Brace Yourself: The Deadly Cycle Has Just Begun. Jim Rickards Crypto

Brace Yourself The Deadly Cycle Has Just Begun. Jim Rickards Crypto Bitcoin News Bitcoin Crash Crypto News

Hello everyone, our guest, Jim Rickards, explains that if Western countries seize Russian assets, Russia could sue Euroclear, the largest clearing, settlement, and custody organization in Europe, to recover damages.
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is not trying to start or continue a currency War he’s trying to end the currency War the currency War has been going on since 2010 that’s what my first book was about hello everyone Our Guest Jim Rickards explains that if Western countries seiz Russian assets Russia could sue Euro clear the largest clearing settlement and custody organization in Europe to recover damages subscribe now hit that Bell icon and embark on an enriching journey toward financial success let’s unlock the potential of these markets together and pave the way for a brighter financial future welcome aboard so my question to you is How likely do you think that scenario would happen that we would be pushed towards going back towards a gold standard highly likely someone somewhat likely I I would say more more lik all the time more likely all the time because of the stupidity or blindness of the Biden Administration officials and here uh let’s talk about the effort to steal Russian Assets Now at the outbreak of the the Russian special military operation Ukraine at the start of that the US froze the assets of the Central Bank of Russia almost unprecedented not completely but but almost um about 300 billion dollars of US Treasury Securities owned by Russia that they had they had surpluses they had dollars they invested the dollars in US treasuries they had about 300 billion they’re all they’re all Digital Book entry there’s no there are no physical treasury Securities you could put in a vault haven’t been since 1979 so this is a digital Ledger maintained by the fed and the and the Federal Reserve and the US Treasury and Russia had about $300 billion do of Treasury Securities so we froze them free them just means okay there’s still Russia’s Securities but they can’t use them they can’t collect the interest they can’t pledge them they can’t repo them they can’t sell them uh Etc they’re just they’re kind of frozen but they still belong to Russia now the US wants to go a step further and seize them actually convert the title turn it over to some trust fund for the benefit of Ukraine uh and and actually they say seiz I say steal so they want to steal the Russian assets $300 billion now we have a G7 Summit coming up in about two weeks June 13th to 15th it’s in apulia in in Italy um they’ve been working on this for over six months but this is two weeks from now so we’re in a countdown mode Daniela um at the G7 meeting they want to formalize what they’re going to do now there’s several different proposals one is just to seize the whole 300 billion one is uh to issue a $50 billion bond issue backed by the Russian assets so you know uh of course Ukraine would default on the bonds and the creditors would seize the assets it’s just a back to a way of stealing the assets some people say well they’ll just steal the interest it’s about three billion a year so there’s about six billion of Interest piled up so there are different things in play we’ll see what they actually do at the G7 meeting but they all they’re all the same in the sense that they involve stealing these Russian assets now it doesn’t mean that the next say the US Treasury Market collapses there are you know forecasts like that some people get a little hyperbolic it doesn’t mean that I mean the the treasury one phone call to Jamie Diamond at JP Morgan and tell them to buy us treasury notes and they will the banks will do what they’re told so but here’s here’s where the system could collapse uh first of all Putin would retaliate uh there are well over 300 billion dollars of Western assets in Russia um you know BP uh Chevron shell major US oil companies Starbucks Coca-Cola McDonald’s you name it and they haven’t uh a lot of those businesses have kind of pretended to get out of Russia but the assets are still there franchises are still there Russia has not expropriated them but they could they could take all those and they will Putin said he well thing about Putin is he doesn’t Bluff he thinks very carefully about what he says when he says something he’ll do it and and he has so uh if the US steals the Russ Russian treasuries Putin will expropriate Western Oil and energy and natural gas assets and just give it to rosf or gas prom which are the major Russian energy companies it’s estimated that there it’s it’s estimated that there are more Western Assets in Russia than there are Russian treasury Bonds in the west so botin could actually make a profit on this this whole thing uh but uh but here’s the the other play that you know it’s clear to me because I’m a lawyer but no one else is even discussed where are these assets there’s only about 5 billion of the 300 in US Banks and those can be T stolen very easily but over 200 billion are in Euro CLE Euro CLE is the largest clearing settlement and custody organization in Europe um and it has over40 trillion dollars of total assets you know stocks bonds other types of Securities Etc but it has these 200 billion of the 300 billion of Russian assets US Treasury Securities are in Euro clear now if you seize those um euroclear has offices around the world they have offices in Bahrain uh UAE uh Hong Kong Singapore rep office in Beijing Etc Russia could sue Euro CLE in any one of those offices and just take Hong Kong for example Hong Kong is an interesting case it’s under the thumb of the Communist Chinese but it kind of walks and talks like a western legal system and they have lawyers and courts and all that so Russian lawyers show up in Hong Kong Sue Ur clear for 300 billion or more you know with damages Etc uh and get a judgment in favor of Russia Russia can now run around the world and seize Euro CLE assets that belong to anybody uh to recover that judgment you could throw a monkey wrench into the entire Global clearance and settlement system by disrup by disrupting urle which is probably second only dtcc in terms of settlement and clearance so this is an example of the stupidity of us officials Johnny Ellen doesn’t understand any of this her Deputy Wally adiamo doesn’t understand it but the the real danger is not that the treasury market collapses the next day that could happen over time it’s that Russia retaliates gets a judgment and freezes the entire Western clearance of cell in the system now you would think that one official would have thought of this j i I can’t think I cannot think of an example uh going back years where the US has been able to think too moves ahead they’re just not that bright I mean uh blinkin uh Jake Sullivan Jenny Ellens the statistics geek from Berkeley she doesn’t understand this her Deputy Wally adiamo he’s smarter he understands sanctions law but he doesn’t know anything about business he’s never spent a day in business he spent his whole career in the government and then he was a president of the Obama Foundation that’s not exactly you know what I call market experience for you know for a couple years then went back into the government so they they just don’t understand it I mean I maybe I’ve been in international finance too long and I do have two law degrees so I do think I do think about it but I would I would have thought that others would have figured this out but apparently they have not punishing um countries that will be moving away from the dollar I mean they’re they’re obviously actively thinking about this right I mean like government officials maybe they’re not two steps ahead but they must be a little worried about what the weaponization of the dollar has done so curious to get your thoughts on uh president former president Donald Trump’s economics advisors which were considering ways to actively stop nations from ways to actively stop nations from shifting away from using the dollar an effort to counter uh budding moves among key Emerging Markets to reduced exposure to US currency um so if he does come back into office I mean this is something that his economics advisors are already looking at uh but is it too little too late Jim uh no and just to your earlier Point Danielle about you know surely the US officials must know this they don’t I mean I i’ i’ met with the I met with senior treasury officials I’ve been the fed the White House I’ve said the Pentagon with you know two one person away from the senior treasury official with responsibility for uh the dollar uh dollar relations in in Asia and I told him exactly what I just told you I mean you know in in different scenarios and they they don’t get it they bang the table the US’s dollars the reserve currency it always will be Etc they’re really blind to this uh so I wouldn’t count on them being able to to see through it but coming back to your other point uh yeah it’s a big deal now the this there’s there’s the reality and then there’s the story so what’s the storyline from you know the Deep State and the mainstream media and all that there’re pardon me they’re saying um Trump wants to start the the currency War and he wants to weaken the dollar you know to promote US exports and Export related jobs Etc um and uh so that’s that’s kind of like we’re supposed to worry because Trump’s goingon to destroy the dollar um first of all it’s not true that’s not what he’s doing Trump is not trying to start or continue a currency War he’s trying to end the currency War the currency War has been going on since 2010 that’s what my first book was about uh but I also said in that book that book came out in 2011 I said Wars we’re not always we’re not always in one but when we are they can last 15 or 20 years so here we are 2024 I’m not surprised that you know 13 years after the book came out we’re still in a currency War because they said that’s how long they can last and we are so it’s not a new currency War it’s been the same one that’s been going on for you know as you say 13 years so um but what Trump’s trying to do is end it his model is what Ronald reiken and James Baker did at the Plaza Court in 1985 and the Lou record in 1987 so what was going on then uh coming out of the severe recession of 8182 20% interest rates fall vulker Etc we finally got inflation down to about a little over 3% by 1983 growth was really strong uh 16% compound growth between 83 and 86 the dollar hit an all-time high if you look at the FED broad trade weighted index the dollar hit an all-time high in 19 1985 Baker and Reagan Baker was Secretary of the Treasury at the time just said the dollar was too strong and they didn’t want to trash it what they wanted to do is get together with Japan Germany because remember still in the Euro sorry this is before the euro so you still had the deark and the French Frank and Sterling and Yen and all that they met at the Plaza Hotel in New York uh they had a conference with the F with the finance ministers and they agreed on new parodies and they said they were going to intervene in markets to get to cheapen the dollar but it was a controlled cheapening and it was it was it was by agreement it was by consent and they did it and then by 1987 the dollar had got weak enough that they said okay that’s good let’s lock it in and they met at theou in uh in Paris and they agreed they set the new parities they they agreed to keep it there and for almost 20 years from 1987 to 2010 I guess a little over 20 years um that was the great moderation we didn’t have high inflation we didn’t have currency Wars uh the price of gold didn’t do a lot really until around until after 2000 for other reasons but you did have great currency stability and that kind of blew up in 2010 after the global financial crisis so the the by the way the big brain behind this is Robert lighthiser lighthiser was us trade representative in the first Trump Administration he was Deputy us trade representative in the Reagan administ he was around at the time of the plaza and Lou of records and what he’s saying is we’re not going to trash the dollar or destroy the dollar he wants to have another sitdown with the G7 members and you know in theory it would include they inv by China and um you know Russia or other large economic powers and uh and set new parodies and move towards them and it might involve a slightly cheaper dollar but it wouldn’t be an outright War it would be moving towards uh currency stability now here’s the here’s the twist um you’re invited to this meeting and you can work with the United States to achieve these par pares but if you don’t right if you don’t if you’re if you’re using excess capacity and you’re dumping and you’re trashing your own currency then we’re going to hit you with tariffs so your choice is going to be join this currency club with modeled on the Plaza cord or we’re going to slam you hard with tariffs which liser did to the Japanese that’s how he saved the US Auto industry in the in the 1980s Japanese were taking over they put High tariffs on Japanese cars so uh so this is not a currency War he’s trying to end a currency War he’s trying to achieve stability um and do it cooperatively but if you don’t join the club you’re going to get hit with tariffs so so yes you can see that coming say who are the winners in that the winners are people who invest in the United States and workers the losers are people who are you know betting on China uh or um you know getting their money out of the United States thank you for watching the interview highlights of Jim Rickards if you enjoy this highlight video please kindly subscribe and help share this video for us to share more of this valuable content thank you [Music]