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Capital Account: James Rickards on the Fed’s European Bailout and a Global Central Bank (11/30/11)

from CapitalAccount:

More rounds of ammunition were fired off in the global currency wars today, as six of the world’s central banks including the Federal Reserve, Bank of England, and the European Central Bank coordinate to get cheap dollars to starving european banks. Meanwhile, across the pacific, China is cutting its reserve requirements by 50 basis points for the first time in nearly 3 years, a sign that the world’s second largest economy and biggest exporter is now reversing its policy of trying to curb inflation and loan growth. We are joined by James G. Rickards, author of Currency Wars to discuss these issues, as well as the growth in gold buying and gold repatriation by foreign central banks, the world over. We also speak to Jim Rickards about the role he thinks the IMF and its global SDR will play in the years to come, and if the latest bailout 600 billion euro italian bailout rumor may be just the opportunity for the IMF to step up as a player in the global currency war. He says the IMF is turning into a global central bank and that the federal reserve is looking more and more like a hedge fund. And on the issue of gold, speakers at a UFO convention in South Africa insist that extraterrestrials visited out planet in search of gold about 300,000 years ago, cloned their genetic make-up and gave rise to mankind. Ever since, they’ve been in contact with world leaders, and ever since, we have been obsessed with gold! And if aliens are a bit far fetched for you, what about super heroes? Phoenix Jones, a Seattle Superhero and his crew have been guarding nights in the rainy city, chasing down criminals and restoring justice. On November 26, 2011 a man was stabbed in Belltown, and Phoenix Jones and his crew chased the suspect for approximately 8 blocks. They were able to subdue him until the police arrived. We will show you the video.

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