Jim Rogers: It's Going To Get Really "Bad After The Next Election"

Money Morning ^ | 10/14/2012 | Terry Weiss

[bruinbirdman]

In a riveting interview on CNBC, legendary investor Jim Rogers warned Americans to prepare for "Financial Armageddon," saying he fully expects the economy to implode after the U.S. election.

Rogers, who for years has been an outspoken critic of the Feds policies of "Quantitative Easing," says the world is "drowning in too much debt." He put the blame squarely on U.S. and European governments for abusing their "license to print money." In the U.S. alone, the national debt has surged to nearly $16 trillion, that's more than $50,000 for every American man, woman and child.

"[They] need to stop spending money they don't have," Rogers said. "The solution to too much debt is not more debt... What would make me very excited is if a few people [in the government] went bankrupt..." Rogers added.

Rogers also charged Obama and German Chancellor Angela Merkel with promoting dangerous policies that create the illusion the economy is stable... but are really only intended to buy time before their upcoming elections.

"Mrs. Merkle has an election next year," Rogers said. "Mr. Obama has an election in November. The Americans and the Germans - they want to do everything they can to hold the world up until after the next election."

"It's going to be bad after the next election."

How bad? Worse than Rogers predicts, according to a new investigation.

In a newly released documentary that went viral last month, a team of influential economic experts say they have discovered a "frightening pattern" they believe points to a massive economic catastrophe unlike anything ever seen in the history of the world.

[misanthrope]

I see a bunch of people that seem to believe that the mere possession of several thousand rounds of ammo will pre-determine their victory in every firefight. While I've personally never experienced a firefight, I know that they're definitely not like the movies show.

Currently, an ounce of gold will buy more ammo than you can carry by a factor of 6-10 (depending on your strength, fitness, and other necessary loading).

Specifically, Ammoman.com will sell you 1,000 rnds of .308/7.62X51 sealed in 200rnd battle packs for $589. You can currently trade an ounce of gold for about 3,000 rnds of this ammo.

If you'd like, you could assume that gold will lose 90% of it's current value relative to ammo, and you'd still be way better off toting that 1 ounce coin hidden between the cheeks of your butt than the extra 300 rounds of ammo.

[stephenjohnbanker]

Rogers is a sharp financier, but if you stop to think about how he operates, it is mostly common sense.

[Partisan Gunslinger]

If you'd like, you could assume that gold will lose 90% of it's current value relative to ammo, and you'd still be way better off toting that 1 ounce coin hidden between the cheeks of your butt than the extra 300 rounds of ammo.

Exactly right. :^) Not only that, but when the financial disaster strikes, enclaves should have the ability to get through by starting mini-economies. It's going to take currency to restart, gold is the best way to store value as you say, and then trade with other enclaves.

[Candor7]

Rogers is a sharp financier, but if you stop to think about how he operates, it is mostly common sense.>>>>>>>>>>>>>>>>>>>>>>>>>

Agreed, there is so little common sense these days, its hard for many to recognize it.

I have my investments all in real estate holdiongs these days as of last March. I do a lot of gardening instead of trading, but in a few years it will be time to jump back in.
But like Rogers, I thinkl it will get very bad. This will be the end of the liberal socialist state.There just won’t be enough money to finance it, and the parasites will have eaten themselves out of a home.Thereafter the entrepreneur MAY make a comeback, unless we are living in a totalitarian state.

[stephenjohnbanker]

Good move.

[darth]

I visited a vendor who paints oilfield equipment, trucks, etc. His normally full yard was empty.

He remarked, “Everybody is going to wait until after the election to decide if they will invest again.”

[BCW]

That’s a cute little quote you put up there - but it stands. Here’s one you might like -

Study strategy over the years and achieve the spirit of the warrior. Today is victory over yourself of yesterday; tomorrow is your victory over lesser men. (Miyamoto Musashi)

That’s how I view most people in the world - from experience - multiple tours - and the idiot in office that won by a margin - when the collapse comes (if it comes at all) - I might be overwhelmed and defeated as you suggest - but it will cost those coming at me their lives in a great a number.

Free Republic has all kinds - it’s open opportunity here!