Jim Rickards interview on the World economy and the death of the current fiat monetary system.
We’re in a global depression.
There’s a slow down in Japan, China, Europe and the U.S. — the whole world is in a global depression.
There’s enough fights to go around, but in a fight between the ECB (European Central Bank) and Germany, Germany wins.
The ECB is only doing $2.5 billion worth of asset buying, while the FED has been doing almost $1 trillion a year.
So the ECB is going through the motions but they’re not doing anything like QE. They’re not buying soveirgn debt.
They’re buying some asset-backed securities, but there aren’t even enough of those to have much of an impact.
The ECB’s Mario Draghi is the best Central Banker in the world.
He understands that Central Banks are essentially impotent.
When you’re impotent you have to talk a good game — so Draghi says little and does less.
The U.S. FED is the opposite. They don’t understand how impotent the