Warns that more debt based monetary policy will lead to hyperinflation
Steve Watson
Tuesday, Feb 10th, 2009
“We already have a lot of social unrest developing. If protectionism comes back, you’d better be really, really careful,” Rogers added.
http://www.youtube.com/watch?v=QLD2...he-problem-worse.html&feature=player_embedded
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Steve Watson
Tuesday, Feb 10th, 2009
<!--start-->Renowned investor and respected financial commentator Jim Rogers has slammed the latest economic rescue package, declaring that it will not work and will most probably make the situation worse than it already is.
Rogers, the creator of the Rogers International Commodities Index (RICI), told CNBC that the latest so called “stimulus” is more of the same debt based policy that has led the world to the brink of total financial meltdown.
Rogers also pointed out that the offered solution is coming from the very same people who allowed the financial crisis to arise in the first instance.
“It is mind-boggling to me,” Rogers told “Squawk Box Europe.”
“If I were on your show 15 weeks in a row and was wrong, you’d probably never invite me back. These guys have been wrong year after year after year consistently and here they are making the same mistakes again. This is not going to solve the problem, it’s going to make it worse.”
Rogers also spoke of the artificial rally of the US Dollar and warned that hyperinflation is certain to follow.
“We’ve had a period of forced liquidation of everything, even the US Dollar is going up,” Rogers said. “It’s been much stronger than expected because there is this massive forced liquidation, there are huge short positions in the Dollar, everybody is having to cover.”
“But we’ve never had in world history a period when every single central bank and every government in the world is printing money as fast as they can.” Rogers said.
“So I know we’re going to have serious inflation down the road, when it happens I don’t know, so I periodically buy gold.”
Rogers also predicted that the head long plunge into more debt and inflationary monetary policy would lead to a bubble in US government bonds. Rogers also warned that the fallout of financial collapse may lead to a period of protectionism and more social unrest.
“This is very dangerous, that’s what caused the great depression in the 1930s. If it happens again, then you’d better sell all the stocks, you’d better sell a lot of everything and bunker down,” he said.
Rogers, the creator of the Rogers International Commodities Index (RICI), told CNBC that the latest so called “stimulus” is more of the same debt based policy that has led the world to the brink of total financial meltdown.
Rogers also pointed out that the offered solution is coming from the very same people who allowed the financial crisis to arise in the first instance.
“It is mind-boggling to me,” Rogers told “Squawk Box Europe.”
“If I were on your show 15 weeks in a row and was wrong, you’d probably never invite me back. These guys have been wrong year after year after year consistently and here they are making the same mistakes again. This is not going to solve the problem, it’s going to make it worse.”
Rogers also spoke of the artificial rally of the US Dollar and warned that hyperinflation is certain to follow.
“We’ve had a period of forced liquidation of everything, even the US Dollar is going up,” Rogers said. “It’s been much stronger than expected because there is this massive forced liquidation, there are huge short positions in the Dollar, everybody is having to cover.”
“But we’ve never had in world history a period when every single central bank and every government in the world is printing money as fast as they can.” Rogers said.
“So I know we’re going to have serious inflation down the road, when it happens I don’t know, so I periodically buy gold.”
Rogers also predicted that the head long plunge into more debt and inflationary monetary policy would lead to a bubble in US government bonds. Rogers also warned that the fallout of financial collapse may lead to a period of protectionism and more social unrest.
“This is very dangerous, that’s what caused the great depression in the 1930s. If it happens again, then you’d better sell all the stocks, you’d better sell a lot of everything and bunker down,” he said.
“We already have a lot of social unrest developing. If protectionism comes back, you’d better be really, really careful,” Rogers added.
http://www.youtube.com/watch?v=QLD2...he-problem-worse.html&feature=player_embedded
Research related articles:
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9. Peter Schiff: Stimulus Bill Will Lead to “Unmitigated Disaster”
10. Jim Rogers using rally to exit dollar assets
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