�The last time, in 2008 when the crisis started, the Fed�s balance sheet was $800 billion. Today, the Fed�s balance sheet is $3.3 trillion and increasing at $1 trillion a year.� Rickards contends, �You�re going to have a banking crisis worse than the last one because the banking system is bigger without the resources because the Fed is tapped out.� As far as the Fed ending the money printing, Rickards predicts, �My view is they won�t.
The economy is fundamentally weak. We have 50 million on food stamps, 24 million unemployed and 11 million on disability, and all these numbers are going up.� When the subject of gold confiscation came up, Rickards said, �I just don�t think it will happen because the government will find it will be very hard to enforce.�
- James Rickards via a recent USA Watchdog interview, see the full interview here:
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