Real wages are, "negative, they're going down," and with rising inflation, people will not spend money elsewhere which can slow the economy further, he asserts.
If the Fed continues down its projected path of rate hikes, "then they will cause a recession, it will absolutely happen," Rickards predicts.
He paints a grim picture of the coming digital dollar that can be seen as a, "totalitarian mechanism," comparing the new technology to a full surveillance state which is already being played out in China.
"Bitcoin is part of a larger digital environment that has erased the concept of money," Rickards concludes, saying we are in a current state of "moneyness," due to the definition of money being unknown.
- Source, Stansberry Research
