Posted on 04/21/2010 8:56:07 AM PDT by Comrade Brother Abu Bubba
The Great Recession that may have just ended will amount to nothing compared to the next one, says commodities expert Jim Rogers.
The huge fiscal and monetary stimulus is what will cause the crisis, he says. Rogers notes that the United States suffers a recession every four to six years on average.
VIDEO — Jim Rogers: Next Recession Will Be Much Worse
Federal Reserve Chairman Ben Bernanke is a big part of the problem, says Rogers, chairman of Rogers Holdings. “Mr. Bernanke can’t print much more money again. The world is going to run out of trees.”
That’s thanks to the mistakes made by Bernanke and his predecessor, Alan Greenspan.
“They’ve taken on gigantic amounts of debt that you and I are now responsible for. The central bank is making it worse,” Rogers said.
Bernanke’s low interest rate policy is a terrible mistake, Rogers says. “He’s essentially ruining the U.S. economy in the long run and ruining the U.S. dollar as well.”
The dollar’s safe for now, Rogers says, noting that he owns it himself. “But in the longer term, the dollar is a terribly flawed currency.”
Inflation already is here, he says.
That inflation is reflected in higher oil prices, and the surprise will be how high oil rises over the next decade, Rogers says.
“Known reserves are declining at a steady rate,” he points out. “Unless somebody finds a lot of oil very quickly, the price of oil is going to go much higher.”
There’s a very good chance that some governments will default on their debt in the next few years, he says.
“I do know that they’ve run up staggering debts in Washington, and that usually leads to problems down the road.”
(Excerpt) Read more at moneynews.com ...
No, it will be the natural result of eight years of Bush-Cheney policies. Don’t worry, you’ll see it in the papers.
This is just more doom and gloom, next recession is 6 years out. Obama will not be re-elected. Federal spending will be slashed by the new Republican majority after the November elections. These commies are trying to destroy America, but will not succeed.
What about when the Bush tax cuts expire this year?
Rogers is heavily invested in commodities and short the stock market.
What do you think he would say lol.
he’s also a huge China bull.
“Inflation already is here, he says. “
LOL. This is just a lie.
There is no inflation, if anything we have deflation.
I’m sure this doesn’t have anything to do with Rogers’ commodity and gold positions...yeesh.
Georgia, not South Carolina. He took Cynthia McKinney’s place in the most jaw droppingly ignorant district in the state.
Available reserves are declining at a steady rate. There is plenty of oil outside the 2 acre patch our government will let us drill in.
Israel & Syria first.
The Persians will wait this one out.
Rogers is always bleating about inflation. Always hoping the value of all the gold he buys will go up so he can get outa it.
Hey she wears the same jeans as Obama...
Awfully good looking form for having never thrown a pitch in her life.
She fills out the jersey rather nicely too. Good form all way 'round.
Sorry. I would have sworn it was SC. Anyways, it's not shocking that guy comes from the same district as McKinney - a lady who makes Maxine Waters look like a Rhodes Scholar.
I haven’t been to Singapore in a few years. What is the current punishment for driving a car with less than 1/2 a tank of gas over the border to Malaysia? I still remember those signs at the border crossing like it was yesterday.
“Wake me up when there’s some good news.”
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Okay, the good news is Rogers is wrong about the country running out of trees to make paper money. American paper currency is not made from wood, it is printed on 100 percent rag content “paper” that is made from cotton denim cloth, old Blue Jeans in other words. Be sure to turn in your old denim clothing for recycling. If “paper” money were printed on actual wood pulp paper it wouldn’t last long enough to be worth printing it.
You can go back to sleep now.
Nordic girls are famous for accidentally breaking things...mostly hearts.
Righto. Hey which green?
Ugg. This is the best you can do? I’m going back asleep.
I don’t want the fed to get a bonus. I want the fed to starve.
Thank you. She’s very pretty, but I’m a girl too.
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