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Derivatives' danger may have gotten too big for central banks, Rickards says
5p CT Wednesday, October 30, 2019
Dear Friend of GATA and Gold:
For some big-picture financial and geopolitical commentary it might be hard to do better than the interview conducted a few days ago by comedians Konstantin Kisin and Francis Foster with author, economist, consultant, and gold advocate James G. Rickards.
Rickards explains how the derivatives held by the late hedge fund Long-Term Capital Management, for which he was legal counsel, threatened to drag down many too-big-to-fail investment banks and, with them, major financial exchanges. He adds that the threat posed by derivatives to the world financial system is even bigger now, possibly too big for central banks to address effectively.
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They also discuss Modern Monetary Theory, the subservience of the U.S. government to the big investment banks, the monstrous totalitarianism and human rights violations of China's government, and the U.S. dollar's vulnerability to substitution by the Special Drawing Rights of the International Monetary Fund.
The interview is an hour long and can be viewed at YouTube here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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