As posted to Kitco News YouTube Channel on 3/18/20

“We are potentially entering an ‘Ice-9’ situation where the entire world may ‘freeze’ over economically, said Jim Rickards, best-selling author of ‘The Road to Ruin‘ and ‘Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos.’”

“If you shut down the New York stock exchange, and I can’t sell stocks and get cash, I’m going to sell my money market funds or redeem my money market funds. Then you’ve got to shut down the money market funds industry, and then people say ‘ok, I’ll go to the banks or the ATMs,’” he said.

“And then you’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.”

(This is Blog Post #769)

James G. Rickards is an American lawyer. He is a regular commentator on finance, and is the author of The New York Times bestseller Currency Wars: The Making of the Next Global Crisis, published in 2011 as well as biennial followup books, James Rickards is the Editor of Strategic Intelligence, a financial newsletter, and Director of The James Rickards Project, an inquiry into the complex dynamics of geopolitics + global capital.