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Jim Rogers: "Bernanke Is A Disaster" Who Will "Bring QE Back"
Jim Rogers spoke to a very dramatic and even more hoarse Bartiromo, touching on old and well-known themes, namely that the administration is essentially using up its last stimulus bullet with the current recession: "When the problems arise next time what are they going to do? They can’t quadruple the debt again. They cannot print that much more money. It’s gonna be worse the next time around." Alas, as Obama appears to be preparing, "they" will simply do more of the same: the same payroll tax that was supposed to cure all evils in December. The fact that nobody anticipated something so stupid is probably indicative of the administration's genius. Or lunacy. Followed by more dollar printing of course. On what needs to be done to avoid the debt ceiling breach which will shut down the government, Faber believes that nothing short of Draconian measures will be relevant: "We’ve got troops in 150 countries around the world. They’re not doing us any good, they’re making enemies. They’re costing us a fortune." On the other hand he acknowledges: "we can never pay off these debts." As usual, Rogers saved the best for Bernanke: "Since the first day Mr Benanke went to Washington I knew he was going to be a disaster. He has never been right about anything in the 7 or 8 years he has been there. I hope he doesn't come back with QE3 but that's all he knows. The only thing he knows to do is to print money. He doesn't understand finance, he doesn't understand currencies, he doesn't understand economics. He understands printing money. It's the wrong thing to do but that's what he'll do... They're gonna bring QE back because he will be terrified and Washington will be terrified," he said. "There's an election coming in November 2012. Washington's gonna print more money." Lastly, in terms of investments, Rogers is long the dollar but only "for a rally", and also owns Chinese stocks and commodities, would be buying more gold and silver if the price were to go down, and is short tech stocks and JP Morgan. Like we said nothing new. With one addition: the republicans will now get tax cuts, so democrats get QE3. As we have been saying - 2011 is nothing other than 2010 all over again.
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What Rogers has been saying for years has not been obvious to many. Always points us in the wrong direction? I think you woke up on the wrong side of the bed, or have him confused with someone else, or dont really know much about him.
Yet you won't use spell check. Odd...
"would be buying more gold and silver if the price were to go down"
So... any news is good for silver, if I'm reading this correctly.
Right?
Onion juice and honey, for those of you who warrant it, is THE cure for a scratchy throat. Maria take heed.
Jim always tells it as he sees it. Pulls no punches. I also do not own any American stocks, have not for a while. An accident waiting to happen. He may be right about a short term dollar rally, way oversold. Ahh, but just for a trade. And if silver, gold, go down 5%+ will be buying more physical.
Nothing has changed all. I am short the market some, no big bets, but do expect a bounce soon.
And how many tell the "truth" about The Bernank. Luv it.
we will have qe4 (yes 4!) and it will because the fed's crapulent investments will melt into radioactivity if the chairsatan doesn't start printing....and interest rates will skyrocket if there is no qe4....
fuck you ben - you are a complete retard but then again you are only following orders from the rockefeller - rothschild axis of evil....
Jim Rogers is short Goldman Sachs.
It took a couple calls, but that's the trade he has on.
thank you, captain obvious
priceless! "I can't tell you, Maria.. I've got a lot of friends over at that 'bank'." lol
And thank God Bob is here to "help" the poor loser PM investors to avoid the pitfalls like Kid Dyn-o-mite.
What a fuckan joke these clowns are...
Not to sound prickish, but I could care less what Rogers motives are.
I just love that he does an epic rant, essentially and directly calling Bernanke out as being the incompetent asswipe that he is, on CNBSC, to Phat Maria.
Come on, lets be realistic, they truely have cornered themselves in. The Gment can't cut on fiscal stimulus or the economy will go into deep recession, the Fed is warning congress about that now. The debt ceiling has to rise, no way out of it or the consequences will be dire. The establishment knows there has to be change, but they want it smooth and with smoke screens. History has proved itself over and over, the USD has to devalue, it will be promoted as a good thing for the economy, exports will raise, factories will return, jobs and more jobs etc etc..
Look at history once again, when an empire aknowledges its inevitable downfall they quickly provoke a confrontation to try to regain high ground using their last superior resort: military force.
I hope it doesn't come to that, I don't want to sound like a conspiracy nut, but false flag events are very handy. Military escalation is growing around the world, the US has Predators (and much more) flying around the clock in Pakistan and Yemen, besides 3 others wars/occupations going on.
what is the delta that qe3 will be called "cupcakes"???
Maria needs that throat coat
Jesus H. Christ. I thought I was listening to a Brenda Vaccaro tampon commercial.
Yes, the purely fiat money is not a new idea. No taxes. Just print. No Federal Reserve. The Treasury just prints the money Congress says it needs and the ensuing inflation is the tax. I am for this over the system we have now. I am for this over any direct "income tax" that requires reporting by the individual or business.
This system does not mean hurt the poor. If society deems that we will give money to the poor, so be it. Print the money and give it to them. And I think if this system were in place over the last 100 years (or, the life of the current Fed for example) I think we as a country would be way way ahead. The money we print is squirreled away in all far corners of the world. We have the world reserve currency. And as the world grows and population grows, we would actually NEED to run more money than our domestic needs require. We would probably, (without actually running the numbers, just thinking aloud) be well ahead of the game by now thanks to the savers around the world. .
Yes, the purely fiat money is not a new idea. IMHO this idea has a lot of merit. No direct taxes on anything or anyone. Just print the money we need as we need it. No Federal Reserve. The Treasury just prints the money Congress says it needs and the ensuing inflation is the tax. I am for this over the system we have now. I am for this over any direct "income tax" that requires reporting by the individual or business.
This system does not mean hurt the poor. If society deems that we will give large sums of money to the poor, so be it. The welfare system, Medicare and SS could all continue. Just print the money and give it to the people who need it, or in kind via ATM cards or Health Care cards etc. It would drive a lot of inefficiency out of these programs that's for sure. And I think if this system were in place over the last 100 years (or, the life of the current Fed for example) I think we as a country would be way way ahead. The money we print is squirreled away in all far corners of the world. We have the world reserve currency. And as the world grows and population grows, we would actually NEED to run more money than our domestic needs require. We would probably, (without actually running the numbers, just thinking aloud) be well ahead of the game by now thanks to the savers around the world.
Of course politicians won't like it because they lose all their control over people and businesses, they cannot bestow favors, and all "increases" in the tax hurts everyone equally so they cannot grandstand or play class warfare populism. Bankers would hate it too, for obvious reasons. But given how the big multinationals hide their money (e.g. Google makes billions in profit pays 2% in taxes using "double Irish" tax scheme (and they are far from the only one)) makes me wonder why anyone should have to file and pay taxes. It should make everyone angry that they have to do what billionaires can avoid doing.
So you're advocating what would be the greatest incident of hyperinflation ever before in history? Not only would that confiscate wealth but it would also remove any/all desire for people to save and thus with no incentive to accumulate physical or financial capital the world would quickly enter a multi decade depression.
Yeah, I agree! WTF! Everytime one of my bitches get knocked up, I end up forkin over 1200 clams to get em cleaned out! Thats bullshit!
Maria ? Maria, Maria, Maria ! Your "investment" has quadrupled ! Where's the skinny chicks with the impertinent tits ? Monedas 2011 The Bow Tie and The Beast
If "He doesn't understand finance, he doesn't understand currencies, he doesn't understand economics."
Seems like he is the right man for this administration. Maybe he should take up golf.