Posted on 03/03/2009 6:03:14 AM PST by Red in Blue PA
Bailing out the banks is going to increase the debt spiral and finally cause the destruction of the world's biggest economy, Rogers said.
"I think it's astonishing, they're ruining the US economy, they're ruining the US government, they're ruining the US central bank and they're ruining the US dollar," he said.
"You are watching something in front of our eyes, very historically, which is basically the destruction of New York as a financial center and the destruction of America as the world's most powerful country."
(Excerpt) Read more at cnbc.com ...
And sadly, very accurate.
And that was their intention all along.
McCarthy was right.
It is to help Globalization [meaning it is to help turn the USA in a Banan republic]. Washington is serving its citizens up to Multi-national Corporations.
I just heard on Quinn and Rose, Jim mention that AIG held some of the retirement plans of none other than the NEA, what a surprise they are too big to fail....
“The idea that you have too much debt, too much borrowing and too much consumption and you’re going to solve that problem with more debt, more consumption and more borrowing? These people are nuts.”
I see and hear alot of buyers remorse lately. Shame on them. They got caught up in the “Hollywood” of Obama. Damnit and now we are in a terrible mess. Im beginning to believe one must pass a test before voting, (wink wink)
What me and alot of people here have been saying for some time:
“Power is shifting now from the money shifters, the guys who trade paper and money, to people who produce real goods. What you should do is become a farmer, or start a farming network,” Rogers said.
Rogers is right. There’s not enough money in the world to bail out all these scammers. They made their bed, let them sleep in it.
What a concept!
But then we can't use the GDP to fake prosperity.
Sixty four years ago, Norman Thomas knew what was going to
happen to our country in 2009.
Norman Mattoon Thomas (1884-1968) was a leading American
socialist, pacifist and six-time presidential candidate for
the Socialist Party of America.
As the Socialist Party candidate for president, Thomas said
this in a 1944 speech:
“The American people will never knowingly adopt
socialism. But, under the name of ‘liberalism,’ they
will adopt every fragment of the socialist program, until
one day America will be a socialist nation, without knowing
how it happened.”
He went on to say: “I no longer need to run as a
presidential candidate for the Socialist Party. The
Democratic Party has adopted our platform.”
Worth repeating every day!
“Power is shifting now from the money shifters, the guys who trade paper and money, to people who produce real goods. What you should do is become a farmer, or start a farming network,” Rogers said.
First Rodgers quote I've liked
Only problem is the fake capitalist thieves of Wall Street have killed our economy so bad that producing real goods is difficult. Plus lots of our real goods are produced in China and the US Dollar still has enough credibility to import cheap Chinese stuffs
Fake capitalist thieves of Wall Street ...... I laugh when I see their libertarian stooges here defend them for free
I read the whole thing... First Jim Rodgers essay I could stomach.
But he’s likely heavy into gold so if AIG is allowed to fail it won’t impact him. Because the story goes that if AIG fails with it’s enormous credit default swap exposure then they drag down everyone with a cascading series of defaults and bankruptcies of large banks and financial firms
Then gold is the last man standing
"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion,
or later as a final and total catastrophe of the currency system involved."
-~~Ludwig Von Mises
Gold will be the last man standing. Along with guns, food, ammo etc.
The only other alternative will be a forced global fiat, which will be a disaster leading to global tyranny.
Exactly, casino capitalism only works for so long. Trading paper is no substitute for real wealth creation. Working a phone all day long and typing faulty assumptions into a faulty computer model that says that credit default swap you just wrote for a healthy bonus will never be called only works for so long and is not wealth creating. It ony gives a false sense of security and ends up in the misallocation of even more resources.
It had to happen sooner or later.
Gold has stayed stable (and up) compared to other commodities. Of course only the terminally dense think gold is a mere commodity though at times it goes to sleep for years and behaves like one
The best recent take on gold was that today all currencies are uncertain and hard to pin down. Hard to get a confident fix on. So people are rushing into gold because it owes nothing to no one like a fiat currency does. Of course most gold buyers don’t even know what “fiat currency” means. They are operating on raw instinct and today gold emanates trust and permanence compared to evanescent currencies
When even the Swiss are in trouble due to East Europe loans
” have killed our economy so bad that producing real goods is difficult “
I’ve been toying with the thought that what we’re witnessing (experiencing?) just might be a realignment of Business Models — If not the actual death, at least the de-emphasis of Mega-Huge-Bureaucratically convolute - Big Business, to be replaced, at least in the beginning, by a myriad of cottage industries and return to ‘local supply’.....
Not entirely fleshed-out yet, obviously — but I think I’m seeing the beginning of some kind of trend.....
The first step toward that was Sarbanes-Oxley.
Other than that, Rogers is a camera whore, who only understands, and is bullish on one thing, commodities. Rogers only cares about one thing, himself.
The only way out of this mess, is less regulations and less burden, and more incentives for small business. Massive, anarchist business failure isn't.
Recent email I received says they also insure the pension trust for CONGRESS. Anyone know if that is true?
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