Tangent Capital Partners Senior Managing Director Jim Rickards was interviewed by Bloomberg’s Deirdre Bolton and discussed China and world reaction to the U.S. debt ceiling debacle.
Rickards discussed this week’s op-ed in which China’s government newspaper openly called for the world to move away from the dollar:
Nothing gets printed there that they are not in agreement with. It basically calls for a de-Americanization of the world. It is a signed op-ed go up — calling for de-Americanization and basically saying that the global dollar has been abused by the US.
The intentions are clear, China wants out of the dollar, but they do not have the capability. This could be kind of a five- year project, which they are now pursuing in earnest. This is a shoving match between China and the US. behind the scenes at the IMF.
Bolton- Would you buy gold or not in this environment?
The Chinese bought several hundred tons in June. I would do what the Chinese do.
Rickards full MUST SEE interview on China, debt default, and gold is below: