The depression of 1920 was as sharp and as hard as what happened in 1929 and 2008.

But the government let it go and guess what? It was over in 18 months and we had 10
years of prosperity and Roaring Twenties," he said.

"But that actually is a very healthy process. But because we haven't allowed the system to
heal in all these other crises, the next one is going to be so big that the outcome is likely
to be money riots and social discord and then you'll see a neo-fascist response."

Rickards compared today's economy to the San Andreas Fault, because "underneath
these forces are building up."

"We're in a depression not a recession a depression."