Jim Rogers on CNBC: I expect a currency crisis (06/04/09)

“For the first time in world history every central bank in the world is printing huge amounts of money.”

“The US dollar is a terribly flawed currency.”

“The U.S. is the largest debtor nation in the history of the world.”

“Never in the world has a country gotten itself into this kind of a situation.”

“The Chinese don’t wanna get trapped in long bonds if something does happen to the dollar, which I expect and they expect. They don’t wanna get stuck and they’re sitting there with 30 year bonds, they’re dead.”

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Read moreJim Rogers on CNBC: I expect a currency crisis (06/04/09)

JIM ROGERS WAS RIGHT (05/06/09)

Jim Rogers on the future:

“There is a possibility that the American government under this new President will default on its loans sometimes in the next four years. The situation is precarious.”

“The American government has more than tripled its own debt in the last six months.”

“The Federal Reserve in America has tripled its balance sheet in the last six months.”

“There is a very good chance that America will default on its government debt sometimes during this administration.”

“And there is an extremely good chance that the currency will be very debased and weakened a lot during this presidency.”

“These are not good times. This is not over yet. It is far from being over yet. Prepare yourself.”

“What America is doing now is consuming an increasing debt as a way to solve their problems. Listen, that’s what caused the problems.”

“America has been going deeper and deeper into debt for 25 years, that is what caused the problems.”

Now this genius (Obama) comes along and says: ‘We are doing more of the same’!”

“It’s not going to work.”

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Added: Mai 06, 2009
Source: YouTube

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Added: Mai 06, 2009
Source: YouTube

Jim Rogers on Bloomberg: There will be civil unrest in the U.S. and other countries (03/17/09)

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Read moreJim Rogers on Bloomberg: There will be civil unrest in the U.S. and other countries (03/17/09)

Jim Rogers: We are going to have another Depression in the U.S.

“Mr. Obama doesn’t understand that he is making things much worse.”

“Mr. Bernanke has never been right. He has been in the government for six or seven years, he has never been right.”

“It is astonishing to me that Mr. Obama ran on a platform of change and he has brought in people who caused the problems and are there now supposed to resolve the problems.

On the bailouts: “This is horrible economics and it is outrageous morality.”


March 1, 2009
Source: YouTube

Jim Rogers: Treasury Bonds Last Bubble Left

Billionaire Jim Rogers says that investors will have to short government bonds, soon, as the amount of federal debt issued is “staggering” and inflation risks are now emerging.

The CEO of Jim Rogers Holdings told CNBC that the low-rates policy promoted by central banks is soon going to deflate the bubble in government bonds.

“I was short long-term government bonds in the U.S., I had to cover a little loss because the head of the central bank said he was going to buy U.S. long-term bonds, and he’s got more money than I do,” Rogers said.

“I plan to sell short U.S. government long bonds sometime in the foreseeable future… I don’t know when, whether it’s this quarter or this year.”

Read moreJim Rogers: Treasury Bonds Last Bubble Left

Global Economic Crisis Accelerating

Obama administration considers launch of ‘bad bank’ (Telegraph)

US Initial Jobless Claims Match Highest Since ’82 (Bloomberg)

Barack Obama inauguration: this Emperor has no clothes, it will all end in tears (Telegraph)

Despite billions, banks still teeter on the brink (MSNBC)

Microsoft to shed 5,000 jobs (Financial Times)

Intel to Cut at Least 5000 Jobs (New York Times)

GM Gets $5.4 Billion Loan Installment From Federal Government (CNNMoney)

US jobless claims surge, housing start tumble (Forbes)

Housing Starts, Permits in US Slump to Record Low (Bloomberg)

Banks Foreclose on Builders With Perfect Records (New York Times)

Jim Rogers: Now it’s time to emigrate, says investment guru (Independent)

Saudi prince’s firm loses $8.3B in 4Q (AP)

Investors flee after brutal losses at global markets (Emirates Business)

Indians Flee Dubai as Dreams Crash – Fall out of Economic Crisis (Daijiworld):
It’s the great escape by Indians who’ve hit the dead-end in Dubai.

China growth slows, Bank of Japan sees deflation (Forbes):
(Reuters) – China’s economy slowed sharply in the fourth quarter and Japan’s central bank on Thursday predicted two years of deflation as Asia’s largest economies buckle under the strain of the financial crisis.

Roubini Sees China Recession Despite ‘Massaged’ GDP (Bloomberg)

Asian economic woe grows as China slows and Japanese exports plunge (Telegraph):
China’s economy may have ground to a halt entirely between the third and fourth quarters of last year and Japanese exports plunged 35pc in December, underlining the scale of the slowdown in Asia.

ZIMBABWE: Inflation at 6.5 quindecillion novemdecillion percent (IRIN)

Sony forecasts $2.9bn operating loss (Financial Times)

Hedge funds’ $400bn withdrawals hit (Financial Times)

Google income drops 68% on one-time charges (IHT)

Is Britain facing bankruptcy? (Guardian)

Manufacturing outlook plummets (Financial Times)

Car production plummets as pressure for industry bail-out grows (Telegraph)

London’s Evening Standard sold to ex-KGB agent (Reuters)

AIG starts $20bn auction of Asian unit (Financial Times):
AIG, the stricken insurance giant, on Wednesday kicked off the sale of its Asian life assurance unit – one of its most prized assets – in the hope of raising up to $20bn to help repay the $60bn US government loan that is keeping the group alive.

UBS to Cut Securities Jobs, Close More Debt Units (Bloomberg)

Japanese Housewives Desperate After Currency Scheme Collapses (Bloomberg)

New age of rebellion and riot stalks Europe (Times Online)

Increase in burglaries shows effect of recession (Guardian)

Chinese media issues stinging attack on Barack Obama and George W Bush (Telegraph)

Barclays may lose control to Gulf investors (Telegraph)

Cars to be crushed in insurance crackdown (Scotsman)

Investors say jailed pilot swiped money for years (Washington Post)

Capital One Reports $1.42 Billion Loss on Charges (Bloomberg)

Nokia reports sharp fall in profits (Financial Times)

Global Economic Crisis Accelerating

Jim Rogers: ‘UK has nothing to sell’ (Financial Times):
“The City of London is finished, the financial centre of the world is moving east.”

Jim Rogers: Obama administration run by people who caused the latest financial problems (BBC News)

The Obama Stimulus Plan Won’t Work (Lew Rockwell)

SERIOUSLY ALARMED (Telegraph):
(Even Mr. Ambrose Evans-Pritchard is now alarmed!)

King paves way to start Bank print presses (Times Online)

Sterling hits 23-year low against dollar (Financial Times)

Geithner pledges ‘dramatic’ action (Financial Times)

Portugal says S&P downgrade due to global crisis (Reuters)

Singapore Economy May Post Biggest Decline on Record (Bloomberg)

Emerging markets face $180 bn investment decline (Business Standard)

French government to pump €6bn into ailing car industry (Guardian)

Japan’s ‘Severe’ Recession May Last Three Years, Yoshikawa Says (Bloomberg)

BHP Billiton to cut 6000 jobs and close mine (Times Online)

Eaton to Cut 5200 Jobs in a 2nd Wave of Reductions (Bloomberg)

Record redundancies push unemployment to 1.92 million (Times Online)

Ecuador to Cut $1.5 Billion in Imports to Defend Use of Dollar (Bloomberg)

Ex-Scots bankers could face Holyrood inquiry (Times Online)

Ireland’s Banks Sink With Decline of ‘Celtic Tiger’ (Bloomberg)

Patrick Rocca, ‘poster boy’ of Ireland’s Celtic Tiger, kills himself (Times Online)

Bankers accused in crisis could face trials in US (Guardian)

Hedge Fund Run by Ex-Car Salesman Is Scam, SEC Says (Bloomberg)

Federal Home Loan Banks may have to borrow from US (Los Angeles Times)

Merrill Clients Pulled $10 Billion in Fourth Quarter (Bloomberg)

Standard Life investors demand compensation after ‘cash’ fund invests in toxic debt (Telegraph)

Toyota Tops GM in Global Car Sales in 2008 (Washington Post)

Citigroup Makes Stock Incentive Awards to Executives (Bloomberg)

Jim Rogers: Obama administration run by people who caused the latest financial problems

Obama’s economic team attacked

President Obama’s financial team face instant tough decisions

One of the world’s best known investors has attacked the record of President Obama’s nominee for Treasury Secretary, Timothy Geithner.

Jim Rogers, a former partner of George Soros, told the BBC that the new administration was “run by people who caused the latest financial problems”.

He said Mr Geithner and Larry Summers, due to head the National Economic Council, have been wrong for 15 years.

“These people don’t know what they’re doing,” he said.

Related article: Geithner pledges ‘dramatic’ action (Financial Times)

Mr Rogers is highly influential in the financial markets.

Read moreJim Rogers: Obama administration run by people who caused the latest financial problems

Jim Rogers: ‘Sell any sterling you might have; It’s finished’

Outside frontline politics, few people can move financial markets simply by opening their mouths. One such is Jim Rogers, an American investment guru who yesterday pushed Britain deeper into gloom and austerity with apocalyptic words about the pound and the country’s economy.

Hours after the Prime Minister pledged hundreds of billions of pounds to sustain Britain’s banks, Mr Rogers added vinegar to the already souring international sentiment about the rescue plan, its impact on the public purse and its capacity to cure the sickening economy.

“I would urge you to sell any sterling you might have,” Mr Rogers advised his army of investment followers. “It’s finished. I hate to say it, but I would not put any money in the UK.”

The reaction was instant – though it is impossible to say how much was attributable to Mr Rogers. The pound slumped, by almost 4 per cent at one point, falling to a seven-year low against the dollar and an all-time low against the Japanese yen.

Not since Black Wednesday in 1992, when the currency was expelled from the European Exchange Rate Mechanism, had there been such a steep fall in a day.

Read moreJim Rogers: ‘Sell any sterling you might have; It’s finished’

Jim Rogers: The Larger US Banks Are Bankrupt, Totally Bankrupt

NEW YORK (Reuters) – Jim Rogers, one of the world’s most prominent international investors, on Thursday called most of the largest U.S. banks “totally bankrupt,” and said government efforts to fix the sector are wrongheaded.

Speaking by teleconference at the Reuters Investment Outlook 2009 Summit, the co-founder with George Soros of the Quantum Fund, said the government’s $700 billion rescue package for the sector doesn’t address how banks manage their balance sheets, and instead rewards weaker lenders with new capital.

Dozens of banks have won infusions from the Troubled Asset Relief Program created in early October, just after the Sept 15 bankruptcy filing by Lehman Brothers Holdings Inc. Some of the funds are being used for acquisitions.

“Without giving specific names, most of the significant American banks, the larger banks, are bankrupt, totally bankrupt,” said Rogers, who is now a private investor.

“What is outrageous economically and is outrageous morally is that normally in times like this, people who are competent and who saw it coming and who kept their powder dry go and take over the assets from the incompetent,” he said. “What’s happening this time is that the government is taking the assets from the competent people and giving them to the incompetent people and saying, now you can compete with the competent people. It is horrible economics.”

Read moreJim Rogers: The Larger US Banks Are Bankrupt, Totally Bankrupt

Commodity Fundamentals Are ‘Unimpaired,’ Rogers Says

Dec. 5 (Bloomberg) — The fundamentals of commodities are “unimpaired” and prices will rebound when a lack of new supply leads to shortages, said Jim Rogers, chairman of Rogers Holdings.

“Commodities will be the place to be if and when we come out of” the downturn, Rogers said yesterday in an interview from Miami. “The only thing where fundamentals are unimpaired are commodities. Farmers cannot get loans for fertilizer now. Nobody can get a loan to open a zinc mine. So we are going to have some serious, serious supply problems before too much longer.”

The Reuters/Jefferies CRB Index of 19 commodities has plunged 53 percent from a record in July on concern that a global recession will sap demand for raw materials. The index almost doubled between its low in 2001 and the end of last year.

Rogers said crude oil and agricultural commodities were the most likely to have shortages and the outlook for zinc and cotton had “improved.” “I haven’t sold any commodities since the bull market began,” he said.

“I own some gold and if gold goes down I’ll buy some more and if gold goes up I’ll buy some more,” Rogers said. “Gold during the course of the bull market, which has several more years to go, will go much higher.”

Read moreCommodity Fundamentals Are ‘Unimpaired,’ Rogers Says

JIM ROGERS: GLOBAL BANKERS HAVE UNLEASHED INFLATIONARY HOLOCAUST

Legendary investor Jim Rogers warned during a CNBC interview this morning that global central banks are creating the environment for an inflationary holocaust by their ceaseless overprinting of currency, a measure that isn’t even successful in stabilizing the stock market.

Rogers said that the only solution to the market crisis was to let failing banks and speculators go bankrupt and stop pumping endless amounts of liquidity into the system, labeling it outrageous that responsible investors and taxpayers are being made to bail out crooks on Wall Street.

The way to solve this problem is to let people go bankrupt, Rogers stressed, All of this pumping money into the system is not going to save it – see what the market is saying, its saying we dont buy that, let people go bankrupt, he added.

Then you will hit bottom and then you start over. The people who are sound will take over the assets from the people who arent sound and we will start over. This is the way the world has worked for a few thousand years, said Rogers.


Added: Oct: 12, 2008

Source: YouTube

BAILOUT: Ron Paul Educates Bernanke…yet again 9/24/2008


Source: YouTube

Wednesday, September 24, 2008

Dear Friends,
Whenever a Great Bipartisan Consensus is announced, and a compliant media assures everyone that the wondrous actions of our wise leaders are being taken for our own good, you can know with absolute certainty that disaster is about to strike.
The events of the past week are no exception.
The bailout package that is about to be rammed down Congress’ throat is not just economically foolish. It is downright sinister. It makes a mockery of our Constitution, which our leaders should never again bother pretending is still in effect. It promises the American people a never-ending nightmare of ever-greater debt liabilities they will have to shoulder. Two weeks ago, financial analyst Jim Rogers said the bailout of Fannie Mae and Freddie Mac made America more communist than China! “This is welfare for the rich,” he said. “This is socialism for the rich. It’s bailing out the financiers, the banks, the Wall Streeters.”
That describes the current bailout package to a T. And we’re being told it’s unavoidable.
The claim that the market caused all this is so staggeringly foolish that only politicians and the media could pretend to believe it. But that has become the conventional wisdom, with the desired result that those responsible for the credit bubble and its predictable consequences – predictable, that is, to those who understand sound, Austrian economics – are being let off the hook. The Federal Reserve System is actually positioning itself as the savior, rather than the culprit, in this mess!

  • The Treasury Secretary is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means $700 billion is only the very beginning of what will hit us.
  • Financial institutions are “designated as financial agents of the Government.” This is the New Deal to end all New Deals.
  • Then there’s this: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process.

There goes your country.
Even some so-called free-market economists are calling all this “sadly necessary.” Sad, yes. Necessary? Don’t make me laugh.
Our one-party system is complicit in yet another crime against the American people. The two major party candidates for president themselves initially indicated their strong support for bailouts of this kind – another example of the big choice we’re supposedly presented with this November: yes or yes. Now, with a backlash brewing, they’re not quite sure what their views are. A sad display, really.
Although the present bailout package is almost certainly not the end of the political atrocities we’ll witness in connection with the crisis, time is short. Congress may vote as soon as tomorrow. With a Rasmussen poll finding support for the bailout at an anemic seven percent, some members of Congress are afraid to vote for it. Call them! Let them hear from you! Tell them you will never vote for anyone who supports this atrocity.
The issue boils down to this: do we care about freedom? Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for? Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care?
When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media?
Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be.
In liberty,
Ron Paul