Liquidate the banks or endure years of slavery, Rickards tells CNBC
11:59a ET Monday, August 15, 2011
Dear Friend of GATA and Gold:
Look! Up in the airwaves! It's a bird! It's a plane! No, it's ... Jim Rickards, the Superman of geopolitical analysis, who spoke at GATA's London conference and was interviewed on CNBC last night about the European debt problem and gold. Insolvent banks should be nationalized, their bondholders and stockholders wiped out, their bad loans liquidated, and then the banks reprivatized, Rickards said. Otherwise, he added, society will spend many years working just to make the banks whole. Rickards added that currencies again will have to be backed by gold and that the United States and the Euro zone will do well in this regard, having large gold reserves.
The segment with Rickards is a bit under nine minutes long and he doesn't appear until a couple of minutes into it but you can watch it here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.