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Daily Reckoning/James Rickards/3-8-2022
“For that matter, a global financial panic may emerge even before the shooting stops. We all see what’s happening on the surface. Here’s what you don’t see: Someone is on the wrong side of every one of those trades. Hedge funds and banks are losing billions and are sinking. It takes about a week for bodies to float to the surface.”
USAGOLD note: Rickards foresees a boomerang effect wherein sanctions on Russia could cause collateral damage on Wall Street …… Beware the black swan. Over the weekend, Financial Times reported billions in losses among funds and institutions including BlackRock, Pimco, Janus and others, and that is probably just the tip of the iceberg.
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