Jim Rickards

speaker

2,787 appearances 21 recordings 1 series first heard Aug 2025 last heard 6d ago

Jim Rickards’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 20 in all, peaking in Aug 2026 with 6.

Appearances

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Bannon`s War Room · Episode 5561: Bailing Out Japan; Mainstream Meltdown Over RFK Jr. · 3 Aug 2026 podcast

Japanese interest rates for 30 years have been close to zero, even negative at times, but close to zero.

A little higher right now, that's the problem, but I'll come back to that.

US rates are 5% or higher.

Japanese rates are around zero.

As a borrower, you'd rather borrow at zero than 5%.

How do you do that?

Well, first of all, you go to Japanese banks and you take out a yen loan at 0%.

Then you take the yen and swap them into US dollars in the foreign exchange market.

That's a separate transaction.

Then you take your US dollars and go ahead and invest in whatever you want for hedge fund, but you're using leverage.

For hedge fund, probably two or three to one leverage.

For private equity investor, it could be five or 10 to one, but it's a highly leveraged bet in US dollars.

but you're paying 0% for the borrowing because you're borrowing in yen.

That 5% difference, or it could be higher, 7% or whatever, you say, well, that's a lot.

Yeah, but if you're leveraging 10 to 1, that's 70 points.

It's 10 times 7 in my example, or 50 points.

10 times 5 or whatever, that's where the leverage comes in.

That is a huge, and all that profit drops to the bottom line to the equity holder, the investor, the guy who's putting in the equity or the general partnership.

I'm borrowing at zero, investing at, let's say, 5% to 10%, leveraging between 5% and 10% to 1%.

I'm making a fortune on the cost.

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