Tuesday, April 10, 2012
Jim Rogers...wrong again!
Jim Rogers is such a clown. I don't know how this guy has any money left at all. He's been relentlessly shorting Treasuries (along with the other clown, Peter Schiff) for years. His last short play was back in March. I wrote about it here. He not only got short, but he shorted the lows of the market as is his usual custom.
What's crazy is how the media loves this guy: he's everywhere, with his usual clueless line about central banks "printing money" or the US not having money to pay its debts. What a useless bunch of misinformation.
If you want to make a lot of money do yourself a favor...fade every investment idea that comes out of Jim Rogers' mouth. You'll be sure to clean up!
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13 comments:
Maybe the Kochs or somebody pay him money to promote the Austrian line, so he doesn't care whether he loses money on the actual investments.
10-yr back below 2%...
Rsp
Matt, he got short around 2.30%. At least the last time he warned that he'd probably be wrong...again! That's the ONE THING he's been right about. LOL!!
Agreed on the clown description (in part). But he must be/ have been doing something right (at some point at least) or else how would he have made/ kept his money?
Does anyone actually know how well/ badly he is doing, money-wise?
His main fortune came from working with George Soros. Since then he sells books and gives speeches. His trading is horrible.
Hey maybe you should start wearing bow ties and braces, and take photos of yourself with gold bars (you could photoshop them in if you can't bear the idea). Just to take the piss!
Mike,
It's a trend I see in present journalism: no fact-checking.
Like last night with Larry K, Larry was saying something about how the USD went down because of something and you were able to point out that the USD had gone up....
I'm not a journalist, but it seems in many parts of the media today, there is no fact-checking which used to be the norm I assume.
There is not much of a service provided by journalists if there is no fact checking and people are left to say false things with impunity.... like "debasing", etc...
Resp,
Mike (or, anyone who can get to him since this is down the comment stream) -
IMPORTANT!
This is the China expert we should be getting to -
Frank Newman
He just published a book -
"Six Myths that Hold Back America: And What America Can Learn from the Growth of China’s Economy "
http://www.amazon.com/Myths-that-Hol...4072257&sr=1-1
It comes about as close to MMT as one possible can without mouthing the words. Here's his wiki -
"Frank N. Newman was born in Quincy, Massachusetts on April 20, 1942.[1] He was educated at Harvard College, receiving a B.A. in Economics in 1963.[2]
Newman joined Peat Marwick Mitchell & Company in 1966 as a manager.[3] In 1969, he moved to Citicorp as a Vice President.[4] He joined Wells Fargo in 1973, and worked there as a Vice President from 1973 to 1980, and then as an Executive Vice President and as Chief Financial Officer from 1980 to 1986.[5] He then moved to BankAmerica Corporation where he was ultimately Vice Chairman and Chief Financial Officer until his departure in 1993.[6]
In 1993, President of the United States Bill Clinton nominated Newman to be Under Secretary of the Treasury for Domestic Finance.[7] The next year, he became United States Deputy Secretary of the Treasury, holding that office until 1995.[8]
Newman then returned to the private sector, become Vice Chairman of Bankers Trust and then serving as President and Chief Executive Officer of Bankers Trust from 1996 to 1999.[9] In 2005, he became CEO of Shenzhen Development Bank.[10]"
Given his credentials, it would likely need to be you or one of the other big 4 (Mosler, Black, Wray) to perhaps clue him in on MMT and debate some minor differences.
This is a guy who could probable get the ear of a Geithner, Bernake, or maybe even Obama.
If anyone's wondering why I go after Jim Rogers all the time it's because he's a mean, nasty, condescending jerk. Everybody makes mistakes in the markets. I do, routinely. But when you're such a self-absorbed, nasty, individual, you deserve derision.
Don't believe me? Email him and ask, very politely, how his short Treasury position is going? Better yet, just ask why he went short. I will be happy to publish that email thread.
Thanks, Salsabob. Elevated to a post.
Yes, thanks, Salsabob. And thanks for posting, Tom!
If you admit Rogers is making money, then it would be a contradiction to say that one could make money by doing the opposite of what Rogers does.
jim will answer "you are really getting on my nerves asking that kind of question".
no need to ask him a question as he will reply as politely as clint eastwood's character in gran torino.
just point him to the schittreport on youtube - we have at least a dozen videos profiling his economic ignorance and money-burning investment calls. you can tell him his austrian buddies like peter schiff, ron paul are also featured stars there - and last but not least, the people who make these videos are business buddies with his ex-boss georgie.
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