This is excruciating to watch. Jim Rogers: "The Fed will go bankrupt."
I have said many times that the only reason anyone knows of Jim Rogers is because he was the luckiest man in the world, getting hired by George Soros. Soros made him his money. Nowadays, he is a glorified snake oil salesman.
couldn't agree more Mike. He reeks of old school con man.
ReplyDeleteUS Treasuries are junk?
ReplyDeleteanyone who hold US Treasuries and thinks they are junk, you can donate that junk to me.
ReplyDeleteWhat kind of investing performance has Mr Rogers had in the last couple years?
ReplyDeleteThink about all these "cranky" deficit hawks made me wonder about the following:
ReplyDeleteIn an archeology class I took, I recall studying ancient people that would naturally preserve some of their harvest each season and place it in tombs of their dead as their religion held that the dead would wake and would need the food to eat. Ever few years, either draughts or floods would hit these people and their harvests would be cut tremendously. To keep from starving they would raid the tombs of the dead and eat the preserved food stored there. The tribe would also apologize to the dead in some ceremony for eating the food. The hypothesis is that that the religion of these peoples was an evolutionary phenomenon to the periodic food disruption – i.e. tribes that did not have this practice likely died off and ones that did practice this survived to keep the tradition alive.
So at its heart, this religion was a way to get people to produce more than they consumed and save for a rainy day, just as our government deficit spending does today. And if some “smarty pants” person of those tribes figured out that religion and explained to other tribesman how it worked, the others would likely have been hostile to him for threatening their beliefs. Is this the same case with MMT and its challenge to dogma today?
haven't listened to the piece yet, but isn't this the guy who bought cotton because he thinks the Fed needs it to 'print all that QE money?'
ReplyDeleteNot to mention the fact that when this guy was at Fox, he was the meanest, nastiest S.O.B around. And was a bully who would pick on the people with the least ability to defend themselves: production assistants who booked cars for him, makeup girls, etc. What a class-less guy.
ReplyDeleteoh well, I'm reading the Bernanke stuff, and needless to say, cannot shake the bearish (economy) tinge. Why do people so smart act so dumb?
ReplyDeleteMike,
ReplyDeleteIt looks like he has put on a few pounds too.. must be all that Chinese food... time for a neck tuck!
Mike,
How does Macke not respond when Rogers says "they have bought junk" and the facts are they have been buying $600B of Treasuries under much fanfare of QE2, how can Macke just sit there and take this?
Mike I dont know how your industry (TV side) works... does Rogers have to pay money to get on these segments? Is there a fee to Yahoo for him to get on? And this is not journalism but a sort of reality show "Jim Rogers commercial" that he had to pay Yahoo to put on?
Or does Rogers perhaps have an agent/booker that works for him, and he schedules a trip back from his new home country of China and his agent goes to work for him trying to get him scheduled on Yahoo or Bloomberg or CNBC, etc... while he is in town? then it is hit or miss whether he can get on. (I understand you said Neil had him kicked off Fox).
How does this type of travesty happen if you can share?
Resp,
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ReplyDeleteRogers has also claimed before that the Fed was running up the national debt with all this inflation. lol
ReplyDeleteAs if it weren't bad enough that we've had too little....the pitiable old man doesn't realize inflation actually lowers the real value of debt.
He might be senile and I've thought he was quite lucky to have teamed up with Soros too.
Say what you will, if Rogers bought commodities and precious metals several years ago he has done just fine, thank you. However, I don't understand why he does so much press. As far as I know he doesn't manage any outside money. He does license his name to an ETF, but that can't explain the endless round of interviews. Perhaps its the speaking fees? Mike do you get it?
ReplyDelete