Name: The Coming Crash that will Rock The World — Jim Rickards | 影片 | 乾淨世界
Uploaded: 2023-01-04T05:00:00.000Z
Duration: 11 min 13 s
Description: Access Gareth Soloway exclusive service: https://inthemoneystocks.com/savvyfinance/ref/211/ If you are looking to bank profits with one of the best traders in ... | 影片 | 乾淨世界

Savvy Economists

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James Rickards, a prolific writer who has worked in senior roles at several financial institutions, quotes with approval John Maynard Keynes’s definition of depression as a “chronic condition of subnormal activity for a considerable period without any marked tendency either towards recovery or towards complete collapse”. He makes the important point that depressions are as much psychological as numeric. Risk aversion induced by the pandemic may entrench a high-saving, low-consumption mentality.
Jim argues that when unemployment declines, it will be from such a high level that hard times will persist for millions of workers. It warns of slow growth for 30 years.
Some might say that 30-year forecasts are for the birds and that this is anyway unduly pessimistic. Yet there are grounds for thinking that it might not be, especially if government policy is ill-judged. Since at least the financial crisis of 2007-08 growth has been excessively debt-dependent. The fiscal response to the coronavirus ensures that debt-to-GDP ratios are ballooning. In the short and medium term, deflationary pressure will be intense

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