"I kan haz ekonomee?
Posted on 09/16/2009 6:28:56 AM PDT by ex-Texan
INTERNATIONAL. Legendary global investor and chairman of Singapore- based Rogers Holdings, Jim Rogers said the Fed and the US Treasury should have let 10 banks fail, not just Lehman Brothers, for the financial system to clean itself up.
Speaking to CNBC Wordwide Exchange today Rogers said "All the government officials and bureaucrats loved the fact Lehman failed, because they could all jump in and support banks."
"This whole problem was not caused by Lehman Brothers or Lehman Brothers failure. Lehman was an effect not a cause."
"The real problem over the past 10-15 years has been that regulators have not let people fail. Had they let people fail we would have solved this problem a long time ago. I don't know why they're not in jail," Rogers said.
Reiterating his view about US monetary policy and their effect on the Dollar, Rogers warned. "I would expect there to be a currency crisis or a semi-crisis this fall or next year. It's crony capitalism, Bernanke and Greenspan have brought crony capitalism to America … but that's not going to solve the world's problems."
"We're going to have zombie capitalism for the next 15-20 years. How long are you going to let the bureaucrats run the thing so we can't have a clean system?," he added.
"Banks have been going bankrupt for a few hundreds years. The way the system works is when somebody fails you let him fail. What we're doing now is we're taking the assets away from the competent people and giving them to incompetent people and telling them now you can compete with competent people with their money."
Addressing debt & consumption and how more of the same can solve the problem, a theme that has become classic Rogers rants, he said: "How can the solution for debt and consumption be more debt and more consumption? How can that be the solution to our problems?"
"What we're doing now is we're taking the assets away from the competent people and giving them to incompetent people and telling them 'now you can compete with competent people with their money,'" Rogers added.
I happen to think the famous guru is more right than the head of the Federal Reserve Bank. Bernanke is responsible for everything that is happening to our economy today. Obama follows Mr. B's orders. 0 also follows the orders of George Soros. And the CFR, Trilateral Commission and Bilderbergers.
Alan Greenspan -- Mr. Bubble himself -- is the one man I say was responsible for the housing bubble. He was also responsible for serial investment bubbles that raped our nation over the years.
Why is Greenspan still walking around as free as a bird _____ ? Why isn't he answering pointed questions of a grand jury somewhere? Or under federal indictment for destroying the economy? Why, why, why?
That is why I support Ron Paul's effort to have the Fed audited. Last I heard, Paul had over 275 co-sponsors. Paulson and Geithner were very upset. In my personal opinion, all of these greedy criminals named herein ought to be under lock and key.
But what do I know ___ ? I only saw what was happening to America back as early as 2004. Which makes me a prophet of sorts. Kind of like Noah predicting rain . . . LOL, LOL !
Jim Rogers is not popular here but I like him. Many here are still made he dissed Bush before he dissed Obama.
[”What we’re doing now is we’re taking the assets away from the competent people and giving them to incompetent people and telling them ‘now you can compete with competent people with their money,’” Rogers added.]
Obamanation says they are just taking the money from the rich and giving it to the so called rightful owners which is communist practice indeed.
The politicians of America, dems and rinos, are mad indeed.
I don’t care that he dissed Bush.
What I don’t like about him is that he puts money before everything. His advice is to move to the Orient because that’s where the next big economy is going to be?
I’d rather live in a poor, free America than a rich, communist Orient.
And I believe too many people that immigrate to America do so only for the dollar, would not fight to defend this country, and certainly wouldn’t send their children to fight to defend this country.
Hopefully, the economic catastrophe we are about experience will shake that bad fruit out of the tree.
Rogers just tells it like it is. He and Peter Schiff nailed this mess years ago. They were only wrong on the timing.
Hope that's not a racist code word. /sarc
AMEN BROTHER!
Why not?
Bush appointed Paulson.
Bush appointed Bernake.
Are these two guys anything for which Bush should be proud?
Former POTUS Jimmy Carter was more than happy to carry water for 0. The Dems have been whispering 'racist' for years and getting away with it. Today they shout it from rooftops.
The same thing happened to me right here on FR. 100% predictable. When you tell the truth people get pissed off.
Jim Rogers:" Banks have been going bankrupt for a few hundreds years. The way the system works is when somebody fails you let him fail. What we’re doing now is we’re taking the assets away from the competent people and giving them to incompetent people and telling them now you can compete with competent people with their money.” Addressing debt & consumption and how more of the same can solve the problem, a theme that has become classic Rogers rants, he said: “How can the solution for debt and consumption be more debt and more consumption? How can that be the solution to our problems?”
Jim Rogers:" Banks have been going bankrupt for a few hundreds years. The way the system works is when somebody fails you let him fail. What we’re doing now is we’re taking the assets away from the competent people and giving them to incompetent people and telling them now you can compete with competent people with their money.” Addressing debt & consumption and how more of the same can solve the problem, a theme that has become classic Rogers rants, he said: “How can the solution for debt and consumption be more debt and more consumption? How can that be the solution to our problems?”
"I kan haz ekonomee?
That is a great image ! LOL, LOL . . .
“Zombie Capitalism”?
Excellent expression!
I’d rather live in a poor, free America than a rich, communist Orient.”
Interesting dilemma. When the 1700’s became the 1800’s the place to be was London. When the 1800’s turned to the 1900’s the place to be was New York. Immigrants flocked to both places at that time.
I wonder what some of the conversations were like in households where some of the family were planning to leave? I've had the thought occur to me that immigrating to China, with the risk of the Communist government, might be a bit akin to the pioneers who settled our West; the threat of attack, plague, pests, prairie fires and so on. It is an interesting time we live in when one puts it into historical perspective.
“But what do I know ___ ? I only saw what was happening to America back as early as 2004. “
You beat me by about 6 months. Then I joined you on your predictions and we both got flamed ;-)
um... that is called socialism and welfare, which is exactly why conservative have been fighting against this insanity for decades.
In a sane world anyone who wanted welfare or a handout would be required to be castrated first, to remove their genes from the pool of humanity.
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