29 Sep '13, 2pm

#peakoil Central Bank Currency Wars Will Destroy The Value of the US Dollar: Jim Rickards, author of the best-...

It will play out in all markets. When I say collapse, it is a loss of confidence in paper money. Take the Fed, for example. The Fed has printed almost $3 trillion since 2007. Now, that is without a liquidity crisis. I mean, we did have a liquidity crisis in 2008. And the first round – I would say QE1 was a legitimate central-bank response to liquidity crisis. But QE2 and QE3: we will look back over them and we will see them as enormous blunders in one of the greatest failed experiments in economic history. But the problem is, the Fed printed trillions of dollars without a liquidity crisis. What is going to happen when we do have a liquidity crisis, which I expect in the next couple years, where there is a 2008 panic starting again? What are they going to do? Print $6 trillion? $9 trillion? There is a limit on what they can do. And so at some point, it is going to get hande...

Full article: http://peakoil.com/business/central-bank-currency-wars-wi...

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