Jim Rickards – A “Disinformation Agent”?

Jim Rickards ChinaIs Jim Rickards a Disinformation Agent as a PM Fund Manager alleged this week, or is he simply intending to advise and prepare people for what he genuinely believes is coming with the end of the dollar paradigm? 

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Submitted by Larry White

When you write a blog like this it is necessary to daily review all the sources of information you use to stay informed in case something new pops up. This week I see two alternative media sites running articles suggesting that the US government is sending out “propaganda agents” to mislead the public on how much gold the US really still has in its possession.

One of the articles mentions Jim Rickards by name in suggesting he is not only misleading the public on the gold question, but is also trying to “sell the idea of using the IMF SDR to the world as a reserve currency replacement for the dollar”. Here is a link to that article.   This article also refers readers to a King World News article suggesting a similar idea (but does not mention Jim Rickards by name). Readers here know we often cite Jim Rickards interviews and articles. So how do we react to all this? Let’s take a look.
I have followed Jim Rickards now for a number of years. The reason I cite his articles and interviews is because his track record on forecasting is very good. In addition, he provides substantial documentation and evidence for his analysis and views. Something I view as very important in presenting information to the public. Especially to people new to all these complicated issues related to the monetary system.
The articles that I noted above that are critical of Jim Rickards make two basic arguments.   One is that he is misleading the public on the actual physical gold held by the US in its possession.  The other is that he is trying to sell (or prepare the public to accept) the idea of the IMF SDR as a new global reserve currency to replace the US dollar.
Regarding the first criticism, in every interview or article I have seen by Jim Rickards on the US gold holdings he states that he believes there is gold leasing taking place. There is good evidence to support this as we noted in an earlier article we ran on Central Banks and gold.
However, there is no evidence that I know of that proves any physical gold is missing that the US reports owning.
In the article linked above, we noted the official US Treasury and US House Finance Committee reports that state the official gold holdings. While I can understand why some may be suspicious of those reports since the US is not willing to do a full audit on the gold, suspicion is not evidence.
If someone has evidence (proof) that actual physical gold is missing, they should come forward with it. Otherwise, they should state it is their opinion the gold is missing because without proof there is no way for any of us to verify it either way. I don’t see how Jim Rickards is misleading the public by simply accepting the reported physical gold inventory issued by the US Treasury.
If those figures are wrong, then it is the government reports that are misleading.   Again, we cannot know how much leasing has been done because the US Fed refuses to disclose that information.
Regarding the second criticism, I have heard Jim Rickards discuss the topic of the IMF using the SDR as a reserve currency in the future many times.  I have never heard him suggest he favors that. I did not get the impression he is attempting to “sell” anyone on that idea. In fact, in several interviews that I heard, he goes out of his way to suggest that he thinks a fiat version of the SDR will not work and will eventually give way to a gold backed system one way or another. So again, I don’t understand why people would suggest he is advocating using the SDR as a global reserve currency. That is not consistent with his comments in the interviews I have heard.
When I listen to Jim Rickard analysis, what I hear is someone trying his best to forecast what he thinks is most likely to eventually happen (whether he agrees with it or not). I do the same thing here. As I have stated on this blog before, my opinions don’t really matter. What matters is what actually happens. And people trying to become informed and prepare for whatever happens need to be ready for what is most likely to actually happen.
I fully support the right of everyone to offer their opinions on these topics and their right to convince others that their view is correct. But I do think that readers here need to listen to various views and then compare opinions and forecasts they see to what actually happens (whether it agrees with their own point of view or not). It is important to make decisions based on the best information available.

I see no evidence that Jim Rickards is trying to mislead people.  Rather, it seems to me he is trying to inform and prepare people for what he genuinely believes is going to happen. He may end up being right or wrong.   But his track record so far is very strong which is why we cite his work here and will continue to do so as a credible alternative viewpoint.Update: Jim Rickards new interview provided an opportunity to explore this topic in more depth so I added a new Part II article which you can read here.

 

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