Paul Buitink talks to best-selling author Jim Rickards about his new book 'The New Great Depression'. Jim explains the difference between recessions and depressions. He says the US could be considered in a depression since 2008 in terms of depressed growth.

Follow Jim on Twitter at @JamesGRickards
Follow Paul on Twitter at @paulbuitink.

They talk about unemployment and the Labor Force Participation Rate which is declining. Real unemployment is more around 12-15%

Decline of New York is discussed and how lockdowns are not effective but do destroy economies.

Money velocity can be increased by raising inflation expectations by devaluing dollar against gold.

Jim's price target for gold is $14,000 in 2025. Jim still thinks crypto is nonsense and it’s just gambling. He also criticizes Tether and calls it the biggest Ponzi in the whole world. Jim explains how Bitcoin is different and worse than gold and the dollar system in his view. Elon Musk he calls the P.T. Barnum of this age.

Jim expects a big new SDR issue later this year between 500 and 2000 billion.