Gold: The Once and Future Money with James Rickards

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Пікірлер: 204

  • @Scarecrow-zr3zx
    @Scarecrow-zr3zx6 жыл бұрын

    "When you put money in the bank, it's not money. It's an unsecured liability in an occasionally insolvent financial institution"

  • @daleholmgren6078
    @daleholmgren60784 жыл бұрын

    You could have bought gold the date this video was posted at $1273. Now, on 4/9/20 it's $1683. Still not too late!

  • @youcanthandlethetruth6007
    @youcanthandlethetruth60076 жыл бұрын

    Gold is money...all else is credit. J.P Morgan

  • @nina99grateful29

    @nina99grateful29

    6 жыл бұрын

    I don't know much about the West, but in the East, Gold was, is and always will be money. Specially, in India and China.

  • @NixonRexzile-xz4sq

    @NixonRexzile-xz4sq

    5 жыл бұрын

    hmm i don't know about that,

  • @BYGODYOUARESPECIAL1

    @BYGODYOUARESPECIAL1

    4 жыл бұрын

    However if you buy at a high price gold becomes a liability even for years.

  • @lasvegasraider244
    @lasvegasraider2446 жыл бұрын

    I love how PPL lost love in silver and gold! More for me at cheap prices

  • @brucec43

    @brucec43

    6 жыл бұрын

    I was told I was stupid for buying gold at $640. It's "only" doubled in a decade. I wish I'd figured it out a few years earlier, could have bought at $270.

  • @cosmosaic8117

    @cosmosaic8117

    6 жыл бұрын

    Exactly so why does everyone bash on Gold so much? In the 70s wasn't it like $35/oz?

  • @JerryDLTN

    @JerryDLTN

    5 жыл бұрын

    1/1/1970 $36.56 per ounce 11/1/2018 $1,220.45 per ounce. 48.9 years. 7.44% average annual appreciation.

  • @chrism7275

    @chrism7275

    5 жыл бұрын

    Bruno TaTa I have a co worker who got me into precious metals, but he started buying gold at 300 and a lot of it, every one he knew was calling him insane and he never sold an ounce of it at 2000 he said he will be holding it until he retires

  • @pandarama67
    @pandarama676 жыл бұрын

    Try to argue the fact that money has no yield with a women and she will tell you yes it does, it yields shoes.

  • @kulturfreund6631

    @kulturfreund6631

    4 жыл бұрын

    hombre, viva el machismo : D

  • @actualideas8078

    @actualideas8078

    4 жыл бұрын

    19th...

  • @misty671
    @misty6716 жыл бұрын

    Very good presentation. Rickards is often slammed for promoting gold but in this particular talk he makes some compelling arguments.

  • @roymaitland323

    @roymaitland323

    6 жыл бұрын

    Bitcoin is same as gold ; just price change and divide bitcoin infinitely to market demands! Lost respect for this guy if he can't see simple thing like division! Jim You can sit down now and retire!

  • @actualideas8078

    @actualideas8078

    3 жыл бұрын

    Roy Maitland why would you respect anyone who worked for our Intelligence Agencies in the first place?

  • @TheJayMartinShow
    @TheJayMartinShow4 жыл бұрын

    Download our FREE Lessons in Resource Investing ebook --> CambridgeHouse.Club

  • @Mikesorrento3344
    @Mikesorrento33446 жыл бұрын

    Richards is a historian. He makes a solid arguement. I'm holding tight with my strategy. We are overdue for a correction. The question is if this next correction coming will take us down.

  • @DavidAKZ

    @DavidAKZ

    6 жыл бұрын

    Well, hitherto you do not fight the FED but by several accounts now they have lost the plot ie, cannot explain the non presence of inflation as JR just has - sorry Janet. With the likes of BTC and its deflationary nature (courtesy of Austrian economics) the USD is inflating massively inflating against BTC, or BTC is causing massive deflation. Which ever way you want to view it. As for BTC being at a dead end - don't really understand that statement.

  • @roymaitland323

    @roymaitland323

    6 жыл бұрын

    Bitcoin is same as gold ; just price change and divide bitcoin infinitely to market demands! Lost respect for this guy if he can't see simple thing like division! Jim You can sit down now and retire!

  • @1Ascanius

    @1Ascanius

    6 жыл бұрын

    John Rand I believe it will especially when the overseas dollars come back home to roost and as Russia and China are gathering more countries in their corner its inevitable. Peace

  • @Mikesorrento3344

    @Mikesorrento3344

    6 жыл бұрын

    @ascanius, couldn't agree more. So much out there whether it be geo-political, social, or economic trigger points. I'm 56 and I don't recall tensions this high. On one hand, it's very interesting to watch, but when critical mass is hit, I fear it could get very ugly and we will experience times not seen in ages.

  • @markc1234golf

    @markc1234golf

    6 жыл бұрын

    Crypto : THE END OF FREEDOM! kzread.info/dash/bejne/lHprzdBxXZS4fZs.html Roy Maitland you have a 0 account you SHILL !!

  • @TIOMKIN1
    @TIOMKIN16 жыл бұрын

    Gold is money everything else is credit J.P. Morgan. Out.

  • @roymaitland323

    @roymaitland323

    6 жыл бұрын

    Bitcoin is same as gold ; just price change and divide bitcoin infinitely to market demands! Lost respect for this guy if he can't see simple thing like division! Jim You can sit down now and retire!

  • @knpstrr

    @knpstrr

    6 жыл бұрын

    J.P. didn't say that. He said "Gold is money, and nothing else"

  • @knpstrr

    @knpstrr

    6 жыл бұрын

    Teringventje bitcoin has a fixed supply that halves every 4 years so like gold (even though we're still mining new gold) it becomes rather fixed and resistant to fiat inflation. Gold is backed by - people historically like it, used in some commerce. Bitcoin is backed by - an immutable public ledger which can't be cheated so you know the money/transaction is sound. No trust is involved. There is no "account" to sign up for so you can't be denied entry nor can your account be frozen. It is also convenient and easy to transact with it. I wouldn't say they are the SAME, but similar (mainly due to their supply)

  • @canwegonowhereanyfaster2958

    @canwegonowhereanyfaster2958

    5 жыл бұрын

    TIOMKIN1 The powers that be have been blocking my ability to tell people for years that a gold money system already exists. That’s why I am replying to your comment, otherwise my comments cannot be seen by the public. None of these gold gurus even know about this solution. It’s completely maddening listening to them and not being able to contact them and tell them the problem has a solution, just hardly anyone knows about it because it has been word of mouth only for seven years. Anyway, this just came out, and it will change the world. It is a complete decentralized global gold money and payment system designed for the people and the price of gold is irrelevant: kzread.info/dash/bejne/pYiJuK5mqbngpps.html Been trying to tell people for years how to make these people controlling the world irrelevant. Visit our channel and learn how to join the revolution. #karatbitexchange

  • @southernstarresources2231
    @southernstarresources22316 жыл бұрын

    WOW!!!! it's all I have to say. what a brilliant, brilliant mind

  • @dennisrichardson9831

    @dennisrichardson9831

    4 жыл бұрын

    When so many are disguising what they know privately, versus what they say publicly to cover their actions of buying much gold for themselves privately, then he is being more honest. Brilliant ?

  • @carl8823
    @carl88236 жыл бұрын

    Bitcoin is money? - I would say its 100% not money but could be considered a form of currency...But what would I know!

  • @chrislemieux2747
    @chrislemieux27476 жыл бұрын

    If you've seen one Rickard's interview or presentation over the last 10 years you've seen them all. Same damn thing

  • @zabdas83
    @zabdas836 жыл бұрын

    It's not the 'value' (or measure) of the dollar, it's the international means of exchange for currencies ie; euro, yen & yuan...

  • @r.s.334
    @r.s.3344 жыл бұрын

    wtf? says 2017 on vid but 2018 on some of his presentation

  • @dweller6065
    @dweller60656 жыл бұрын

    Problem with the SDR as an international reserve currency is that it is backed by component fiat currencies - usd, euro, yen and cny - that are all noted for excessive growth in money supply; drops in velocity, elevated security prices and high intrinsic NPLs in their banking systems.

  • @DavidAKZ

    @DavidAKZ

    6 жыл бұрын

    NPL ? Then nothing has changed under the USD.

  • @rietberg
    @rietberg6 жыл бұрын

    Awesome, thanks Jim for putting this online. Also respect for conceding Bitcoin is money.

  • @ziggyc4474
    @ziggyc44742 жыл бұрын

    How will you use it for transactions say for online or at a target?

  • @metalmanc7129
    @metalmanc71296 жыл бұрын

    He's not calling $10,000 gold, he's saying, given his assumptions, that that is the price it would need to be for the top 4 major currencies to return to a gold standard.

  • @DavidAKZ

    @DavidAKZ

    6 жыл бұрын

    more a last ditch attempt for central banks to cause inflation. Their models are stuffed because there is none.

  • @knpstrr

    @knpstrr

    6 жыл бұрын

    $10,000 gold is it's correct price. All central banks hold gold as reserves to give it's currency integrity, whether or not it is a formal gold standard. Gold is "natural" money. The only other argument is that you could include silver in the money supply, and possibly even copper. But typically Gold and Silver are real money so all of the world currencies should translate to those metals.

  • @psychoh13
    @psychoh136 жыл бұрын

    How do you get the price of gold right? Simple! You don't set the price of gold you let the market do it and take the government out of it!

  • @thedaodude
    @thedaodude6 жыл бұрын

    Some good points by Rickards. HOWEVER - the great depression was deflationary. The 70% increase in price is explained by the fact that USD was backed by gold, and people flocked to the USD. Today, this isn't the case. At the onset of the 2008 crash, gold gained in CAD& EUR terms, but FELL in USD. Check out this article for more info...seekingalpha.com/article/295567-how-gold-performs-during-a-financial-crash

  • @danreynolds4208
    @danreynolds42086 жыл бұрын

    Bitcoin = Hotel California.

  • @MEN-IN-BLACK1960
    @MEN-IN-BLACK19606 жыл бұрын

    Your the professor :-)

  • @patricks1251
    @patricks12516 жыл бұрын

    can't wait for my explorer $ME.V Moneta porcupine mines to go up 30x bagger in the making

  • @jmcarp98
    @jmcarp986 жыл бұрын

    Yeah the gold is all there in Fort Knox, you can take Mnuchin's word on that:) How about a free market in money? Let the market decide and allow price discovery in precious metals. I just don't trust another gold standard. How do we know it will be backed? It's impossible to audit and keep the system honest.

  • @johnwuhugh

    @johnwuhugh

    4 жыл бұрын

    jmcarp98 golds in West Point up state N Y 8,300 tons

  • @con2512
    @con25126 жыл бұрын

    gold at fort knox lol

  • @cassanoa

    @cassanoa

    6 жыл бұрын

    the thing is that no one actually knows the truth - i tend to believe the gold is not there because all the speculation could have been put to rest but simply showing the gold ( even if its not owned by the USA )

  • @Ontariolabz
    @Ontariolabz6 жыл бұрын

    Good talk, mark time 35:00 where Jim Rickards declares Bitcoin a dead end! Lets see how that works out.

  • @DavidAKZ

    @DavidAKZ

    6 жыл бұрын

    Yes, I think he does understand the nature of distributed computing, cryptography and emergent behaviour but for some reason he is dismissive. Apparently he uses Chaos Theory to predict economic events.

  • @roymaitland323

    @roymaitland323

    6 жыл бұрын

    Bitcoin is same as gold ; just price change and divide bitcoin infinitely to market demands! Lost respect for this guy if he can't see simple thing like division! Jim You can sit down now and retire!

  • @petermeissnitzer662
    @petermeissnitzer6626 жыл бұрын

    BITCOIN IS THE NEW GOLD .... DIGITAL GOLD .

  • @psychoh13
    @psychoh136 жыл бұрын

    Every single crises listed are due to credit expansions by the banks and all of them have some kind government help.

  • @goldsilverbullion1789
    @goldsilverbullion17894 жыл бұрын

    Records is really good at explaining why gold will go up in a financial crisis, but he is not very good at all about explaining what supposedly is going to cause the next financial crisis.

  • @joshuajames2425

    @joshuajames2425

    3 жыл бұрын

    Lol no one could know that ,because the whole system is full of liabilities trying to guess which part fails first would be impossible

  • @knpstrr
    @knpstrr6 жыл бұрын

    What is the point of a gold standard if you allow central banks to print money and buy gold in the open market? That would undermine the entire point. The people have to regulate the out of control government. If you do that in the first place (regulate money creation/govt spending), you don't really "need" a gold standard at all. To me it seems like gold (while I am an advocate) isn't the real solution to our monetary policy problems.

  • @Test7017
    @Test70176 жыл бұрын

    Gimme that G an S

  • @JoseAzpurua
    @JoseAzpurua6 жыл бұрын

    I wonder... why does he recommend having treasury notes, at all?

  • @actualideas8078
    @actualideas80784 жыл бұрын

    I swear they remove my likes from these kinds of videos

  • @DaDankStrafe

    @DaDankStrafe

    3 жыл бұрын

    Yea dude KZread is out to get you with your huge following... What a dumb comment

  • @brucec43
    @brucec436 жыл бұрын

    Money supply alone may not cause inflation, but it is a gasoline soaked rag waiting for a match to be lit.

  • @rijs4303
    @rijs43036 жыл бұрын

    I have my doubts w goldbugs … reasoning is that man created money, Those men are all long gone ie dead, But the people in charge of money now or during Nixon’s years decided to change its structure or system of backing away from gold. That was their decision and they were in charge. Rickards is correct BUT he is referring to the old system. When we talk about the current money systems the ones in charge are the ones that make the rules, it can all change tomorrow. Jim is right in that whatever we invest our dollars into has our confidence , it retains our dollars . This is the only way gold wins today. Gold holds the most confidence or so they say

  • @davedave9455
    @davedave94556 жыл бұрын

    song remains the same

  • @DavidAKZ

    @DavidAKZ

    6 жыл бұрын

    Meet the new boss, just the same as the old Boss.

  • @rstsport9874
    @rstsport98745 жыл бұрын

    Gold only going down,,,,,,prep,,,,,,best wishez,,,

  • @joshuajames2425

    @joshuajames2425

    3 жыл бұрын

    Lol yes this comment has aged very well 🤣

  • @rstsport9874

    @rstsport9874

    3 жыл бұрын

    Hey, it's on the up and down a little check the price I bought in 2000 it was 6,000 baht for 1 thai baht in weight now its 29,000 down from 30,300 about a week ago. 🙂 maybe the manipulation is coming to an end, keep hearing it's going to be going up like a rocket. LOL.🌞 Cheers.

  • @matheweckhardt8154
    @matheweckhardt81544 жыл бұрын

    My solution? We base our money system on Silver... Yes!!! Because its so cheap! We buy everything we can get! We buy all the silver and gold mines we can buy! Maybe we take them! We take what we can and set a new silver preis! Silver is totally under worth! Then we could save America! Ye we can! But only with Profis like James Richard and Mike Maloney...

  • @bizzybgful
    @bizzybgful6 жыл бұрын

    From my analysis, nodes will be used in supercomputers to transfer bitcoins world wide regulated by IMF the reason why countries are stock piling gold in which a regulated bitcoin will be backed by gold

  • @aleasamuderazindonicolindo96
    @aleasamuderazindonicolindo966 жыл бұрын

    3 mysterious money:by lika zhing trilioner hongkong

  • @ctsv800hp7
    @ctsv800hp76 жыл бұрын

    also what is crypto currency's back bye

  • @johnjones4502

    @johnjones4502

    6 жыл бұрын

    what ever they tell you it is..Just like the gov. it will only be auditable by those running it.

  • @joshuajames2425

    @joshuajames2425

    3 жыл бұрын

    Bitcoin is backed by the largest computer network on earth and also the cost to mine btc Just like gold has a certain dollar amount to mine

  • @1234carlj
    @1234carlj6 жыл бұрын

    well it seems that your a guy out of tech, and work with the system , please try to look outside, your first argument its cool "money its something that your recognize with value and confidence, " look at the plataforms to create new entreprises, out of the old system, look at the new finnacial system thats all

  • @jjhinduja6913
    @jjhinduja69136 жыл бұрын

    When Dow can hit 24500 S n p 2600 Nasdaq 6900 Cac 5000 Dax 13000 Ftse 7500 Sangai 3300 Hang seng 28500 Etc etc etc Bitcoin 19000 Oil market 100us$ N property market going krazzy Why not Gold n silver They will surely hit my target 🎯 someday I am sure Silver 123 n Gold 2345🤗

  • @OnSafari247

    @OnSafari247

    6 жыл бұрын

    If Bitcoin, which is really worth ZERO, can hit 19,000 then Gold can hit 1000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

  • @roymaitland323
    @roymaitland3236 жыл бұрын

    Bitcoin is less environmentally destructive!

  • @roymaitland323

    @roymaitland323

    6 жыл бұрын

    Bitcoin is same as gold ; just price change and divide bitcoin infinitely to market demands! Lost respect for this guy if he can't see simple thing like division! Jim You can sit down now and retire!

  • @k31rifleman

    @k31rifleman

    5 жыл бұрын

    And what about computer energy to mine it??

  • @Idan4326
    @Idan43266 жыл бұрын

    Bitcoin won’t be able to grow? It’s programmable money that is governed by the consensus of the users. We never had that before. if code changes need to be made to adapt and it will benefit all of the users they will accept the new rules. That’s very powerful money system. Just to be clear i also love gold and silver they have seen it all from the beginning of our civilization and will stay long after we are gone, but don’t discard bitcoin so quickly it’s a revolutionary system and it’s got a huge potential.

  • @RS-hz1yi

    @RS-hz1yi

    6 жыл бұрын

    market share is diluted with every new ICO and fork. digital fiat or paper fiat...fiat is fiat nonetheless. no limit to the supply that can be mined

  • @chrisk1903

    @chrisk1903

    6 жыл бұрын

    Digital backed by gold...otherwise it's just fiat

  • @crisismanagement2442

    @crisismanagement2442

    6 жыл бұрын

    FIAT, means "BY DIKTAT"... IF it is by choice, the word FIAT is an Oxymoron... Now take away the OXY, and you understand...

  • @roymaitland

    @roymaitland

    6 жыл бұрын

    Gold is shiny; and is going to zero; the GREENEST thing Bitcoin has done for the worldis stop mining in the Earth and saves the environment!!

  • @well.thy.one.

    @well.thy.one.

    6 жыл бұрын

    Roy Maitland what other commodities that have real industrial use in various products are going to zero? Blockchain is great but the end game will be that its used to represent real assets; it cannot create them

  • @anthony790
    @anthony7906 жыл бұрын

    If gold were to go that high why only 10% in your portfolio?

  • @DavidAKZ

    @DavidAKZ

    6 жыл бұрын

    it's about probabilities not certainties.

  • @anthony790

    @anthony790

    6 жыл бұрын

    DavidAKZ I agree but wouldn’t you say the probability is high? I’m not saying go 100% but 10% seems low. I did see he had 10% in miners so that’s more exposure.. just my 2 cents

  • @EricGumerlock

    @EricGumerlock

    6 жыл бұрын

    He just wants to set the bar low in the minds of his audience, if he said 50-100% then half of them would walk out and call him crazy. 10% is a good foot in the door number

  • @filesshared9431

    @filesshared9431

    6 жыл бұрын

    He said “minimum” as insurance. If the dollar goes to zero and gold went up 10 fold, you’re still where you are.

  • @roymaitland323

    @roymaitland323

    6 жыл бұрын

    Bitcoin is same as gold ; just price change and divide bitcoin infinitely to market demands! Lost respect for this guy if he can't see simple thing like division! Jim You can sit down now and retire!

  • @elbazart
    @elbazart6 жыл бұрын

    I hold Rickards in the highest regard, but I think he is wrong on the issue of Gold's intrinsic value. This issue is very much relevant to Gold's role as money, and the reason that he overlooks it is because he uses the wrong definition of the term "intrinsic value". "Intrinsic value" should not be regarded as the sum of the inputs, i.e. the cost of labor, energy and resources spent to produce the good, but rather as the output - the value that could be derived from the good in industrial applications (which is much closer to Menger's theory of value). And why is intrinsic value so crucial to gold being money? Because having intrinsic value supports the price, and therefore protects the money from entering hyper-inflation, which is how currencies die. If the price of gold ever gets too low, the industrial consumers will step in and buy some, thus giving its price a floor, something which cannot be said about the dollar, the Euro or even Bitcoin for that matter, and this is why gold is still money, after thousands of years of monetary use.

  • @brucec43

    @brucec43

    6 жыл бұрын

    Intrinsic value is beside the point. Gold's scarcity, difficulty in creating more, durability, and other qualities of money are its value. If gold cured cancer it would have an intrinsic value higher than that of its monetary value. If it was only for jewelry it would have another intrinsic value that was lower. You don't trade things for money to use it for intrinsic value. You trade things for money to use it as money, a medium of exchange that is durable and stable and cannot be printed.

  • @AnotherAnonymousFag
    @AnotherAnonymousFag6 жыл бұрын

    Rickards - the man who helped to nearly bring the financial world to its knees, but claims he bailed it out. Incredible.

  • @ashthegreat1
    @ashthegreat16 жыл бұрын

    He's an insider and has a CIA clearance. He gets to see a lot more than most other economists.

  • @fightyoutubescammersuse-ad6723

    @fightyoutubescammersuse-ad6723

    6 жыл бұрын

    You are delusional if you believe that BS. Rickards is a huge liar. I contacted the CIA and they do not know who he is.

  • @8hourglass8

    @8hourglass8

    6 жыл бұрын

    You are a moron. You did not contact the CIA. You must be a 12 year old

  • @fightyoutubescammersuse-ad6723

    @fightyoutubescammersuse-ad6723

    6 жыл бұрын

    Sorry but I did. And I'm older than your dad, kid. Rickards is a complete liar and con man and if you believe his BS infomercials put out by the scam boiler room Agora, you are a damn fool. Do some research into these con artists. You have been taken by pure frauds.

  • @8hourglass8

    @8hourglass8

    6 жыл бұрын

    LOL. Let's say you actually called the CIA. Do you think they will tell a basic citizen as yourself ANYTHING you want to know? No, of course not. They don't have to listen to you, and they won't. They don't care who you are, so they don't need to tell you jack. And you seem very hateful towards these Jews. Neo-Nazi? And huge money like yourself? If you are telling me to hop into the stock market, you yourself are the fucking idiot. The US monetary system has been unstable ever since we started producing credit in WWI, and has gotten worse and worse and finally absolutely ruined in 1971 when Nixon took us off the gold standard. The American people, like you and me, are the pawns on the chessboard, and the big banks, hedge funds, and government are the kings, moving us around just how they want us through the education we are taught in school, through the media, and through the vehicles they have for us to "grow" our money. It is hard for you to see all this because your lack of economic history is minimal, to say the least. Therefore, it is hard to argue with you because A. you are just a name-calling bitch, and B. you lack historical knowledge, which prevents you from seeing my point. But hey, keep it up because I enjoy this entertainment :D

  • @zabdas83

    @zabdas83

    6 жыл бұрын

    Winston Wolfe so the question I have to ask, Mr Rikards paid schillster or honest & morale Economist?

  • @jimhendricks88
    @jimhendricks886 жыл бұрын

    Well said, but I don't believe Rickards has done what he claims.

  • @jameswinterfield765
    @jameswinterfield7656 жыл бұрын

    Finance is like medicine. keeping a good mental attitude effects everything .....why can't all these finance guys say nice things about america ..i dont understand whats going on ??????

  • @digi051669
    @digi0516696 жыл бұрын

    Enough gold in Fort Knox!!! Got to love that part..LMAO! Thats why I say he's got one foot in hell and one foot on the planet. Typical CIA tactic of sprinkle enough ABC's that u will overlook the rest of the alphabet soup

  • @longgowhereto
    @longgowhereto6 жыл бұрын

    same old talk

  • @fredb4036

    @fredb4036

    6 жыл бұрын

    James Rickards is a farce he called for 10,000 gold in 2007 fucking idiot

  • @crisismanagement2442

    @crisismanagement2442

    6 жыл бұрын

    And it appears you have learned little if anything... Gold is like insurance, you resent buying it, until you're glad you did.. Usually when disaster strikes.

  • @ashwadhwani
    @ashwadhwani6 жыл бұрын

    This guy is misinformed about the situation in India and that makes it dangerous to believe this guy :(. They changed the bills and you had to exchange your cash at hand which only targeted people with large amounts of cash from corrupt means.

  • @brucec43

    @brucec43

    6 жыл бұрын

    That is the "purported" rationale. Surely you give them more credit than to think they're not clever enough to do these things incrementally so as not to initiate a reaction from the people?

  • @AshThunor
    @AshThunor6 жыл бұрын

    Man, Jim is really scared of bitcoin. Has to interject half of his statements with an unrelated quip about bitcoin.

  • @conscious_being
    @conscious_being6 жыл бұрын

    This guy is so bloody clueless, it is a amazing anyone takes him seriously. If the Fed/US Government _announces_ it will buy gold at a specific price, that only sets the floor price below which gold will not go and other players in the market will have to pay a higher price to buy gold. It doesn't mean it will get to buy any gold at that price. Any sudden increase in the market price of gold will only increase the demand for gold, not decrease it, and push the price higher. The _only_ way the US government/Fed get any hands on the gold in the hands of the public is to make it illegal for Americans to hold gold and "buy" all that gold at higher than last traded market price. I am glad he finally realised what a stupid idea the IMF's SDR becoming global trade and reserve currency is and stopped spouting that garbage. There will be no gold-backed domestic currencies, but there will be a 100% gold-backed currency exclusively for international payment settlements and it will be issued by the New Development Bank (the BRICS Bank) and the West will have no role in it. Western countries will be free to solve their problems any way they please, but if they need to run trade deficits with the BRICS and others who will join them, they will have to pay for these deficits with gold, by borrowing from the NDB (gold denominated loans) or capital inflows from these countries by being attractive investment destinations.

  • @DavidAKZ

    @DavidAKZ

    6 жыл бұрын

    and what about the deflationary (Austrian) nature of BTC ?

  • @ashwadhwani

    @ashwadhwani

    6 жыл бұрын

    It is outright dangerous to believe him, do your own research and use your instinct.

  • @conscious_being

    @conscious_being

    6 жыл бұрын

    +DavidAKZ Anyone who tells you that there is a finite amount of _any_ decentralised crypto is either ignorant or a lying sack of shit. Infinite number of blockchains of any decentralised crypto can be created, one per network of peers. That makes the potential number of units of any decentralised crypto infinite. That said, there is a finite amount _per blockchain_ of any crypto. If everyone in the world is scrambling for the finite amount of crypto on exactly one of the infinite possible blockchains of the thousands of cryptos out there, it will be deflationary. But I don't see everyone in the world would do it. Even if one of the cryptos turns out to be great, not sure why I would want the crypto on a specific blockchain and not another. Here, the lying sacks of shit promoting their favourite crypto claim it is due to the "network hashing power" or some other such garbage to impress the ignorant. But since I am _not_ ignorant I can detect the circular logic. It is valuable because there are many mining it and there are many mining it because it is considered valuable. In other words units on a particular blockchain of a crypto have value _exclusively_ because some with a lot of fiat (whatever their reasons) decide to treat them so. If the only people placing value are the lying sacks of shit and the scared/greedy ignorant, it won't last long. However, there is a possibility that bitcoin was created to generate an entirely new class of assets for the ultra-rich to park some of their wealth during the transition, sort of like fine art (no one cares for their "value" except the ultra-rich). If that is the case (and no one has any way of knowing whether it is or not), bitcoin can be expected to preserve value during a $ collapse. But that doesn't mean anyone should rush to buy BTC, because that may _not_ be the blockchain on which the ultra-rich have their assets parked. Watch out what happens with the SEC approved bitcoin futures. If these futures, currently settled purely in cash, later allow shorts to settle the contract by delivering bitcoin, the blockchain they select for delivery of the coins will be the only one that has a _chance_ of surviving, rest of the blockchains of bitcoin and all other cryptos will go to zero. If the ultra-rich are already holding most of the bitcoin on the current blockchain (BTC), then I don't expect the futures to ever evolve to deliver bitcoin to settle contracts or if they do, the bitcoin slated for delivery will be those on the current blockchain. But if very little of the bitcoin on the existing blockchain is held by the ultra-rich, the bitcoin for delivery will be on an entirely _new_ blockchain and will kill BTC and every other decentralised crypto in no time. If that happens, bitcoin may easily cross US$ 100,000 per unit, but that will be the units on the new blockchain, not the current one and everyone holding BTC will quickly find there will be no takers for them at any price. I am betting on the latter, since I don't think the ultra-rich are keen on enriching some random geeks or ignorant speculators. More importantly, it removes the nuisance of the "alt" coins. But time will tell. If you live the US and are looking for advice on preserving your wealth, my advice is (1) Productive assets like farmland, housing property etc (2) Physical silver and (3) Foreign currencies like Euro and Swiss Franc

  • @brucec43

    @brucec43

    6 жыл бұрын

    Yet he's a multi-millionaire world famous economist who goes to Pentagon and White House meetings and you're typing this in your pajamas during work hours.

  • @conscious_being

    @conscious_being

    6 жыл бұрын

    Bruno TaTa In other words, you are too stupid to understand what has been explained and have to depend on reputations to decide who to believe. Not exactly my problem.

  • @osbyecad8778
    @osbyecad87786 жыл бұрын

    Gold is going under 1000 and will stay there for the next 20 years

  • @Mikesorrento3344

    @Mikesorrento3344

    6 жыл бұрын

    Bitcoin=Tulips. Let's see, bitcoin 8 year history versus gold, silver's 4,000 year history. Good luck!

  • @TIOMKIN1

    @TIOMKIN1

    6 жыл бұрын

    Please give me a break $1,000.00 Gold outrageous. Out.

  • @dghdavies

    @dghdavies

    6 жыл бұрын

    Osbye - I bet you are excited to see your 21st birthday soon.

  • @fool1124

    @fool1124

    6 жыл бұрын

    I will pay you $1000 give me all your gold now.

  • @DavidAKZ

    @DavidAKZ

    6 жыл бұрын

    naked short selling of paper contracts in futures markets could see to that as is happening now.

  • @HowardARoark
    @HowardARoark6 жыл бұрын

    Jim is in denial on crypto. Crypto CAN'T be controlled by govt - its not just another way of doing things - its an entirely different concept of what money is. Gold/silver will always be a good store of value though - and will come up in price. Jim just can't accept the new order the new generation is creating in crypto. This song is over Jim, the old way is finished - they have kicked the ar5e right out of the game, and there is nothing left to play for. Have the grace to accept you were wrong.

  • @newworldforward1842
    @newworldforward18426 жыл бұрын

    Mr. Trojan horse appears again. He keeps twisting the truth, he puts all the right words in there but gives them all the wrong meaning. How does he live with himself? His only mission in life seems to be deception.

  • @stine8689
    @stine86896 жыл бұрын

    What a broken record.

  • @Tigersage3113mdc
    @Tigersage3113mdc6 жыл бұрын

    Bla bla

  • @ctsv800hp7
    @ctsv800hp76 жыл бұрын

    you are the fake king

  • @osbyecad8778
    @osbyecad87786 жыл бұрын

    Don’t listen to this clown-bitcoin is where you put your money.

  • @arenbesim1571

    @arenbesim1571

    6 жыл бұрын

    Typical attitude of an ignorant bitcoiner which does nothing except make us all look like idiots. I hold gold and bitcoin and cash - be open minded if you actually care about becoming wealthy.

  • @albertlist8453

    @albertlist8453

    6 жыл бұрын

    Aren Besim well said man.

  • @beastmode00714

    @beastmode00714

    6 жыл бұрын

    How's that working out for ya.

  • @osbyecad8778

    @osbyecad8778

    6 жыл бұрын

    It double in the last week