Advice From An Elite For Elites To Avoid Being Ripped Off By Elites
I just finished reading James Rickards’ “The Road To Ruin“. It was an interesting read in that he used: past events (1998 LTCM meltdown, 2008 crash), complexity and chaos theory, “fat tailed” power law distributions, and Bayesian statistics logic to build a fairly compelling case for the next impending global financial meltdown to be catalyzed by global elites. In his view, the US dollar will collapse and be replaced as the world’s reserve currency by the International Monetary Fund’s Special Drawing Rights (SDR) notes.
The fact that Mr. Rickards worked for the LTCM hedge fund when it imploded in 1998 makes him a complicit elite in my eyes. It makes me wonder if he was an unwitting co-architect of that disaster.
After building his case that the mother of all financial collapses is on our doorstep, Mr. Rickards states that there are three ways to to financially survive the debacle: buy fine art, land, and gold before your dollars become worthless. What a letdown. Buying art, land, and (less so) gold is not much of an option for the average Joe Schmoe with a modest amount of savings. It’s simply advice from an elite for elites to avoid being ripped off by other elites.
Strangely, Mr. Rickards doesn’t ever mention buying cryptocurrencies like Bitcoin as an option to ride out the next collapse – which shows me that he’s a dinosaur who needs to move into the 21st century. Cryptocurrencies are a viable hedge against financial calamity for the average Joe like you and me. Maybe Mr. Rickards will do his research and discover this fact before he pens his next doom-and-gloom book…..