Jim Rogers Says Federal Reserve Worries Him The Most, Be Prepared (Video)

Source: Bloomberg
Jim Rogers was interviewed by Rishaad Salamat today on Bloomberg TV in Singapore. He still owns the U.S. Dollar and Euro, is short Government bonds ("from June 10 to be precise") and believes Greece should default in an orderly way. Rogers is also worried about the global supply of agriculture; watch the Bloomberg video after the jump.

When asked what worries him the most at the moment, Rogers said the Federal Reserve in the United States.
"They don't have a clue about economics or currencies; they don't have a clue about much of anything, and they are dangerous people. They are not doing good things for the world. And they will probably stop QE2, they said it so many times they will, but when things start going wrong again in a few days, weeks or months, they are going to start printing money again and that's not good for the world. That's going to lead to more problems for all of us over the next decade. This is a serious problem facing us."

When asked how and when we plan to solve these problems, Rogers said the market could force us to face reality (David Stockman thinks the same thing).

"The only way it's going to be solved, unfortunately, if you look at history, is when a crisis or a semi-crisis arises. We were talking before about Greece, you know, if the market forces you to face reality, that is a crisis or a semi-crisis. Unfortunately, I don't see any politicians in the world with any influence who are being listened to and we are all just kicking the can down the road. We'll say don't worry it's all going to get better after the election. It's not going to be solved Rich until we have a big big big problem sometime in the next few years. Be prepared."




Source: http://www.bloomberg.com/video/71610674/

Comments

  1. Jim is almost alwasys right but where is his position by still holding the rotten us$ despite real money the gold?

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  2. Be interested to know what he would do differently if he were Fed Chairman.  Raise rates?  Would that be smart when the economy is so weak and when they would place a further burden on the budget?

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  3. If the system is fundamentally flawed there is no configuration that would save it. Instead, we need to embrace the new possibilities of exchange/account systems that our current information technology enables.

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  4. Jim has the whole world in the palm of his hand

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  5. He is right.  Be prepared as best you can : http://bit.ly/iJedgB

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  6. The paper currencies are going down. I don't agree with Mr. Rogers that Euro is in better shape than USD. Greece is just the tip of much bigger problem. Gold and silver will serve as bases for currencies in one way or another.

    Agriculture is of course where he is totally right. That mining and Fed. So get some gold and silver,
    http://www.bad-credit-advisor.com/2011/06/gold_price_will_rise_in_2011.html

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  7. Most people with too much power or money in very high places become so arrogant it makes them incredibly stupid. I'm talking about BIS, IMF, Wold Bank, all central banks, the heads of CIA, FBI, NSA, TSA, and all secret services in the world. They'd better start listening to people who have intuition. Can't they see that the sole use of the left brain does not lead to any solutions to the planet's problems? They DO apparently believe they are infinitely more intelligent than someone who has less money. Maybe they believe that to have compassion is a lack of intelligence...  

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  8. He's wrong about one thing.  The Federal Reserve does have a clue about the right thing to do.  Unfortunately  Berneke doesn't get his marching orders from the people or even the president but from the big banks.  They are constantly the ones that have benefited from throwing billions and billions of taxpayer dollars down the rathole and they are the ones that benefit from this crisis.  My solution is to abolish the Fed like Ron Paul says and return the U.S. back to gold and silver standard.  If we can do that we are in for a few rough years but eventually we will come out of it.

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  9. The cycle is only repeating itself. The large banks get further and further out on a limb until it breaks. Then the tax payers get to clean up the mess and restore the banksters to prosperity.

    Instead off enabling this periodic scam operation, we should nationalize the banks, fire the boards of directors and top executives, restore the banks to health, then privitize them again.

    Corporate crimnality must be punished in criminal courts, not civil courts. If the penalty for fraud is severe enough new laws will be unnecessary.

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  10. The FED doesn't have a clue. Amazingly though as long as Rogers was benefiting and the american CITIZENS were being defrauded he did not say one word. Now it is becoming increasingly obvious not only will america suffer MORE but the rest of the world will join in the pain, he speaks?????

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  11. Short term the dollar can rise against other assets as people flee them and exchange into the "safe" dollar.   With QE2 ending there is some rationale for that.  Then it'll be back into gold/silver heavier before the next round of money creation causes them to rise again.

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  12. Kennedy wanted to abolish the Fed and look what happened to him.   The players behind the scenes are TOO big.  You can't stop what is happening and Ron Paul will not get elected unless he is willing to become a puppet like the rest of the recent presidents.

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  13. We all need to face reality - let the States manage the local economy totally....Fed just manage non-economy i.e. politics, foreign affairs, cut size of Govt., only fight wars at home, everyone takes a pay cut of 30% in return for a tax cut of similar amount, allow legal migrants who can bring in minimum USD1m to start new businesses, only pay medical for people who can show improvement to healthy living, banks take over ownership of property at current market value %, with defaulting owners owning a share % = to "loss" in value, and paying a proportional "rent" to the banks until values return............  

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  14. jim is mostly right ; he says the fed prints money ; he doesn't mention that the fed is a private bank printing dollars; that the dollars the fed prints ...it owns  !! !   it doesn't print them for the us govt ; it prints them for the benefit of the federal reserve bank corporation ; the fedd uses the dollars it prints and digitally issues to buy ...u s T bonds !
    we should not sell T bonds ; they are nothing but a debt obligation of the taxpayer  ! ! ! !

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  15. There's going to chaos in the 'States soon.
    I'lI venture to say, in 7 to 10 days from today, many folks start to see the world through an entirely new lense.

    "Be prepared" he tells us.
    I agree. Perhaps soon, a can of SPAM will look very good. 

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  16. Having Singapore as one's country/base is likely a great idea for many reasons.  To point to one: He's very near China, but not in China.

    I have wanted an office in Shanghai. I think that's a great city to base a financial concern. But, I keep thinking about Singapore: Perhaps there's a 'Jim Rogers effect' to explain WHY my mind go to that place so often.

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  17. To Jim Rogers
    We need you here in the USA to exert some pressure where you can and to lead others in financial matters.  Won't you come home and give us the benefit of your wisdom?  People were warning about the FED in the late 1940s.  Come on Jim, Demopolis is worth saving, Alabama is worth saving, the USA is worth saving.
      
    Betsy Barber Bancroft

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  18. I wish these fools would get it right. The Federal Reserve DOES NOT PRINT MONEY.  They influence the money supply by purchasing or selling securities and thereby effecting interest rates.

    Federal Reserve does not create net new financial assets.  They merely target reserves.

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  19. boy boy , you are 100% on point ; the players , the shadow govt iced 4 presidents in my op ; lincoln ; garfield ; mckinley ; kennedy ; all of whom opposed the fake central bank that prints the money and loans it to govt [us] as a debt to be repaid plus vig ! ! ! !  even woodrow wilson died of "apoplexy" soon after campaigning to repeal the very fed he signed into law his first day in office  !  5 execs ?

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  20. kev , we dont even need the gold standard ; the paper currency works well as long as treasury prints it free from the ungodly debt incurred by borrowing it from the fed ; china ; boe et al

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  21. William Henry Harrison and John Tyler who immediately followed Andrew Jackson into the Presidency, both nixed a Rothschild-owned Central Bank, as did all of the other assassinated presidents. They purportedly died of "ill health" but there is evidence that were obviously poisoned. We have lost 6 presidents to these cutthroats. Jackson was apparently the only one who got away with it and lived, but narrowly... 

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