The New Great Depression Quotes

“It is true that state power can proclaim the kind of money acceptable for payment of taxes. It is true that citizens may regard the declared form of money as money in order to pay taxes and avoid prison. It is true that a central bank and a treasury can work together in a condition called “fiscal dominance” to monetize unlimited government debt and support unlimited government spending. Finally, it is true that government spending goes into someone’s pocket and enriches that individual or company by that amount of spending, at least temporarily.”
― James Rickards, The New Great Depression: Winners and Losers in a Post-Pandemic World

“Markets did not see the crash coming in 2008. And they did not see the crash coming in 2020. That's not what markets do. Understanding what's coming next is up to you.”
― James Rickards, The New Great Depression: Winners and Losers in a Post-Pandemic World

“Economics and politics converged long ago. Now economics and medicine have joined hands.”
― James Rickards, The New Great Depression: Winners and Losers in a Post-Pandemic World

“In the fullness of time, the 2020 lockdown of the U.S. economy will be viewed as the greatest policy blunder ever. Lost wealth and income will be measured in trillions of dollars. Any gain in lives saved or damage avoided was inapposite, since equally effective policy choices were available but untried. There’s no evidence that epidemiologists considered lives lost to drugs, alcohol, suicide, and despair when they pursued policies that pushed 60 million Americans out of jobs.”
― James Rickards, The New Great Depression: Winners and Losers in a Post-Pandemic World

“Modern Monetary Theory is old wine in new bottles. The old wine consists of the belief that the value of money is created by government dictate and the volume of money is unlimited because government offers citizens no choice but to use their money as payment for taxes.”
― James Rickards, The New Great Depression: Winners and Losers in a Post-Pandemic World

“Henderson coauthored a paper in 2006 that refutes the Glass work and the CDC guidelines. The Henderson paper states, “Historically, it has been all but impossible to prevent influenza from being imported into a country or political jurisdiction, and there has been little evidence that any particular disease mitigation measure has significantly slowed the spread of flu. . . . The negative consequences of large-scale quarantine are so extreme (forced confinement of sick people with the well; complete restriction of movement of large populations . . .) that this mitigation measure should be eliminated from serious consideration. . . . Travel restrictions, such as closing airports . . . have historically been ineffective . . . and will likely be even less effective in the modern era.”
― James Rickards, The New Great Depression: Winners and Losers in a Post-Pandemic World