{"id":1172995,"date":"2020-03-22T09:06:27","date_gmt":"2020-03-22T15:06:27","guid":{"rendered":"https:\/\/commonstockwarrants.com\/?p=678791"},"modified":"2020-03-22T09:06:27","modified_gmt":"2020-03-22T15:06:27","slug":"how-the-global-financial-system-could-shut-down-according-to-jim-rickards","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1172995","title":{"rendered":"How the Global Financial System Could Shut Down, According To Jim Rickards"},"content":{"rendered":"<div id=\"pl-678791\"  class=\"panel-layout\" >\n<div id=\"pg-678791-0\"  class=\"panel-grid panel-no-style\" >\n<div id=\"pgc-678791-0-0\"  class=\"panel-grid-cell\" >\n<div id=\"panel-678791-0-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"0\" >\n<div class=\"so-widget-sow-editor so-widget-sow-editor-base\">\n<div class=\"siteorigin-widget-tinymce textwidget\">\n<p><iframe loading=\"lazy\" src=\"https:\/\/content.jwplatform.com\/players\/9u5piO2D-kgviJALd.html\" width=\"640\" height=\"360\" frameborder=\"0\" scrolling=\"auto\"><\/iframe><\/p>\n<section class=\"m-component-detail\">\n<article class=\"m-video-detail\">\n<div class=\"m-detail--contents l-content-well\">\n<section class=\"l-grid lm-grid--detail lm-grid--with-right-rail\">\n<div class=\"l-grid--content-body\">\n<section>\n<header class=\"m-detail--header\">\n<div class=\"m-detail--feature-header\">\n<div class=\"m-detail--meta\">\n<dl>\n<dd class=\"m-detail--author\"><a href=\"https:\/\/www.thestreet.com\/author\/daniela-cambone\" rel=\"author\"><strong>DANIELA CAMBONE<\/strong>\u00a0<\/a><br \/>\n<time title=\"2020-03-19T14:30:00Z\" datetime=\"2020-03-19T10:30:00-04:00\">MAR 19, 2020<\/time><\/dd>\n<\/dl>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"m-detail--body\">\n<p>We are potentially entering an \u201cIce-9\u201d situation where the entire world may \u201cfreeze\u201d over economically, said Jim Rickards, best-selling author of \u201cThe Road to Ruin\u201d and \u201cAftermath: Seven Secrets of Wealth Preservation in the Coming Chaos.\u201d<\/p>\n<p>Rickards is using a metaphor, alluding to a Kurt Vonnegut book, \u201cCat\u2019s Cradle.\u201d In the book, a vial of \u201cIce-9\u201d, a liquid that has a freezing point of room temperature, leaks into the streams and rivers and turns all water into ice, effectively covering the planet in an ice age and wipes out all life.<\/p>\n<p>Something similar may be underway, financially, when markets halt trading activity, he said.<\/p>\n<p>\u201cIf you shut down the New York stock exchange, and I can\u2019t sell stocks and get cash, I\u2019m going to sell my money market funds or redeem my money market funds. Then you\u2019ve got to shut down the money market funds industry, and then people say \u2018ok, I\u2019ll go to the banks or the ATMs,\u2019\u201d he said. \u201cAnd then you\u2019ve got to shut down the banks so the point is, it spreads from exchange to money markets, to brokerage accounts, to banks, and you end up shutting down the entire system.\u201d<\/p>\n<aside class=\"m-in-content-ad-row l-inline not-size-a not-size-b\">\n<div class=\"m-in-content-ad not-size-a not-size-b is-empty\" data-class-rules=\"[{&quot;sizes&quot;:[&quot;970x250&quot;],&quot;classes&quot;:[&quot;is-970x250&quot;]},{&quot;sizes&quot;:[&quot;728x90&quot;],&quot;classes&quot;:[&quot;is-728x90&quot;]},{&quot;sizes&quot;:[&quot;0x0&quot;],&quot;classes&quot;:[&quot;m-advertisement--fluid-card&quot;]}]\" data-ad-group=\"in_content-0\">\n<div class=\"m-in-content-ad--slot not-size-a not-size-b is-empty\">\n<div id=\"ad-7be05bc32979462bb396f857c140a66b\"><\/div>\n<\/div>\n<\/div>\n<\/aside>\n<p>At the end of an Ice-9 scenario, the entire global financial system shuts down, and any Federal Reserve intervention may no longer be effective.<\/p>\n<p>Rickards noted that contrary to conventional economic thinking, now is not a bad time to own gold.<\/p>\n<p>\u201cPeople say that gold does well in inflation, and you don\u2019t want to have gold in deflation, and we may be looking at deflation, that may be coming, but the point I make is the greatest period of sustained deflation in U.S. history was 1927 to 1933 and in that period, gold went up 75%,\u201d he said.<\/p>\n<p>Gains in gold in today\u2019s condition would be even higher, Rickard said, since gold was fixed in 1933, which is no longer the case today.<\/p>\n<p>Additionally, Rickards said investors should store their gold \u201ca bicycle ride\u201d away so that in the worst case scenario, it would become accessible should people need to evacuate cities by bicycle, which would be more effective during a gridlock than cars.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"size-large aligncenter\" src=\"https:\/\/juniorminingnews.com\/wp-content\/uploads\/2019\/12\/ChrisBanner728-90.gif\" width=\"728\" height=\"90\" \/><\/p>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"m-aside-rail l-grid--rail l-grid--rail\"><\/div>\n<\/section>\n<aside id=\"phxtags-belowcontent\" class=\"l-content-recommendation\"><\/aside>\n<\/div>\n<\/article>\n<\/section>\n<section class=\"m-tile-hub m-component-stack mm-component-stack--is-stacked mm-component-stack--has-footer\"><\/section>\n<section class=\"m-card-group-container\" data-group-size=\"9\" data-first-group-size=\"9\"><\/section>\n<section class=\"m-card-group\">\n<div class=\"m-card-group--content l-grid lm-grid--density-standard lm-grid--image-cards\">\n<div class=\"l-grid--item\">\n<article class=\"m-card mm-card--type-image mm-card--density-standard\" role=\"article\">\n<div class=\"m-card--media\"><a class=\"m-card--image-link\" title=\"Record ETFs Inflows Signal Return of Investment Demand for Gold\" href=\"https:\/\/www.thestreet.com\/video\/etfs-inflows-signal-return-of-investment-demand-for-gold\"><picture class=\"is-loaded\"><source srcset=\"https:\/\/www.thestreet.com\/.image\/ar_8:10%2Cc_fill%2Ccs_srgb%2Cg_faces:center%2Cq_auto:good%2Cw_320\/MTY4NjUxNTI1Mjk1NzExODc5\/this-one-thing-might-stand-in-the-way-of-1300-gold---trader.webp 320w, https:\/\/www.thestreet.com\/.image\/ar_8:10%2Cc_fill%2Ccs_srgb%2Cg_faces:center%2Cq_auto:good%2Cw_640\/MTY4NjUxNTI1Mjk1NzExODc5\/this-one-thing-might-stand-in-the-way-of-1300-gold---trader.webp 640w, https:\/\/www.thestreet.com\/.image\/ar_8:10%2Cc_fill%2Ccs_srgb%2Cg_faces:center%2Cq_auto:good%2Cw_960\/MTY4NjUxNTI1Mjk1NzExODc5\/this-one-thing-might-stand-in-the-way-of-1300-gold---trader.webp 960w\" type=\"image\/webp\" media=\"(min-width: 675px)\" sizes=\"320px\" \/><source srcset=\"https:\/\/www.thestreet.com\/.image\/ar_8:10%2Cc_fill%2Ccs_srgb%2Cfl_progressive%2Cg_faces:center%2Cq_auto:good%2Cw_320\/MTY4NjUxNTI1Mjk1NzExODc5\/this-one-thing-might-stand-in-the-way-of-1300-gold---trader.jpg 320w, https:\/\/www.thestreet.com\/.image\/ar_8:10%2Cc_fill%2Ccs_srgb%2Cfl_progressive%2Cg_faces:center%2Cq_auto:good%2Cw_640\/MTY4NjUxNTI1Mjk1NzExODc5\/this-one-thing-might-stand-in-the-way-of-1300-gold---trader.jpg 640w, https:\/\/www.thestreet.com\/.image\/ar_8:10%2Cc_fill%2Ccs_srgb%2Cfl_progressive%2Cg_faces:center%2Cq_auto:good%2Cw_960\/MTY4NjUxNTI1Mjk1NzExODc5\/this-one-thing-might-stand-in-the-way-of-1300-gold---trader.jpg 960w\" media=\"(min-width: 675px)\" sizes=\"320px\" \/><source srcset=\"https:\/\/www.thestreet.com\/.image\/ar_16:9%2Cc_fill%2Ccs_srgb%2Cg_faces:center%2Cq_auto:good%2Cw_320\/MTY4NjUxNTI1Mjk1NzExODc5\/this-one-thing-might-stand-in-the-way-of-1300-gold---trader.webp 320w, https:\/\/www.thestreet.com\/.image\/ar_16:9%2Cc_fill%2Ccs_srgb%2Cg_faces:center%2Cq_auto:good%2Cw_640\/MTY4NjUxNTI1Mjk1NzExODc5\/this-one-thing-might-stand-in-the-way-of-1300-gold---trader.webp 640w, https:\/\/www.thestreet.com\/.image\/ar_16:9%2Cc_fill%2Ccs_srgb%2Cg_faces:center%2Cq_auto:good%2Cw_960\/MTY4NjUxNTI1Mjk1NzExODc5\/this-one-thing-might-stand-in-the-way-of-1300-gold---trader.webp 960w\" type=\"image\/webp\" media=\"(min-width: 0px)\" sizes=\"320px\" \/><source srcset=\"https:\/\/www.thestreet.com\/.image\/ar_16:9%2Cc_fill%2Ccs_srgb%2Cfl_progressive%2Cg_faces:center%2Cq_auto:good%2Cw_320\/MTY4NjUxNTI1Mjk1NzExODc5\/this-one-thing-might-stand-in-the-way-of-1300-gold---trader.jpg 320w, https:\/\/www.thestreet.com\/.image\/ar_16:9%2Cc_fill%2Ccs_srgb%2Cfl_progressive%2Cg_faces:center%2Cq_auto:good%2Cw_640\/MTY4NjUxNTI1Mjk1NzExODc5\/this-one-thing-might-stand-in-the-way-of-1300-gold---trader.jpg 640w, https:\/\/www.thestreet.com\/.image\/ar_16:9%2Cc_fill%2Ccs_srgb%2Cfl_progressive%2Cg_faces:center%2Cq_auto:good%2Cw_960\/MTY4NjUxNTI1Mjk1NzExODc5\/this-one-thing-might-stand-in-the-way-of-1300-gold---trader.jpg 960w\" media=\"(min-width: 0px)\" sizes=\"320px\" \/><\/picture><\/a><\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>DANIELA CAMBONE&nbsp; MAR 19, 2020 We are potentially entering an &ldquo;Ice-9&rdquo; situation where the entire world may &ldquo;freeze&rdquo; over economically, said Jim Rickards, best-selling author of &ldquo;The Road to Ruin&rdquo; and &ldquo;Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos.&rdquo; Rickards is using a metaphor, alluding to a Kurt Vonnegut book, &ldquo;Cat&rsquo;s Cradle.&rdquo; In the book, a vial of &ldquo;Ice-9&rdquo;, a liquid that has a freezing point of room temperature, leaks into the streams and rivers and turns all water into ice, effectively covering the planet in an ice age and wipes out all life. Something similar may be underway, financially, when markets halt trading activity, he said. &ldquo;If you shut down the New York stock exchange, and I can&rsquo;t sell stocks and get cash, I&rsquo;m going to sell my money market funds or redeem my money market funds. Then you&rsquo;ve got to shut down the money market funds industry, and then people say &lsquo;ok, I&rsquo;ll go to the banks or the ATMs,&rsquo;&rdquo; he said. &ldquo;And then you&rsquo;ve got to shut down the banks so the point is, it spreads from exchange to money markets, to brokerage accounts, to banks, and you end up shutting down the entire system.&rdquo; At the end of an Ice-9 scenario, the entire global financial system shuts down, and any Federal Reserve intervention may no longer be effective. Rickards noted that contrary to conventional economic thinking, now is not a bad time to own gold. &ldquo;People say that gold does well in inflation, and &hellip; <a href=\"https:\/\/commonstockwarrants.com\/how-the-global-financial-system-could-shut-down-according-to-jim-rickards\/\">Continue reading <span>&rarr;<\/span><\/a><\/p>\n","protected":false},"author":50,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[372,2,465,777,4064],"tags":[135,374],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1172995"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/50"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1172995"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1172995\/revisions"}],"predecessor-version":[{"id":1172996,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1172995\/revisions\/1172996"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1172995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1172995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1172995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}