He went on to say the FED “printed four trillion dollars to bail out [the system] last time, and I was standing with our modern monetary theorists to say that you’re not gonna be able to print another four trillion to bail it again.”
Rickards thinks that this will inevitably cause the FED “to turn to the IMF”.
He believes a move like this may have “a lot of implications” due to the role the IMF plays in today’s global economic framework as essentially “the central bank for central bankers”. A future bailout may result in many central banks all around the world needing to turn to the only place left with a clean balance sheet for a liquidity injection in the form of SDRs – or what Rickards calls “world money”.
- Source, Yahoo Business
