Thursday, March 22, 2012

Jim Rogers selling Treasuries...again!!!

You'd think by now Robers would have learned something. Either that, or he'd be broke so we'd never have to hear from him again.

But, NO!, there he was just a few minutes ago on CNBC, live from Singapore (he moved to his beloved China several years ago, remember, but then he found out it was too polluted, so he high tailed it to Singapore) talking about how he just went short Treasuries. Again!!!

This time, however, he admitted that he had "bad timing" and Treasuries would probably go up! Really, Jim?

This guy has sold Treasuries more times than you can count. (Him and Peter Schiff, both!) He sold them here, here, here, here, here and on many more occassions that I didn't bother to record.

This guy is the most clueless guy on the planet and it's nothing short of bizarre how the media idolizes him.

Think of all the brilliance we have here: Mosler, Wray, Fullwiler, Kelton, etc and they keep wheeling out clowns like Rogers and Schiff.

Crazy world. Crazy world.


Ryan Harris said...

Treasuries have to be bought and sold, and frequently, because they sure aren't worth holding onto for income. You can make more than 3 1/2% in a week on price fluctuations -- more than they pay in interest in a whole year. Why does the government even issue these long dated bonds? Completely pointless IMO when the fed sets short term rates. Why not just issue short term debt.

Tom Hickey said...

Ryan, Warren proposes setting the overnight rate to zero and issuing 3 mo. max T-bills.

I have proposed also continuing to issue E-type savings bonds for the public as it already done.

Ryan Harris said...

Tom, I've been digging into the publications at the Congressional budget office. This a-political organization peppers their reports to congress with statements like this, "Higher debt tends to imply lower output and income in the long run than does lower debt, because increased government borrowing generally draws money away from, or "crowds out," private investment in productive capital. As a result, the debt that would occur under the paths specified by the Chairman and his staff would lead to higher national income over the long term than would occur with the higher amounts of debt under the other two scenarios." -- From Report to Chairman Ryan

These economists need to be held to account. They have extreme power over congress and are deluded at best... their views are radical.

Tom Hickey said...

That's a great argument for eliminating tsy issuance and paying IOR instead, or, just setting the overnight rate to zero and getting the unelected and unaccountable coterie of "experts" out of the rate setting business. Look at all the funds that would have been saved that can go to investment instead of "crowding out" investment, as they erroneously think. Even a bunch of fools link them should love this. Of course, being the fools they are, they would scream that this is inflationary.

Charles Hayden said...

Hey....Tom H. or Mike N.

-nothing to do with the Rogers post...I just want y'all's attention.

Due to Mike's Bloomberg TV post, I've been thinking all day about the possibilities of MMT-TV and MMT-media.

We need MMT: The Movie!

Thoughts? Info?


Tom Hickey said...

How about interesting Michael Moore, Charles Ferguson, Danny Schecter, or someone like that to do it, before the morons and sociopaths left to their own devices destroy the world. Pitch it as a patriotic duty.

paul meli said...

It may also be helpful to have a resources page on this site where people can get information to distribute to their friends and acquaintences.

Matt Franko said...

Treasuries pretty strong again this AM....


Matt Franko said...


One thing I saw recently is a Sarah Palin movie that somebody had to fund starring Woody Harrelson, etc...

What a big monumental waste of money and time to put all of that effort into that POS, bitter, moron movie and now she is not even running....

How much better it would be to have used those funds to put together an MMT documentary film (probably just a fraction of what they spent).

The problem as I currently see it is that TPTB are just so extremely partisan they cannot think straight and they control all the USD balances that are needed to produce such an MMT film (or for that matter sponsor a regular show that Mike could produce).

You have to find someone or an organization that has a primary interest in the truth. This is a lot harder than it sounds. And I dont look at Moore as primarily a truth seeker.

Where are the truth seekers who have a lot of USD balances that they could put into an MMT documentary????


Stephan B. Feibish said...

Gee. I've made a lot of money by following Rogers and Schiff. Smart people like Rogers tend to be early.