Jim Rogers Warns "We're All Going To Suffer From This Crazy, Crazy Money Printing"

Tyler Durden's picture




 

Submitted by Tekoa Da Silva via Bull Market Thinking blog,

I was able to reconnect with Jim Rogers this morning out of Spain, legendary co-founder of the Quantum Fund with George Soros, author of Hot Commodities, and chairman of the private Beeland Holdings.

It was an especially powerful interview, as Jim spoke towards the relentless downward pressure on gold, the upward explosion in interest rates, central bank money printing, and how to protect yourself ahead of the disastrous times he sees coming.

When asked if we’re seeing forced liquidation leading the smash down in gold this morning, Jim said,

“We certainly are. There are a lot of leveraged players who are now being forced to sell. Usually when you have this kind of forced liquidation, you’re getting closer to a bottom, maybe not the final bottom, but certainly close to a bottom. I even bought a little bit [today].”

With regard to the intense bearish news stories being published on gold, Jim suggested investors shouldn’t ”Pay [much] attention to other people. I pay attention to what’s going on... Obviously with gold collapsing I know about that - but I don’t listen to other people.”

Over the last few years Jim has spoken extensively on shorting government bonds, and more recently, the 10-year U.S. treasury yield has rocketed higher (with a corresponding collapse in value).  When asked if now is a good time to be covering those short bond positions, he explained that,

“I’m grappling with that question as we speak... I’m not short government bonds, [but rather] I’m short junk bonds on the theory that they will suffer the most when the bond market finally breaks. The junk bonds will go first, [along with] emerging market bonds. So I’m trying to figure out what to do, but I am not covering my shorts [just yet].”

Commenting on the Fed’s historical ability to control the bond market, Jim said,

We’re getting to that point where either one of two things are going to happen; either central banks are going to stop all this [money printing], or the market is going to force them to stop it. It looks like we may be having a juncture of both... where the Fed is getting worried... and at the same time, the market is jumping in and saying, ‘Yes, it’s insane what you’re doing, and this has to end.’ So we may have a healthy convergence of both. And if it’s not ending now, it’s going to end sometime in the next year, because this cannot go on - it’s too insane.”

When asked about the explosive riots occurring in Brazil, Jim warned to prepare for much more, in that,

This is the first time in history where you’ve had all the central banks in the world printing money at the same time. Europe, Japan, America, and the UK, all, are frantically trying to debase their currencies…I’m afraid that in the end, we’re all going to suffer perhaps, worse then we ever have, with inflation, currency turmoil, and higher interest rates. As I say, this has never happened before, it’s never been a good policy in the long run, so I’m afraid we’re all going to suffer for the rest of this decade from this crazy, crazy money printing.”

As a final comment to investors looking to protect themselves from these impending disasters, Jim said,

The way to protect yourself is to own real assets... because that’s the only thing which will protect you as currencies debase.”

 

“If you have money in the financial system and the financial system collapses,” he added, “even though you may have done nothing wrong - you may suffer because somebody else did something wrong. So you need to be very careful about where your assets are in the financial system, or have strict control over them yourself, so that you’re not going to lose them.”

And here is the audio of that interview:

 

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Sat, 06/29/2013 - 20:40 | 3706775 ClassicCommodity
ClassicCommodity's picture

This is what I try to tell friends and family every day. They just nod then get back to the TV set. 

Sat, 06/29/2013 - 20:51 | 3706796 I am Jobe
I am Jobe's picture

Leaving the matrix is hard for very many.

Sat, 06/29/2013 - 22:09 | 3706930 DaddyO
DaddyO's picture

Interesting perspective from Max Keiser, http://rt.com/op-edge/keiser-international-confidence-crumbling-snowden-182/

Confidence in the Central Bank and their ponzi has many influences we may not think of and Max lays out a unique idea on intel and its affects on the MIC and FRN ponzi.

DaddyO

Sun, 06/30/2013 - 01:13 | 3707160 The Heart
The Heart's picture

Top of the morn to ya DD-O. Thanks for sharing.

Confidence? Who believes in the fake god-money anyways?

THIS!...is confidence.:

http://img560.imageshack.us/img560/558/br92.jpg

Blessings and grace to ALL...even you cutout.

:)

 

Sun, 06/30/2013 - 02:11 | 3707206 Oh regional Indian
Oh regional Indian's picture

Any friend/co-investor of Georgh Sorrows is a deeply compromised human.

A part of the matrix machine.

Fuck Bow tie man. Blathering platitudes well known to even the mildly well informed.

What do you really know you old, compromised creep?

ori

http://aadivaahan.wordpress.com/2013/06/28/some-things-are-worth-spreading/

Sun, 06/30/2013 - 07:23 | 3707364 enloe creek
enloe creek's picture

STFU

Sun, 06/30/2013 - 07:59 | 3707395 YuropeanImbecille
YuropeanImbecille's picture

In interviews he does not like to talk about it, and has no relations to George the evil dirty bastard today.

I think Jim was deeply shocked what a inhumane asshole good old george the super zionist really is.

Sun, 06/30/2013 - 12:09 | 3707725 DanDaley
DanDaley's picture

Rogers fell out with Soros when he realized that Soros would cut his throat in a nanosecond and feel good about it...just like Soros is cutting your throat right now.

Sun, 06/30/2013 - 10:32 | 3707562 SaveTheBales
SaveTheBales's picture

But...but...nothing's CRASHED.  (Did YOU hear anything?)

The checks are still coming in -- see?!!  All ya gotta do is lookit the price of gold to see the economy is skyrocketing.

Quit trying to scare everybody all the time, and come over here and tell me what a "550 - Invalid User ID" means.  I have lots of money in this bank.

Sat, 06/29/2013 - 21:03 | 3706813 Midasking
Midasking's picture

All you can do is try to warn them.  Most aren't going to do anything but some will. With the whole world on a paper system we certainly are in store for something that has never before been seen and it won't be good. The financial markets and your portfolio will be the least of your concerns. 

Sat, 06/29/2013 - 21:37 | 3706869 DoChenRollingBearing
DoChenRollingBearing's picture

My friends and family already know how I feel, and I have given up trying to convince any of them anything.

Sun, 06/30/2013 - 08:10 | 3707407 Herd Redirectio...
Herd Redirection Committee's picture

Notice, Jim does not mention gold manipulation, and he thinks TPTB will stop the money printing, i.e. allow the gov't/status quo to collapse!

Jim, you're a smart guy.  Too smart to believe such bullshit.

Sun, 06/30/2013 - 10:17 | 3707547 BeetleBailey
BeetleBailey's picture

Exactly; my disagreement with Rogers is there.

To even think that TPTB will stop the printing is asinine; they have little choice at this point.

Unless they want war.....and it certainly looks like it; on NUMEROUS fronts....

Sun, 06/30/2013 - 10:34 | 3707563 Sudden Debt
Sudden Debt's picture

right at ya.

My friends say I see stuff to dark.

I really don't give a flying fuck anymore about others.
I have 3 friends who loaded up and who also started reading and following and they all see what I see.

nobody just gives a fuck but when gold and silver go down, they stand in line to joke about it.
Can't save'm all.

Sat, 06/29/2013 - 21:10 | 3706825 Bobportlandor
Bobportlandor's picture

What I did was ordered two pallets of food one they don't know about.

 

Sat, 06/29/2013 - 21:48 | 3706888 Peter Pan
Peter Pan's picture

Eventually they will find out about your two pallets and you will end up with two pellets.

Sun, 06/30/2013 - 05:40 | 3707308 KashNCarry
KashNCarry's picture

Now they do...

Sat, 06/29/2013 - 21:38 | 3706873 Peter Pan
Peter Pan's picture

That's pretty good if you are getting a nod from the family. Most people just give you a glazed look light deer in the spotlight.

Sat, 06/29/2013 - 22:10 | 3706932 NoDebt
NoDebt's picture

Most of my family members just say "my Social Security and Medicare were PROMISED to me!" (Lotta old-heads in the family.)  Oh, boy.  Check, please!

Then I talk to the ones who are my age or younger.  They readily offer comments like "yeah, we're definitely screwed.  Just playing the game while it can be played."

Not that they have been making extensive preparations, but they know the old game is drawing to a close.  Nobody knows what to do about it, really.  I THINK I know (prepare as best as possible) but in all honesty, how it goes down is likely to hit all of us from left field.  Some direction we're not looking.

Like the underground monsters in the old movie "Tremors."  The "prepper" in the movie (Gerald McRaney) has a CLASSIC line:  "Underground.  Dammit, I never thought of that!"

 

Sun, 06/30/2013 - 08:11 | 3707408 novanglus
novanglus's picture

Just be ready for the new game.  Read When Money Dies and note that people would trade real stuff for rapidly devaluing cash, since they still had faith in cash.  Hoard a pile of paper now and trade it for their stuff (gold, ammo, liquor) when they panic.  Then you can use that stuff to barter for food and land later.  If it gets to the next stage, where all that matters is the use of force, be prepared to go rogue - become a pirate or a warlord! At that point, all bets are off - civilization is a thin veneer on human nature.  That will be the true race to the bottom.  As Hobbes said, life in the state of nature is nasty, brutish, and short.

Sun, 06/30/2013 - 08:27 | 3707421 bunnyswanson
bunnyswanson's picture

Three articles illustrate this point: “If a lord has destroyed the eye of a member of the aristocracy, they shall destroy his eye.”

But: “If a lord has destroyed the eye of a lord's slave or broke the bone of a lord's slave, he shall pay one-half his value.” And: “If a builder has constructed a house for a man but has not made his work strong with the result that the house which he built collapsed and so caused the death of the owner of the house, that builder shall be put to death.

If it caused the death of the son of the owner of the house, they shall put to death the son of the builder.”

Man did not spend 1000s of years creating a civilized society only to find bankers rip it out from under them.  Do not underestimate the need for the human spirit to need to be free.  If there is no escape vessel from oppression, some distant place to dream of, man will have no reason to go on. Then, the above happens.  Be Warned.

Sun, 06/30/2013 - 16:02 | 3708202 HoofHearted
HoofHearted's picture

Shit, you guys are making me think I need to ammo up some more. I've already got tens of thousands of rounds in the usual calibers, plus enough of the odd stuff for my odd guns, but that is all just for play. We bought a farm that can make us self-sufficient, have it as a bit of a fortress, and have it hidden. But if the free shit army zombies come our way, well....

Mon, 07/01/2013 - 13:42 | 3710696 MeelionDollerBogus
MeelionDollerBogus's picture

doctah jones - booby traps.

Sun, 06/30/2013 - 12:45 | 3707798 Crime of the Century
Crime of the Century's picture

Hoard a pile of paper now and trade it for their stuff (gold, ammo, liquor) when they panic.

That is not what I got from reading it (When Money Dies) at all, and it sits on my bookshelf across from me. When the dollar repudiation goes exponential, you will have very little time to convert out as everyone else will be looking to do the same. Germans weren't scrambling for papiermarks, they were looking for American dollars (the famous Hemingway anecdote), finally resorting to burning them. Point two is, you think your advice would hold in the Internet age anyhow? This level of information was obviously not available to the Weimar citizens. If you aren't converting your fiat to assets now, then it is you who will be scrambling and good luck getting gold or ammo from a wiser person.

Sun, 06/30/2013 - 10:53 | 3707594 Honey Badger
Honey Badger's picture

I've heard the same "promised to me" argument. I tell them that the amount was promised but what you can buy with it is not guaranteed. In other words, you will still get your check from the government, but good luck living off of it.

Sat, 06/29/2013 - 22:01 | 3706915 Vooter
Vooter's picture

STOP TELLING THEM.

Sun, 06/30/2013 - 03:32 | 3707248 Rubicon
Rubicon's picture

This is the only logical solution.

Sat, 06/29/2013 - 22:18 | 3706950 SolarSystem1932
SolarSystem1932's picture

Even more painful is their realization they have not acted,

immediately followed by the recollection of one who did.

This is the dilemma of preperation. 

It haunts me in every conversation I have with others.

What will they do when rubber meets the road?

 

Sat, 06/29/2013 - 22:45 | 3707005 tarsubil
tarsubil's picture

Did you let them know that buying an assault rifle would be a good idea? That might eliminate this little issue.

Mon, 07/01/2013 - 13:37 | 3710676 MeelionDollerBogus
MeelionDollerBogus's picture

if they know you're holding, they'll come to your house.

Sun, 06/30/2013 - 01:50 | 3707189 JPMorgan
JPMorgan's picture

A lot of people cannot be helped, it goes in one ear and straight out the other.

They think their money is safe in the bank, and don't own a ounce of gold, silver or platinum.

As Gerald Celente says... it's the ' I don't want to hear it ' trend.

When interest rates rise and the derivatives bubble pops it's going to be true carnage and many are going to be financially wiped out over night.

Sun, 06/30/2013 - 09:30 | 3707482 LongBallsShortBrains
LongBallsShortBrains's picture

Most people are like alligators. All mouth, no ears.

They'll wait til the "news" tells them. Then they'll prepare.....

At least we won't run out of ignorant obese people... Anybody know if you can feed your dogs Soylent green?

Sun, 06/30/2013 - 10:47 | 3707582 GrinandBearit
GrinandBearit's picture

I used to do that.  95% of the time, it's totally useless.  

When the SHTF, many are going to perish.  I cannot save someone who is unwilling to save themselves.  

Sun, 06/30/2013 - 12:00 | 3707716 PlausibleDenial
PlausibleDenial's picture

I have no friends......

Sun, 06/30/2013 - 13:58 | 3707937 Sofa King Confused
Sofa King Confused's picture

Its better that way, it makes everybody a possible enemy.

Sat, 06/29/2013 - 20:41 | 3706780 fonzannoon
fonzannoon's picture

This interview sounds vaguely like when I call a client and am fairly sure they are taking a dump during the conversation. That backround bathroom echo is a dead giveway.

Sat, 06/29/2013 - 21:01 | 3706812 Dr. Engali
Dr. Engali's picture

Lol. Good call. He is either taking a dump or getting a hummer one of the two, he is definitely distracted.

Sun, 06/30/2013 - 02:23 | 3707215 Jaspergers
Jaspergers's picture

Carpeted bathrooms finally make sense to me! Still gross tho..

Sun, 06/30/2013 - 09:38 | 3707498 RaceToTheBottom
RaceToTheBottom's picture

Parallel processing....

Sun, 06/30/2013 - 10:17 | 3707548 hoos bin pharteen
hoos bin pharteen's picture

Who answers a phone when getting a hummer?

Sat, 06/29/2013 - 22:06 | 3706925 Fuku Ben
Fuku Ben's picture

Good 1

-2? I see you have a few clients following your posts

Unless you hear the plop! an echo is better than kids screaming or dogs barking

Sun, 06/30/2013 - 01:58 | 3707193 disabledvet
disabledvet's picture

"speaking to you live from some hell hole in Spain"..."no, really think Spain's unemployment will rocket to 70 percent here unleashing a whirlwind of economic activity and causing demand to soar. that's why i think you should lever up 1 billion to one on copper mines, steel mills, corn tacos and Wild Turkey." i mean this guy has gotten KILLED. i feel sorry for the people who followed him to Mt. Doom. http://www.youtube.com/watch?v=O7X1BCCH9a8

Sun, 06/30/2013 - 11:39 | 3707668 lynnybee
lynnybee's picture

'That backround bathroom echo is a dead giveway.'   ... no.   Jim Rogers said himself that he does all his interviews while on his exercise bicycle.   if you notice, he always sounds winded during his interviews & podcasts because he is on a stationary exercise bike.    he said that himself in one of his interviews.    (personally, i think that is rude trying to exercise while being interviewed & not giving the interviewer his full attention, but, that's what he does.) 

Mon, 07/01/2013 - 13:34 | 3710663 MeelionDollerBogus
MeelionDollerBogus's picture

#1 for certain interviewers he never does this. Shows what he thinks of the interviewer.
#2 in any case it's a sign desk-jockies should pay attention to & exercise more.

Sat, 06/29/2013 - 20:42 | 3706781 involuntarilybirthed
involuntarilybirthed's picture

"...all the central banks in the world printing money at the same time."

this is the biggest elephant in the room.  If you want to live like Americans you gotta print like Americans.

Sat, 06/29/2013 - 21:16 | 3706832 espirit
espirit's picture

"...all the central banks in the world printing money at the same time."

That should be a dead giveaway for most here at ZH that there is collusion at the highest CB level, that this is not a chance occurrence.

This was pre-planned attack with an endgame in mind, susceptable no doubt to a desired conclusion.

I've heard many possible outcomes here, but we've yet to properly keep track of them all and follow each rabbit hole to it's probable end.

/rant over.

Sat, 06/29/2013 - 21:21 | 3706838 espirit
espirit's picture

Following the rabbit hole that contains the .1%'ers, and wondering just where in the firery depths of hell they would feel safe.

Sat, 06/29/2013 - 21:25 | 3706849 espirit
espirit's picture

Of course... questionable pickup of $BDI, they are shipping shit somewhere - now to just find out where.

Sat, 06/29/2013 - 21:39 | 3706874 DoChenRollingBearing
DoChenRollingBearing's picture

Is there any similar indicator of container shipping rates, that would be very helpful for me.

Sat, 06/29/2013 - 22:06 | 3706927 espirit
espirit's picture

@ DoChen

Have to consider all means of transport.  Some are easier to protect or camoflage than others.

Do NOT follow this link or you will be banned from the site!