Hello. I am Deepak Kundu, an avid book reader and quotes collector. As a hobby, I collect interesting quotes from the books that I read.

This post is a collection of 19 James Rickards quotes, collected from various books. I hope you find these quotes useful.

James Rickards Quotes

All wars have costs, and many wars are so destructive that recovery takes years or decades. This does not mean wars do not happen or that those initiating them do not find advantage despite the costs. - James Rickards

Central bankers control the price of money and therefore indirectly influence every market in the world. Given this immense power, the ideal central banker would be humble, cautious, and deferential to market signals. Instead, modern central bankers are both bold and arrogant in their efforts to bend markets to their will. - James Rickards

Since 2008, markets have become a venue for wealth extraction rather than wealth creation. Markets no longer perform true market functions. In markets today, the dead hands of the academic and the rentier have replaced the invisible hand of the merchant or the entrepreneur. - James Rickards

Today central banks, especially the U.S. Federal Reserve, are repeating the blunders of Lenin, Stalin, and Mao without the violence, although the violence may come yet through income inequality, social unrest, and a confrontation with state power. - James Rickards

Free markets matter not because of ideology but because of efficiency; they are imperfect, yet they are better than the next best thing. - James Rickards

Today every reference point is gone. There is no gold standard, no dollar standard, and no Taylor Rule. All that remains is what financial writer James Grant calls the “Ph.D. Standard”: the conduct of policy by neo-Keynesian, neo-monetarist academics with Ph.D.’s granted by a small number of elite schools. - James Rickards

Casual visitors to the IMF’s website should not be deceived by images of smiling dark-skinned women wearing native dress. The IMF functions as a rich nations’ club, lending to support those nations’ economic interests. - James Rickards

Deflation is every central bank’s nemesis because it is difficult to reverse, impossible to tax, and makes sovereign debt unpayable by increasing the real value of debt. - James Rickards

Outright physical gold ownership, without pledges or liens, stored outside the banking system, is the only form of gold that is true money, since every other form is a mere conditional claim on gold. - James Rickards

A gold standard is the ideal monetary system for those who create wealth through ingenuity, entrepreneurship, and hard work. Gold standards are disfavored by those who do not create wealth but instead seek to extract wealth from others through inflation, inside information, and market manipulation. The debate over gold versus fiat money is really a debate between entrepreneurs and rentiers. - James Rickards

The failure to imagine the worst often results in a failure to prevent it. - James Rickards

Central banks act like a nine-year-old-boy who sees fifty dollars in his mom’s wallet and steals one dollar thinking she won’t notice. The boy knows that if he takes twenty, Mom will notice, and he will be punished. Inflation of 3 percent per year is barely noticed, but if it persists for twenty years, it cuts the value of the national debt almost in half. This kind of slow, steady inflation is the central banks’ goal. - James Rickards

The idea of the gold standard was not to deplete nations of gold, but rather to force them to get their financial house in order long before the gold disappeared. In the absence of a gold standard and the real-time adjustments it causes, the American people seem unaware of how badly U.S. finances have actually deteriorated. - James Rickards

The value of a nation’s currency is its Achilles’ heel. If the currency collapses, everything else goes with it. While markets today are linked through complex trading strategies, most still remain discrete to some extent. The stock market can crash, yet the bond market might rally at the same time. The bond market may crash due to rising interest rates, yet other markets in commodities, including gold and oil, might hit new highs as a result. There is always a way to make money in one market while another market is falling out of bed. However, stocks, bonds, commodities, derivatives and other investments are all priced in a nation’s currency. If you destroy the currency, you destroy all markets and the nation. - James Rickards

Financial warfare is one form of unrestricted warfare, the preferred method of those with inferior weapons but greater cunning. - James Rickards

If the Fed were to ask, “How’m I doin’?” the answer would be that since its formation in 1913 it has failed to maintain price stability, failed as a lender of last resort, failed to maintain full employment, failed as a bank regulator and failed to preserve the integrity of its balance sheet. The Fed’s one notable success has been that, under its custody, the Treasury’s gold hoard has increased in value from about $11 billion at the time of the Nixon Shock in 1971 to over $400 billion today. Of course, this increase in the value of gold is just the flip side of the Fed’s demolition of the dollar. On the whole, it is difficult to think of another government agency that has failed more consistently on more of its key missions than the Fed. - James Rickards

University biologists working with infectious viruses have airtight facilities to ensure that the objects of their study do not escape from the laboratory and damage the population at large. Unfortunately, no such safeguards are imposed on economics departments. For every brilliant insight there are some dangerous misconceptions that have infected the world’s financial bloodstream and caused incalculable harm. None of these ideas has done more harm than the twin toxins of financial economics known as “efficient markets” and the “normal distribution of risk. - James Rickards

Currency wars are just an attempt at conquest without violence. - James Rickards

Gold is not a commodity. Gold is not an investment. Gold is money par excellence. - James Rickards