The Greater Financial Crisis of 2024
The comments below are an edited and abridged synopsis of an article by James Rickards
“You’re probably aware that Fitch has downgraded the credit rating of the United States from AAA to AA+.”
“That’s nothing to cheer about, though it’s not likely to have much impact on the markets in the short run. It’s more of a long-term problem.”
“But it’s certainly another straw in the wind showing that the U.S. is on a non-sustainable fiscal course that can only end in default, hyperinflation or protracted depression-level growth.”
“Meanwhile, another major credit ratings agency, Moody’s, has just issued its own downgrades that may foretell a much more immediate threat.”
“And they don’t involve the government.”
Jim’s topics of discussion: Downgraded; it won’t be subprime mortgages next time; the looming CRE (commercial real estate) crisis; I want my money back; fighting the last war; and there’s time to prepare.
Jim signs off with, “I advise you to plan accordingly.”