James Rickards – The Road To Ruin

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James Rickards is an American lawyer and a regular commentator on finance. He is the author of The New York Times bestseller Currency Wars: The Making of the Next Global Crisis, published in 2011, The Death of Money: The Coming Collapse of the International Monetary System, published in 2014, and The New Case for Gold, published in 2016.

00:00 Trailer.
02:20 Brian’s thoughts on the episode.
05:28 Brian’s Introduction.
06:01 Emergence of Long Term Capital Management (LTCM), the hottest thing out there.
08:37 Insider account of when it all went wrong.
09:30 Myron Scholes, Fischer Black and Robert Merton.
11:17 Notional derivative swaps, a monster completely out of control.
13:02 Who is going to bail out the central banks in the next financial crisis, hypothetically in 2018?
18:53 Magnitude of financial consequences in1998 and 2008 financial crises.
26:59 Social unrest in financial crises.
30:39 How James forecasts terrorism attack, election results and next apocalyptical financial crisis.
41:34 “The Global Elites’ Secret Plan for the Next Financial Crisis.”
49:00 Break up big banks: get rid of derivatives: re-instate Glass-Steagall.
56:24 What we can do to save our families.
1:01:17 Where Trump election forecasts went wrong and the financial prospect for Trump’s policies.
1:08:05 Where James Rickards puts his money.
1:11:40 What James has learnt about an emotional, physical and financial setback.
1:16:51 How James writes and produces consistently great books.
1:20:35 Phone call to the 20 year old James Rickards
1:22:41 Best advice ever received.
1:24:01 Brian’s summing up.

James Rickards links:
The James Rickards Project
James Rickards on Twitter
James Rickards Blog
James Rickards on Wikipedia

James Rickards’ books:
The Road to Ruin
The New Case for Gold
The Death of Money
Currency Wars
The Big Drop

Topics discussed:
Long-Term Capital Management
Johns Hopkins University
John Hopkins School of International Studies
US Department of Defense
Pentagon Preps for Economic Warfare
Black-Scholes Model
When Genius Failed by Roger Lowenstein
Itô Calculus
Bankers Trust
Derivative (finance)
Swap (finance)
Day trading
Off-balance sheet
International Monetary Fund (IMF)
Special drawing rights (SDRs)
Federal Reserve System
European Central Bank (ECB)
‘Sapiens’ by Yuval Noah Harari
Wall Street
‘Liar’s Poker’ by Michael Lewis
‘The Bonfire of the Vanities’
Solomon Brothers
Bear Stearns
Bell Curve
Power law
‘The Black Swan’ by Nassim Taleb
Central Intelligence Agency (CIA)
Insider Trading
Bayes’ theorem
Glass-Steagall legislation
The Sumitomo Bank
‘Fools Gold’ by Gillian Tett
‘Ten Days That Shook the World’ by John Reed
Denali
Ozark Mountains

People mentioned in this episode:
Max Keiser
Myron Scholes
Fischer Black
Robert C Merton
Stephanie Kelton
Paul McCulley
Peter R Fisher
Dino Kos
Gary Gensler
John Meriwether
Jamie Dimon
Martha Stewart
Christine Lagarde
David Lipton
Lawrence Summers
Kenneth Rogoff
Anatole Kaletsky
Mario Draghi
Henry (Hank) Paulson
Phil Gramm
Bill Clinton
Blythe Masters
Laura Ingraham
Rush Limbaugh
Sean Hannity
Ronald Reagan
Stephen Moore
Lawrence (Larry) Kudlow
Arthur Laffer
Judy Shelton
David Malpass
Warren Buffett
Tomothy Geithner
Ted Cruze