9/10/2023 0 Comments Aftermath book jim rickards![]() In other words, you can’t understand whether the debt is a problem or not unless you compare it to your capacity to pay the debt – which is income for an individual or GDP in the case of a country. The metric I use is the debt-to-GDP ratio.Īnd the way I explain it to people is, if you owe $25,000 on a credit card, is that a problem or not? Well, if you make $25,000 a year and you owe $25,000 on the credit card, you’re probably going to go bankrupt.īut if you make $500,000 a year and you owe this same $25,000, you can probably pay it off with one check. Number one, when most people talk about it, they talk about high debt amounts. The debt is much bigger and the end of the world doesn’t seem to have arrived. But he kind of got booted out of the Reagan administration for sounding warnings about the debt.Īnd here we are, 35 years later. ![]() You can go all the way back to David Stockman in the early 1980s. ![]() But, yet, you asked a bigger picture question, which is what about the debt? But we actually began getting very good results in our predictive analytics. I used proprietary models that were quite different from what government officials and Wall Street used. And there was a lot of profit made from getting that right.Īnd then in late October, early November, 2016, I was traveling around the world – Australia, Europe, and New York – and looked in the camera on a lot of networks and said that Trump was going to win the election and pretty much got laughed at. And I got emails after that – thanks for putting my kids through college because I took your advice on that. Of course, the vote was a shocker that the UK did vote to leave. And I looked in the camera and I said the UK is going to vote to leave the EU and you should short sterling and buy gold. And by the way, in terms of predictions, I was in London on what they call the capsule on the London Eye – that’s the big Ferris wheel on the South Bank of the Thames – on June 20, 2016. I know you cover this early in the book about how there has been a progression of debt increase, and it’s not linear. The question that is always on my mind – at what point do we get to where the breaking point is reached and the bad predictions that all the smart people like yourself have been making for decades, finally we hit that breaking point and things start to break? And I think sovereign debt is what we tend to focus the most on.īut, frankly, the private debt problem is just as big. ![]() I want to start with what I think is really the core issue behind just about everything else we talk about in economics, which is burgeoning debt around the world. The title of the book is Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos. It’s available now for pre-order on Amazon and through other outlets. And Jim has a brand-new book coming out next week. Erik: Joining me now is Jim Rickards, best-selling author. ![]()
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