3 Min. Gold News – Jim Rickards – Greek Pensions – China – July 11, 2015

3 Minute Gold News

A Quick Read for Busy People

A 3 minute synopsis of an interview with Jim Rickards, New York Times bestselling author of The Death of Money and Currency Wars, by Pauline Chiou from CNBC World.

Topics:


Greek Pensions
China’s Stock Market Crisis
Digital Assets

 

 Rickards - Brisbane

Jim Rickards

Interview link

GREEK PENSIONS

If Greece stays in the euro then the Greeks may lose 10% of their pensions but if they leave the euro and return to the drachma they’ll lose 90% of their pensions because of inflation.

The Greek people know this. They voted no on the referendum but they’re 70% in favour of staying in the euro.

There is suffering and there is no making light of the hardship people are experiencing.

There won’t be a Grexit and it’s coming in for a soft landing. It’s coming out in the right place.

CHINA’S STOCK MARKET CRISIS

There is no market in China – it’s Beijing Opera – smoke and mirrors and illusion. There’s a very long list of government intervention: institutional investors can’t sell, there’s no short selling, almost half the companies on the Shanghai Index have stopped trading.

Where would the market be without the intervention? That’s the real clearing price.

If the ‘market’ is up a little then it’s a good opportunity to get out because it has a lot further to fall.

China is the second largest economy in the world and it has one of the fastest growth rates of any major country in the world, so it’s not going away. It’s not that China is imploding, but you can’t really have confidence in the evaluations.

One of the best ways to play China is to buy a company like IBM. China can’t push them around because they need each other so they can deal eye to eye.

That’s a way to participate in the growth in China without the manipulation.

DIGITAL ASSETS

With the manipulation in the stock market in China and the New York Stock Exchange going down last week, it’s good to have some hard assets in your portfolio.

Gold, silver, fine art and land are at the top of the list of hard assets to own.

Not all land is in this list, but to have 10% of your portfolio in things that cannot be hacked and cannot be erased is a good hedge for all the cyber warfare that’s going on behind the scenes.

 

Jim Rickards can be found on Twitter and at James Rickards Project.

 

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AlbumCover.PreparingfortheFall

 

Preparing for the Fall is a boutique live solo album available on iTunes — including the singles Wag the Dog, Black Swan Dive, Miss American Pie and Gods of the Copybook Headings.

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Wag the Dog (Drums of War and Backroom Banker Passes)
words and music Elaine Diane Taylor
© 2014 Intelligentsia Media Inc. All rights reserved.
SOCAN/ASCAP
from the album Preparing for the Fall available on iTunes

 

Coins and Crowns
words and music Elaine Diane Taylor
© Intelligentsia Media Inc. All rights reserved.
SOCAN/ASCAP
from the album Coins and Crowns available on iTunes

Single featured in Episode 1 of Mike Maloney’s documentary series Hidden Secrets of Money.

 


The Gods of the Copybook Headings
words by Rudyard Kipling and music by Elaine Diane Taylor
©2014 Intelligentsia Media Inc.
SOCAN/ASCAP
from the album Preparing for the Fall available on iTunes

 

 

Another Week on Wall Street (Naked Short Selling and Fiat Currency)
words and music Elaine Diane Taylor
© 2013 Intelligentsia Media Inc. All rights reserved.
SOCAN/ASCAP
from the album Coins and Crowns available on iTunes

 

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Nothing on this site is personal investment advice. We’re all watching how the wind is blowing.

 

 

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