WASHINGTON, Oct. 22, 2024 (GLOBE NEWSWIRE) -- As the 2024 presidential election nears, experienced financial strategist and former CIA advisor Jim Rickards raises concerns about potential economic effects following a Kamala Harris victory. Rickards suggests that such an outcome could trigger a market decline of up to 50%, affect the value of the U.S. dollar, and lead to broader economic challenges.

Jim Rickards

Rickards, recognized for his ability to foresee significant financial events such as the 2008 financial crisis and the 2016 election of Donald Trump, highlights the potential for political uncertainty to create volatility in the economy.

“We’re staring down a perfect storm,” Rickards stated. “If Harris wins, the market will spiral into chaos, and the dollar could lose its standing as the world’s reserve currency. Most Americans are dangerously unprepared.”

Rickards points to factors such as economic fragility, rising national debt, and inflation as key drivers that could exacerbate financial instability. He warns that the combination of these issues with political uncertainty may lead to a significant economic downturn, from which recovery could be difficult for many Americans.

Rickards notes that some of Wall Street’s leading figures, including Jeff Bezos, Mark Zuckerberg, and Warren Buffett, have already begun to liquidate significant portions of their portfolios in anticipation of a potential market decline.

A Financial Action Plan for the Public

In response to these potential risks, Rickards has developed a five-step plan to help individuals safeguard their financial assets. His plan goes beyond typical financial strategies, focusing on investments that may offer protection during economic downturns.

His five-step plan includes:

• Reducing exposure to overvalued stocks to mitigate potential losses.

• Investing in resilient assets, including a lesser-known strategy Rickards believes could outperform traditional safe-haven investments like gold.

• Implementing practical steps to protect physical assets and ensure personal security.

“These steps could make the difference between safeguarding your wealth or losing everything. The time to act is now, before the markets react to the election results,” Rickards emphasized.

Broader Considerations

In addition to financial concerns, Rickards has cautioned that the election outcome could have social implications, with the potential for heightened tensions similar to those experienced in recent years.

Together with former CIA operative Jason Hanson, Rickards has contributed to a report, "How to Make Your Home Your Personal Fortress," which provides advice on home security measures and personal protection strategies.