USA Watchdog | July 23 2012

Investment banker and Wall Street insider James Rickards says the Libor rate rigging scandal “is the greatest fraud and greatest potential liability in history.”  He thinks rate rigging banks could be on the hook for “$2.5 trillion,” and “The potential damages could destroy the banking system.”

Rickards is the author of the best seller “Currency Wars: The Making of the Next Global Crisis.”  He says, “Too big to fail has turned into too big to jail.  These guys are outside the legal system.  They can do whatever they want.” 

As far as gold is concerned, Rickards sees gold in the “$5,000-$7,000” range in three to five years.  Rickards believes gold is a good buy right now because “There is a lot of upside and not much downside.”   Join Greg Hunter as he goes One-on-One with James Rickards.