Omnis' Jim Rickards Discusses End of U.S. Dollar and Its Future Collapse (CNBC Video)

Here are some interesting points that Mr. Jim Rickards made in this CNBC video:

1. The dollar will lose 50% of its current value. There is $60 trillion in the marketplace and the U.S. has no feasible combination of growth and taxes that can fund this liability. The country can fund $30 trillion, so the dollar must be reduced by 50%. That means you! Unless you keep your financial holdings in other currencies aside from the dollar, you will lose 50% of your net worth.

2. The U.S. is close to going broke and will need to depreciate the dollar to solve the country's debt problems.

3. Unannounced at the G20 is the fact that the IMF was anointed as the new global central bank. The IMF is now printing money, issuing debt for the first time ever and holding a balance sheet.

4. He recommends gold as a possible alternative.

5. The U.S. no longer has the privilege of printing money to the world.

6. The end game is to displace the U.S. dollar as the global reserve currency with SDRs (which are Special Drawing Rights). There is no asset or commodity backing these SDRs.