This week I’m seeing a new wave of questions about this Jim Rickards ad from Agora, and the ad itself has been (clumsily) updated a few times since we covered it back in November of 2017 (the last version with the “by March 19, 2019” deadline even suggested that Yellen was still President of the Federal Reserve, and the date under the signature was still July, 2017), but this latest ad is a little more updated — and we’re about at the two-year anniversary of this prediction from Rickards, so I thought I’d check it again and see what we find.
I’ll cut to the chase at the start and say that no, President Trump did not nominate a “gold bug” to run the Federal Reserve, and the US did not cooperate with the world’s other major economies to form a new gold standard on January 1, 2018 as was originally teased… and they didn’t do it on November 8, 2018 or on March 19, 2019 either (those were ‘critical deadlines’ that were hyped in previous versions of the ad). And the U.S. dollar will not be “rebooted” tomorrow, on October 30, 2019. This is just an ad that has been proven to work for the publisher, and it appeals to enough readers to drive subscriptions, so they’re continuing to re-use it.
The ad is, frankly, so ridiculous that I resisted spending time with it for a while, which is why I wrote about it in November of 2017, not in the Summer of that year when we first started seeing a variation of that “Trump Reboot” theme… at this point, I have no idea whether or not Rickards even believes any of this stuff, but he’s sure committed to saying it over and over. Be warned, I’m updating the whole piece here but I’m also pulling much of this from my previous articles on this topic, and I’ll probably use too many words and may do a bit of ranting. The ad that readers sent to me this week still has a “March, 2019” date under Rickards’ signature, but is updated from when I last looked at it back in March (which is good, since back in March he was still saying that Janet Yellen was running the Fed, a little over a year after she had been succeeded by Jerome Powell).
The basic premise is the same one he Rickards has used for years now in his ads — the dollar is going to weaken (or collapse) and be replaced by some variation of the gold standard, because that’s the only way to solve the US dollar’s problems and reset the global economic balance (and deal with our massive debt).
He used to refer to this idea as “Reagan Gold,” since Ronald Reagan was a self-proclaimed proponent of returning to the gold standard but was reportedly talked out of it by his advisors… and the fearmongering for a