered by the taxpayers.
- On both sides of the isle, though Rickards doesn’t specifically mention them, there are the Crony Capitalists. Solyndra, Enron, Halliburton to name but a few examples. As we slip into the future, the Rent Seekers are even able to manipulate the legal system, making it tougher to actually prosecute the cronies that are caught in the act (see MF Global).
Things are getting bad out there, folks. If you’ve worked hard all your life and have accumulated wealth, please see our Protect Your Assets series to learn how you can protect your wealth from being destroyed by this rigged economic casino.