Jim Rickards agrees with Peter Schiff. The stock market is in a bubble thanks to the monetary manipulation of the Federal Reserve. Like Peter, he doesn’t think the Fed will raise interest rates in 2015. Instead, Yellen will be forced to start quantitative easing again by the beginning of 2016. This, he argues, will be the beginning of the end of the existing world monetary system. Watch Rickards explain his reasoning to Bloomberg below.

Highlights from Rickards’ interview:

“Russia has a certain amount of dollar reserves and gold reserves, actually. It’s enough to cover the sovereign debt, but not enough to cover the corporate debt… So how are you going to cover those corporate debts. Well, they can earn some dollars, but we’re putting sanctions on them so that makes it hard. So they may end up defaulting…

“Who owns dollar-denominated Russian corporate debt? The answer is European banks and US investors. So those losses are going to come back here. When people owe you money, you say they have a problem. But actually you’re the one with the problem, because you hold the bonds…

“The Fed wants inflation… But a strong dollar is deflationary… If you raise interest rates, you’re going to make the dollar even stronger, which makes the deflation worse. So I don’t see the Fed raising interest rates next year. That’ll be a big shock to the market…

“You’re absolutely right, [a new round of QE] does continue to inflate the bubble, but the alternative is deflating the bubble. No politician or central banker wants that. It’ll eventually crash on its own, but they’ll try to keep the game going as long as they can. Meanwhile, you’ve got China and Russia stockpiling gold, trying to get out of the dollar…

“This is a major potential collapse of the international monetary system. Not tomorrow, but a year or year and a half from now…”