The Global Economy Is In a Depression -- Jim Rickards

Jim Rickards, author of The Death of Money, was interviewed on RT. Jim checks off a daunting list of countries around the world experiencing economic difficulties and offers analysis of what is really going on.

What’s happening in Germany is happening all over the world. Germany’s economy contracted… Italy’s already contracted. France has two quarters in a row of zero GDP. The United States in the first half [of 2014]… did not even grow 1%… China is slowing down, and of course, Japan fell off a cliff. If you look around the world, it looks like we’re going into a global recession, except I would say this is a continuation of a global depression that began in 2007… This is not a normal recovery, not a normal business cycle…

The Eurozone has been in a depression since the financial crisis and economic growth within Euroland has been much worse than in the US. As economic growth in the second quarter of 2014 came in at zero, Europe doesn’t seem to be breaking out of this "depression" anytime soon. Erin weighs in. Then, Erin talks to author and economist Jim Rickards, who is bullish on Europe’s political cohesion and nowhere near as downbeat on its economy as others. Take a look at what he has to say about it. After the break, Erin is joined by RT correspondent Manila Chan to figure out where Atlantic City went wrong and explore any possibilities – if any – they have left. And in Best of the Week, Erin reviews some of the week’s greatest segments including commentary from William White, Bruce Schneier, Dan Geer, and Kate Pearce – ranging from opinions on quantitative easing to mass surveillance. Enjoy!