Jim Rogers: The Dollar is Doomed. The Federal Reserve Will Dissapear. Oil To Hit $200

DriftingByTheStorm

Jim Rogers, famed international investor, and former partner of George Soros, did an interview for Bloomberg just the other day:

Here is the video

Take away points:

*The Federal Reserve Bank is the WORST centeral bank in the WORLD.

*It will dissapear in the next decade or two.

*Oil will absolutely hit $200 a barrel in short order.

*The dollar is a "terribly flawed currency"

*He "hopes not to own any dollars by this time next year."

*The dollar "will go the way of the sterling"

*China is the way of the future.

*He is teaching his two little girls to be fluent in Mandarin Chinese

*He encourages you to be fluent in it as well.

Here is an interview with Jim from August. ... if you are in the mood for even more dollar bashing "fun".

Here is tomorrows headlines from Bloomberg:
Asia DayAhead: Fannie, Freddie Plan a `Disaster' to Jim Rogers

Oh.
I know.
I know.
I'm a "fearmonger".
:rolleyes:

my2hands

DriftingByTheStorm wrote:

Oh.
I know.
I know.
I'm a "fearmonger".
:rolleyes:

yup

my2hands

we are all doomed

Abookamongstthemany

DriftingByTheStorm wrote:

Oh.
I know.
I know.
I'm a "fearmonger".
:rolleyes:

You forgot to mention John McCain. Only then would it be acceptable fearmongering.

FiveB247x

People look at this issue in the wrong way. In the past, if the US had economic down-turns and problems, the rest of the world markets would react negatively. The fact that our economy is going through tough times and the rest of the world is keeping everything somewhat stable is a good thing! It gives the world as a whole, balance and stability.

But yes, if your Joe American and only expect us to be the best at everything (which isn't realistic and certainly not true), this is a bad sign.

LikeAnOpeningBandForTheSun

well its good to know the fed reserve wont be around.

ajedigecko

FiveB247x wrote:

People look at this issue in the wrong way. In the past, if the US had economic down-turns and problems, the rest of the world markets would react negatively. The fact that our economy is going through tough times and the rest of the world is keeping everything somewhat stable is a good thing! It gives the world as a whole, balance and stability.

But yes, if your Joe American and only expect us to be the best at everything (which isn't realistic and certainly not true), this is a bad sign.

i agree.....i am ready to see another country/nation step up and hold the number one spot.

FiveB247x

What does this have to do with "holding the number one spot"? Fact is our nation has bankrolled it's future in debt and sold out most of it to foreign nations. We have wars on funds we don't have. We bailout companies and industries when they simply lack good management and enterprise, yet block foreign competition. If you have a clear look at most of the things that make up "free market capitalism", we have moved away from such policies in order to try and keep our failing system alive. Whether it's tarriffs on foreign goods or not pro-actively trying to keep factories and jobs (which americans actually would want and need) here at home, compared to actually having the government give corporate sponsorship and funding to help them setup shop in lessor controlled nations for larger profit margins. The rest of the world has caught economically because the US has enabled the atmosphere for it to occur and the richer, powerful nations who can step-up, have gone in line and made themselves more stable without our help. One of the largest impacts and characteristics of our US Empire (from rise to fall) was that of economic interests trumping all things, even in political undesireable places. Look around the rest of the world and you see others do the same as a result of our initiatives. But looking at our opponents doing it now, we don't exactly hold high revere for it, do we? Says alot.

ajedigecko wrote:

i agree.....i am ready to see another country/nation step up and hold the number one spot.

Heineken Helen

FiveB247x wrote:

People look at this issue in the wrong way. In the past, if the US had economic down-turns and problems, the rest of the world markets would react negatively. The fact that our economy is going through tough times and the rest of the world is keeping everything somewhat stable is a good thing! It gives the world as a whole, balance and stability.

But yes, if your Joe American and only expect us to be the best at everything (which isn't realistic and certainly not true), this is a bad sign.

the rest of the world is not somewhat stable at the moment Ireland is in a recession according to the media... apparently Britain is too! Things are shit all over Europe right now... Spain was hit the worst I believe... my German housemate tells me things are bad in Germany at the moment.

farfromglorified

The sky sure does fall slowly.....

my2hands

farfromglorified wrote:

The sky sure does fall slowly.....

i check in every morning for the daily drifting "how far the sky is falling today" report

FiveB247x

Yes many places are having financial issues, but currently our situation is far worse. In the past, if the US had serious economic down-turns (short-term) and long-term issues (like massive debt problems), the rest of world would be far worse off than it currently is. The main fact that we see the US dollar falling and many other currencies stable or rising is a clear indication of this fact. It may not be a definitive shift of economic power and status, but it is a sign that many of the other economic powers in the world have become more self-reliant and less dependent on our economic standing for their succcess.

Heineken Helen wrote:

the rest of the world is not somewhat stable at the moment Ireland is in a recession according to the media... apparently Britain is too! Things are shit all over Europe right now... Spain was hit the worst I believe... my German housemate tells me things are bad in Germany at the moment.

Heineken Helen

FiveB247x wrote:

Yes many places are having financial issues, but currently our situation is far worse. In the past, if the US had serious economic down-turns (short-term) and long-term issues (like massive debt problems), the rest of world would be far worse off than it currently is. The main fact that we see the US dollar falling and many other currencies stable or rising is a clear indication of this fact. It may not be a definitive shift of economic power and status, but it is a sign that many of the other economic powers in the world have become more self-reliant and less dependent on our economic standing for their succcess.

what do you think is going on here? Many people are poised to lose their houses within the next year or two.. and this WILL happen... at the moment they can use their mortgage holiday and their savings to keep them afloat but that'll only last a few months. This coming Friday has already been termed Black Friday... cos it's when construction companies tend to get rid of staff... and there are BIG rumours for this year. Construction was the biggest industry in Ireland and it's been hit BADLY... and there IS a knock on effect into everything else... even insurance companies, stockbroking companies and finance companies are lletting people go by the hundred

We are completely dependant on other countries.

FiveB247x

Would you say it is same climate and issues in the likes of the other G-8 nations? Don't mean to sound rude or something of the likes about Ireland, but I was refering to major world economies (China, Russia, etc).

Heineken Helen wrote:

what do you think is going on here? Many people are poised to lose their houses within the next year or two.. and this WILL happen... at the moment they can use their mortgage holiday and their savings to keep them afloat but that'll only last a few months. This coming Friday has already been termed Black Friday... cos it's when construction companies tend to get rid of staff... and there are BIG rumours for this year. Construction was the biggest industry in Ireland and it's been hit BADLY... and there IS a knock on effect into everything else... even insurance companies, stockbroking companies and finance companies are lletting people go by the hundred

We are completely dependant on other countries.

Heineken Helen

FiveB247x wrote:

Would you say it is same climate and issues in the likes of the other G-8 nations? Don't mean to sound rude or something of the likes about Ireland, but I was refering to major world economies (China, Russia, etc).

Britain, Germany, France, Italy... absolutely! Europe is not economically stable at the moment.

FiveB247x

I'm not saying their thriving or something... my point is that in the past, their economies would have been far worse off then they currently are. So instead of it being a large scale depression, it's a temporary recession in which they'll turn it around in the near future.

Heineken Helen wrote:

Britain, Germany, France, Italy... absolutely! Europe is not economically stable at the moment.

Heineken Helen

FiveB247x wrote:

I'm not saying their thriving or something... my point is that in the past, their economies would have been far worse off then they currently are. So instead of it being a large scale depression, it's a temporary recession in which they'll turn it around in the near future.

That's what I believe too.... but the 'experts' seem to be predicting otherwise... apparently Britain is in a bad way to deal with it.

lastexit78

my2hands wrote:

i check in every morning for the daily drifting "how far the sky is falling today" report

I'm a daily subscriber as well. Just glad he's in the minority. If the majority of this country believed the stuff he does the economy would implode within hours.

DriftingByTheStorm

lastexit78 wrote:

I'm a daily subscriber as well. Just glad he's in the minority. If the majority of this country believed the stuff he does the economy would implode within hours.

Markets down another 150 points DJIA right now. 17 points S&P.

BERNANKE IS SPEAKING ON TV AGAIN.

Put it this way, Bush is on the right side of the screen speaking.
Bernanke is on the left.
Different conferences.
BUSH IS MUTED.
Bernanke is being aired.

You are getting your implosion right before your eyes.

Frog boiling in a pot.

:cool:

my2hands

DriftingByTheStorm wrote:

Markets down another 150 points DJIA right now. 17 points S&P.

BERNANKE IS SPEAKING ON TV AGAIN.

Put it this way, Bush is on the right side of the screen speaking.
Bernanke is on the left.
Different conferences.
BUSH IS MUTED.
Bernanke is being aired.

You are getting your implosion right before your eyes.

Frog boiling in a pot.

:cool:

OMG this is the first economic downturn in world history!!!!!!!!! :rolleyes:


i do like drifting though, he is passionate and keeps up on shit, plus he can be pretty damn funny!

DriftingByTheStorm

my2hands wrote:

OMG this is the first economic downturn in world history!!!!!!!!! :rolleyes:

You should consider yourself lucky you don't really grasp the full scope of this crisis.

It makes it a lot easier to go to bed at night just dreaming this as nothing more than your "average" "down turn".

Unfortunately this is ANYthing but average, ordinary, or typical.