Rickards says, "The current crisis is not like 2008 or even 1929. The New Depression that has emerged from the COVID pandemic is the worst economic crisis in U.S. history..."

"Most fired employees will remain redundant. Bankruptcies will be common, and banks will buckle under the weight of bad debts. Deflation, debt and demography will wreck any chance of recovery, and social disorder will follow closely on the heels of market chaos."

Rickards says there are many negatives to the current economy, Covid, inflation, war, sanctions, supply destruction, and on top of all that, Rickards says the Fed will ultimately kill the economy with a policy mistake.  Rickards explains,

"Probably in May they are going to have quantitative tightening, which means you actually reduce the money supply.  So, this is triple tightening:  Three interest rate hikes, no more taper . . . and doing quantitative tightening at a very rapid rate.  What just happened?  We had a down quarter.  The economy was at recession levels in the first quarter, and the stock market is on the way down.  So, here we go again.  The Fed is tightening into weakness.  It's tightening into certainly a stock market bubble, and they are probably going to destroy the markets again."

Inflation, according to Rickards, is very serious, and he explains, "It is the worst inflation in 40 years.  You can't argue about it, it's there..."