"There are only bad outcomes. Taxes are going up no matter what. It's just a question about whether they go up for everybody [failure to agree] or target certain people [agreement]. Either way you're talking about a tax increase in the middle of a depression."
The Fed Will Keep Printing Until the Dollar Gets Weaker
Mideast Is a Much Bigger Worry Than Europe
Rickards is much more optimistic about the situation in Europe than the Mideast. He sees three main reasons to be hopeful about Europe:
"The U.S., Europe and China all have to go through major structural adjustments. The difference is Europe is stepping up to the plate and doing it. The U.S. and China are still in denial."
The Fed Will Keep Printing Until the Dollar Gets Weaker
Mideast Is a Much Bigger Worry Than Europe
Rickards is much more optimistic about the situation in Europe than the Mideast. He sees three main reasons to be hopeful about Europe:
- China is eager to invest in Europe and diversify its foreign exchange holdings.
- Young people in Europe are willing to work for less than their older counterparts.
- Germany, an export powerhouse for more than 40 years, has finally accepted the necessity of slightly higher inflation.
"The U.S., Europe and China all have to go through major structural adjustments. The difference is Europe is stepping up to the plate and doing it. The U.S. and China are still in denial."
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