James Rickards: Biggest Collapse Ever – Get Gold Now. Gold $10,000 to $50,000 per Ounce

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• James Rickards: Biggest Collapse Ever – Get Gold Now. Gold $10,000 to $50,000 per Ounce 
  by Greg Hunter’s USAWatchdog.com 
  Financial expert and best-selling author James Rickards says another economic collapse is coming. Rickards contends, “It’s very clear, and you can prove this scientifically.  The next collapse will be bigger than anything in history or maybe since the Bronze Age or the fall of the Roman Empire.  Why do I say that? . . . We have these things coming together.  The system is larger.  That means systemically it is exponentially more risky.  The central banks don’t have any dry powder, and it is just a matter of time before the collapse comes.  In 1987, the stock market fell 22% in one day, not in a week or a month, but one day.  Today, that would be the equivalent of a 4,000 point drop. . . . In 1998, the Long Term Capital crisis shut almost every stock and bond exchange in the world.  In 2000, the Dot Com; 2007, the mortgage crisis; and in 2008, you had Lehman and AIG (failures).  In other words, these events are not rare, and they happen every three, four or five, six or eight years.  It’s not like clockwork, but nobody should be surprised if it happened tomorrow.  We’ve got the systemic scale.  We’ve got exponential increase in risk.  The central banks are out of dry powder, and it’s been eight years since the last one.  It’s just a matter of time.”
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  Rickards, whose latest book is called “The New Case for Gold,” says the yellow metal is a necessary survival tool to combat the next crash.  Rickards, explains, “Part of the reason for having gold is, the next time, the response is going to be very different.  The last time, they printed money to bail out the system.  They can’t do that again because they never took the money back.  The balance sheets are still bloated. . . . All the global central banks are in terrible shape.  The central bank balance sheets look like really bad, highly leveraged hedge funds.  So, what are they going to do instead?  . . . . They are going to flood the zone with trillions of SDR’s (Special Drawing Rights currency from the IMF).  That’s going to be highly inflationary.  The other thing that’s going to happen is they are going to lock down the system.  They are not going to bail out the banks.  They are going to close the banks, close the exchanges and suspend redemptions in money market funds.  They will reprogram the ATM’s so you can only get $300 for gas and groceries.  It’s going to look like Greece or Cyprus.”
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