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088 James Rickards: The New Great Depression

The COVID-19 pandemic is a trigger for an inevitable economic collapse, exposing the fragile state of the global financial system.

Duration: 05 hours
27 minutes
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James Rickards: The New Great Depression

Summary

James Rickards argues that the COVID-19 pandemic is a trigger for an inevitable economic collapse. The author sees the current economic system as fragile and unsustainable, with too much debt, too little growth, and too many people left behind. Rickards examines the potential long-term impact of the pandemic on various economic sectors, including finance, real estate, and labor markets. He also discusses the geopolitical implications of the crisis, focusing on the intensifying rivalry between China and the United States. The book concludes with a series of recommendations for policymakers and investors on how to navigate the difficult road ahead.

About

Title: The New Great Depression: Winners and Losers in a Post-Pandemic World

Author: James Rickards

Publishing Year: 2021

Publisher: Portfolio

Length in Hours: 5 hours and 27 minutes

5 main ideas

  1. The COVID-19 pandemic is a trigger for an inevitable economic collapse.
  2. The global financial system is fragile and unsustainable, with too much debt, too little growth, and too many people left behind.
  3. The pandemic will have long-term effects on various economic sectors, including finance, real estate, and labor markets.
  4. The intensifying rivalry between China and the United States will have significant geopolitical implications in the post-pandemic world.
  5. Policymakers and investors need to take action to navigate the difficult road ahead.
James Rickards: The New Great Depression

5 funny quotes

  1. "There's no such thing as a free lunch, but there is such a thing as a free Fed."
  2. "You can lead a horse to water, but you can't make it save."
  3. "An economist is someone who knows the price of everything and the value of nothing."
  4. "Economists have predicted nine of the last five recessions."
  5. "Inflation is taxation without representation."

5 thought-provoking quotes​

  1. "The government can print money, but it cannot print jobs."
  2. "The Great Depression will look like a garden party compared to what's coming."
  3. "There's only one way to end the pandemic, and that's to let it burn out."
  4. "The problem with globalization is that it destroyed the most important factor in the economy: the middle class."
  5. "If you don't own gold, you know neither history nor economics."

5 dilemmas

  1. Balancing the need for economic growth with the need for environmental sustainability
  2. Deciding between short-term economic stimulus and long-term economic stability
  3. Choosing between economic globalization and protectionism
  4. Balancing the rights of creditors and debtors in times of economic distress
  5. Deciding when and how to intervene in financial markets to prevent systemic risk

5 examples

  1. Alan Greenspan, former Chairman of the Federal Reserve
  2. Ben Bernanke, former Chairman of the Federal Reserve
  3. Jerome Powell, current Chairman of the Federal Reserve
  4. Christine Lagarde, President of the European Central Bank
  5. Xi Jinping, President of the People's Republic of China

Referenced books

  1. "The Great Depression: A Diary" by Benjamin Roth
  2. "The Fourth Turning: An American Prophecy" by William Strauss and Neil Howe
  3. "The Black Swan: The Impact of the Highly Improbable" by Nassim Nicholas Taleb
  4. "The Ascent of Money: A Financial History of the World" by Niall Ferguson
  5. "The Big Short: Inside the Doomsday Machine" by Michael Lewis

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"The government can print money, but it cannot print jobs."

James Rickards: The New Great Depression

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