The Greater Depression – Jim Rogers Interview
Just when you believed the Government throwing money at every business that made poor decisions was the answer, along comes Jim Rogers to set you straight.
In 1970, Rogers joined Arnhold & S. Bleichroeder, where he met George Soros. That same year, Rogers and Soros founded the Quantum Fund. During the following 10 years the portfolio gained 4200% while the S&P advanced about 47%. It was one of the first truly international funds.
This video, produced on March 1, 2009 is of Jim Rogers interviewed in Australia. Mr. Rogers explains why we need to face reality. Quotes from the interview: "If you don't face reality and you sit there and twiddle along and believe Mr Bernanke that everything is OK, you are going to get hit by a two-by-four and it's going to hurt very, very, very badly, so I would urge you to be prepared."
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Mark these words, it will be much worse that the ‘73-’75 recession, it will very likely be worse than the Great Depression, but will be a depression, a real depression. A morning’s worth of true, overall. Thoughtful research will convince anyone willing to face the truth.
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Yes house prices might fall even more than during the great depression but maybe there are just different drivers and each depression will be driven by completely different circumstances. Maybe a recession would not be a bad thing over the long run.
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So how bad is it? I hear all these ramblings, fancy financial terms and so on. But what does it all really mean? Does the US collapse? Do we see soup lines and down trodden people like the experience was during the Great Depression? Seems to me the US financial catastrophe is pretty simple. Our government and the citizens of the US have consistently spent more than they take in. At some point the debt becomes so great we are unable to pay it back, or manage it. When we are no longer able to pay our debts what happens? Do we surrender assets, land and military hardware to the foreign nationals we’ve been burrowing money from over the last two decades? Maybe a fire sale of America? The whole system is a sham and we only have ourselves and those shysters in Wall Street and the Scum of Washington DC to blame..Sorry to say but, neither McCain, Clinton nor Obama will be able to save us from this SNAFU. The concept of uncontrolled spending and deficit through credit has finally caught up with us. This decade is perhaps a time for reckoning in which our short sighted ways and embrace of Wall Street’s psychopathic free market capitalism garnered by greed and unequaled corruption will finally get the best of us..
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