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Jim Rogers Explains To Bob "Not a Cheerleader" Pisani Why He Is Short Stocks, Long Commodities, And Wants Europe To Fail
Jim Rogers was on CNBC earlier, discussing the recent intervention by the SNB and the overnight plunge in Europe, in the process generating yet another amusing episode of market "non-cheerleader" Bob Pisani attempting spin the global economic collapse in a favorable light on not one, not two but on three separate occasions, and being soundly rejected by the far more, informed shall we say, Rogers. Specifically, to Pisani's repeated attempt to get Rogers to admit the uber-secret of which stocks he is long (CNBC Ponzi playbook 101), the former Quantumanite responds that not only is he not long anything, he is mostly short stocks and very much long commodities for two simpler reasons: "if the world economy gets better i'm going to make money in commodities because of shortages that are developing. Especially in agriculture and precious metals. If the world economy doesn't get better, Bob, you're not going to make any money in Toyota or IBM but you might make money in commodities because they're going to print more money. It's the wrong thing to do but they will print money. Bernanke is already printing money again. You have to protect yourself. I'm short stocks but i don't expect the world economy to get better. Not much better anyway, if it does and I am long commodities as a protection." And on some other topic like the Chairsatan, "Bernanke has been lying to us again", on the SNB intervention attempt: "This is a terrible mistake" and on what should happen to Europe: " It would be good for the world, though, if they let people go bankrupt."
Full clip:
Transcript:
Rogers: "I own some euros, I'll lose money if it happens. It would be good for the world, though, if they let people go bankrupt. My portfolio, I own commodities, especially precious metals and agriculture. I own some currencies. I'm short stocks in Europe and America and the emerging markets."
Pisani: You're long commodities but short stocks. explain how this fits in with the global growth story. Is there a global growth story and why are you long commodities -- wouldn't you still be long some commodities stocks, for example?
Rogers: No. well, I have some left over from 15 years ago. No, if the world economy gets better i'm going to make money in commodities because of shortages that are developing. Especially in agriculture and precious metals. If the world economy doesn't get better, Bob, you're not going to make any money in Toyota or IBM but you might make money in commodities because they're going to print more money. It's the wrong thing to do but they will print money. Bernanke is already printing money again. You have to protect yourself. I'm short stocks but i don't expect the world economy to get better. Not much better anyway, if it does and I am long commodities as a protection.
he's already -- you said bernanke is already printing money. has a new program been announces? that brings us to the u.s. dollar, of course, jim, which today is stronger against the euro. i would assume, though, that your long-term forecast for the dollar is not a particularly positive one.
On what currencies Rogers likes and why:
Rogers: Long-term forecast on the u.s. dollar is disaster, catastrophe. Having said that, as i said on cnbc several times in the past few months i'm long the u.s. dollar. The only reason i'm long is because everybody in the world has been terribly pessimistic. Whenever that happens you should take the other side of the trade. I'm long US. dollar. I have no confidence in it. It's going to be a disaster. But as you speak i probably owned more US dollars than many years.
Bob, (with attempt #2 to get Rogers to appear "bullish"): So you're bullish?
Rogers: Bob, to your point, Bernanke has been lying to us again. He announced in early august that he was going to keep interest rates at a very low rate for two years. Now, Bob, how is he going to do that? You can't just say the words. You have to go into the market and force interest rates down. Come on. What is this, you believe in the tooth fairy? He's in there. That's the only way he can do it. If you don't believe the theory of monetary policy works, get out the unadjusted numbers since the beginning of august and you will see they shot up starting at the beginning of august as soon as he said we're going keep interest rates down. So he's in the market. He may be lying to us, they usually do, But he's in there. Be prepared.
On whether the SNB intevention will work.
Rogers: No, of course it's not. No central bank in the world has ever been able to control its currency in the long run. Many countries have tried, but the market always has more. The british tried it 15 or 20 years ago. Everybody has tried it. In the end the market has more money. The swiss will have two things happen. One, they will drive their currency down so much that they will no longer be a financial center, or it will go up again and they will lose money on all the currencies they're buying. This is a terrible mistake. The way you sort things out is you let the market take its course, the cure for high prices is high prices. That's how you sort things out.
And attempt number 3 by Pisani to present global economic reality as "better than expected" results in yet another epic failure:
Pisani: Jim, give us a couple of thoughts. China came out with their inflation numbers this morning. Appeared to be a little bit under control. chinese will probably not be hiking interest rates any time soon. gdp not as strong as it was maybe a year ago. but still looking pretty good. what's your thoughts here?
Rogers: China is trying to slow its economy down. They've raised interest rates six times. I wish america raised its rates six times. They raised reserve requirements 12 times. They're trying to slow things down. India the same way. Many countries acknowledge inflation and trying to slow things down. That's why i'm not so optimistic about the economy going forward.
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schiff says dow will bottom at 10k at the lowest.
if he was ever wrong, somebody post a clip cause i cant find one.
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http://bit.ly/q2dBJi
I think that suffices. Problem with a lot of these guys is theyre right, just not on the right timeline though.
if you dont mind reading instead, here's a whole slew of them
http://globaleconomicanalysis.blogspot.com/2009/01/peter-schiff-was-wron...
Gold at new highs in Euros
http://stockcharts.com/h-sc/ui?s=GLD:FXE&p=D&yr=1&mn=0&dy=0&id=p21006805344
Gold in Swiss Francs must be the most stunning rally of all time
http://stockcharts.com/h-sc/ui?s=GLD:FXF&p=D&yr=1&mn=0&dy=0&id=p74871561769
Told ya, while you were dogging gold daily months back and writing your snide remarks about 'Gentleman Jim' getting 'blowtorched' on his gold bull positions....now here you are saying you basically called it? What an ass hat.
Robo is basically the Howard Cosell of ZH, commenting as an expert on things he's never done himself, and generally grates on your nerves.
still- gotta love the guy.
Talk about spin and just downright fucking propaganda, last night in the wee hours, both CNBS (Asia) and Bloomie were lauding and praising from the high heavens, the great and wonderful speech delivered by the pezz-uh-dunt, openly speaking it up as the salvation of all global markets, a rebirth of the world's economies, Kumbayah, halleluiah, wheteverthefuck useless superlatives could be applied.
With each guest, the same reaction. What? Who? I didn't hear that. What have you been listening to? How many moons does your planet have? Are you under duress? Are they holding your children and dentures hostage? Did you do too much drugs as a child?
It was pitiful. And that's usually not done to anywhere near that extent on the overseas broadcasts...
What's that have to do with today?
If you saw that shit, you'd have the same reaction as I.
Desperation time.
Pulling out all the stops.
No end in sight.
The EVent Horizon was Passed Long Ago and this Is REality.
Expect tons of market manipulations in PM's etc....
Its become overly transparent.
Even a CaveMan can figure it out
Gee its almost like theyre delaying for some predetermined date.
If you were in an 11th grade speech class it was a great Puff the Magic Dragon preformance. I told my son afterwords by phone: Did he have his Navajo Dream Catcher deployed to gather in all the hopium being spread? Milestones
Pair of idiots. One makes it clear, the other has full faith and credit that he is going to get anything for his commodities being held for him in other countries that must think his lights are flickering. He thinks he will profit on disaster. Guess you can see why the whole thing is going to blow if numb from the neck ups are still drooling.
Yea I doubt his long commodities making lots of money call as well...when everyones broke and world economies are tanked, who will pay top dollar for rising commodities? Its why I also doubt the 'hyperinflation' scenario as well, who can afford it?
I realise that there's a significamt ZH faction that goes into a schoolgirl swoon at the mere mention of "Jim Rogers". Notwithstanding, I'm beginning to find ol' JR just a bit tiresome - his cornpone, aw-shucks, I'm just a simple country-boy from Alibammy schtik is wearin' a bit thin with me.
I, for one, don't give a flying phart what Rogers is long/short/in or out of. He;s talking his book - just like his mentor Georgie S taught him
And anotha thing Jimmy- you might be able to get away with your special brand of bs with the rubes in Alibammy - but dont trying pulling that sh!t on "Brooklyn Bob" Pisani !
Not sure how being from somewhere is a 'schtick.' It's not like every time he's on he plays up his Southerness or recites 'Southern Proverbs' left and right. He just has an accent.
Everyone on CNBS talks their book - its just that Jimbo doesn't BS and play nice for the cameras so we like him.
I find him to be a bore. Partly because money seems to be his only concern in life. He really believes in the expression, "If you so smart, why aren't you rich?"
Thanks TD/ZH.
Jim Rogers is always a treat.
He makes a good Tweet two, errr, too.
Jim was that you on the new Beemer motorcycle with that glowing blue far away number plate cruising north germany two or three weeks ago?
"The cure for high prices is high prices"
A classic line for sure, and one many have seem to forgotten. LOL
Look at the M2 you idiot!! Look how it shot up!! LOL!!!
Bernake is a Liar! Bernake / They normally do Lie to Us!!!
Fantastic!!
http://www.youtube.com/user/JimRogersChannel#p/u/1/1EqGRLW-oe4
JimRogersChannel on YouTube
Classic. Thank god for Jim Rogers. A sane voice in an insane world.
"...you can't just say the words. You have to go into the market and force interest rates down. Come on. What is this, you believe in the tooth fairy?"
Bwahaha!!
Rogers is talking about timing. First, he's not sure the Euro is ready to implode, so he still has Euro holdings. At this time he thinks the dollar is a better bet. Tomorrow may not be that way and he'll adjust accordingly. The more unsteady the Euro zone looks, the better the Dollar looks.
Re Rogers rooting for failure of Euro. He knows not what he says. Way too focused on the financial game without looking at the society where he can spend his bucks...
"I assume your long term forecast for the dollar is not positive?" DAAAAAAAAAAAAAAAAaaaaaaaaahhhHHHH
Another chump.
The immaculate hedge:
Long the dollar; long the euro; short the stocks; long the commodities
....not seeking alpha
If the eurozone falls apart he's gona' lose his shirt on not just his euro longs but also on his commodity longs as everything under the sun gets sold to raise fiat. I guess his thesis is that "they will print" so who knows.
I would say buying vol. seems like something those of sharp mental acuity would consider.
Jim Rogers is good, always tells it the way it is.
I would be more than happy for the amoral moneyed men like Jim Rogers to go bankrupt.
Disgusted, Tunbridge Wells.
come on...what is this, you believe in the tooth fairy? hahahaha!!!
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Pisani: "we're seeing market exhaustion"
Rogers: "the u.s. dollar is a disaster, catastrophe"
Who ya gonna call? I'll take Rogers, thankyou.
"....It would be good for the world, though, if they let people go bankrupt."
absolutely true.....that includes banksters....until the cancer and constipation are excised from the economy there will be no growth or recovery except for bankster bonuses....raising interest rates is the right thing to do....it would remove money from speculative venture and foment capital formation which would become available for sound investment...
David Faber needs to be bitch slapped
He told Pisani off, that's why Pisani didn't respond and Faber quickly changed the direction of the interview. Rogers know that this game is coming to an end and he positioned himself in order to be ready for when commodities of all sorts become expensive and in short supply because of demand and inflation/hyperinflation.
"What is this, you believe in the tooth fairy?".... classic!
Jim Rogers forgets that China has been pegging their currency to USD for now more than 10 years....but he is right about M2
Why is it so hard to believe that Bernanke is lying? After all, his job is not to protect the American economy; his job is to protect his boss' money. Also, it shouldn't come as a surprise if Bernanke is printing money again. I think that most people that are paying attention predicted it.