Jim Rickards : Europe can survive if they go back to the gold standard

Jim Rickards , Tangent Capital Partners, discusses the need to restructure Italy's debt and his outlook for gold. " I do not understand why the countries are being held hostage to the banks. they should turn it around and the banks should be held hostage by the countries. but you have to consider what's the alternative. i discussed a radical solution. the alternative is 10, 15 years of inflation. who loses? pensioners, savers, people who were prudent, people on fixed income with insurance policies. there will be losses. do they fall on bond holders or average people? my solution is quick, fast, get it over with. put it on the bond holders and give citizens a break. ...... if they go back to the gold standard. they have 10,000 tons of Gold. they have an alternative there. i think they have to repudiate the debt and back the currency with gold and go forward"