Jim Rickards, author of Currency Wars, appeared on Bloomberg TV yesterday to talk about the fundamental economy of the United States and the weak price of gold. He believes that the US economy is already in a depression and that the Federal Reserve will not be able to raise interest rates anytime soon. In fact, Rickards believes another round of quantitative easing will begin in 2015. When asked if he thought interest rates would be raised next year, he responded, “Not in my lifetime.”

Here’s the video. Find some highlights of Rickards’ interview posted below.

Yellen is trying to address a structural problem with a liquidity

Yellen is trying to address a structural problem with a liquidity solution. It doesn’t work, it won’t work. That’s why the Fed forecast has been wrong by orders of magnitude five years in a row… The IMF forecast has been wrong five years in a row, also… That’s because we’re in a depression, not a cyclical recovery…

Gold hasn’t changed much in real value in five thousand years… The way I think about it, gold’s the constant. So when I see a low dollar price for gold, I say the dollar’s strong. What’s happening to gold is the same that’s happening to the euro, the yen, and all the other currencies… The US is bearing the entire cost of global structural adjustment. We can’t afford it. We threw Europe and Japan a lifeline through the strong dollar, but we’re going to have to pull the lifeline back and use it ourselves…

The debt is growing faster than the economy is growing. The deficit is going down, but the debt-to-GDP ratio is still going up…

Look at the physical gold demand in China coming out of the Shanghai gold exchange… Chinese are bringing gold in through central Asia… basically off the books… China has acquired 3-4,000 tons in the last five years. That’s almost 10% of all the official gold in the world. These are enormous acquisitions…”