James Richareds Says, "We are in a global depression"

China's currency devaluation last week — the yuan has slid 3 percent against the dollar since then — illustrates the country's economic weakness, he said. “Currency wars have no logical conclusion except systemic reform or systemic collapse,” he said.

In the United States recent weak data may make the Federal Reserve hesitant to tighten monetary policy, Rickards said. “There is no way that the Fed can raise rates.” Some economists expect the central bank to move next month.


Bob Buttler
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