Boom Bust Season 1 Episode 112 Avoiding Risk and Preserving Wealth in a Changing World With Jim Rickards

In this episode of Boom Bust, host Bart Chilton and guest Jim Rickards delve into the topic of preserving wealth in a changing world. Rickards is an economist, lawyer, and author who has worked on Wall Street for decades. He has also written several books about financial crises, including "The Death of Money" and "The New Case for Gold."

The conversation begins with Rickards discussing his background and how he got interested in finance. He then moves on to describe the current economic landscape, which he says is characterized by low interest rates and the potential for "black swan" events (unpredictable and rare events that can have major consequences).

Rickards argues that investors should focus on preserving their wealth rather than trying to make big gains in a volatile market. He recommends diversifying one's portfolio and investing in tangible assets such as gold and real estate.

Chilton and Rickards also discuss the risks associated with the current global economic system, including currency manipulation and the potential collapse of the dollar. Rickards argues that the world is moving towards a new monetary system that will likely involve a combination of gold, the Chinese yuan, and cryptocurrencies.

The conversation then turns to the U.S. federal debt, which has been rapidly increasing in recent years. Rickards argues that the debt is unsustainable and that the government will eventually be forced to monetize it (buy it back with newly printed money).

Chilton and Rickards wrap up the episode by discussing the potential impact of technology on the financial system. Rickards argues that blockchain technology will revolutionize the way we store and transfer value, but that it will also create new risks such as cybersecurity threats.

Overall, this episode of Boom Bust provides an insightful look at the current state of the global economy and offers valuable advice for investors looking to protect their wealth in a changing world. Rickards' expertise and experience make him a compelling guest, and his ideas are sure to spark further discussion and debate.