Rickards Says U.S. Making Same Mistakes As Japan
In an interview on Bloomberg TV November 10, James Rickards says that while the Fed is saying it does not want to repeat the mistakes of Japan, the Fed is, in fact, repeating the very same mistakes.
Rickards, senior managing director for Tangent Capital Partners, a merchant bank based in New York, is interviewed on Bloomberg's Money Moves with Deirdre Bolton.
Rickards has a new book, Currency Wars, that was released November 10, that focuses on the role of currency wars in modern history and the role the a gold standard has made and can make to provide the kind of stability that is needed for sustained growth.
Rickards criticizes the Fed for thinking that "they're playing with a thermostat" that they can dial up or dial down. However, they are, instead "playing with a nuclear reactor" with fuel rods. And, if they get it wrong, we can have "a massive meltdown." He sees the possibility of a lost decade in the United States as the best possible outcome, with the possibility things could be much, much worse.
James Grant is also interviewed in the same segment and he argues that academics and policy makers should seriously consider the gold standard.
Rickards has a new book, Currency Wars, that was released November 10, that focuses on the role of currency wars in modern history and the role the a gold standard has made and can make to provide the kind of stability that is needed for sustained growth.
Rickards criticizes the Fed for thinking that "they're playing with a thermostat" that they can dial up or dial down. However, they are, instead "playing with a nuclear reactor" with fuel rods. And, if they get it wrong, we can have "a massive meltdown." He sees the possibility of a lost decade in the United States as the best possible outcome, with the possibility things could be much, much worse.
James Grant is also interviewed in the same segment and he argues that academics and policy makers should seriously consider the gold standard.
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