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 ...
Me too.
Wow, great form. I can has cheer now!
I'm not sure I understand the question. Iguana green, I guess, since it's a green iguana - iguana iguana iguana, in case you care about genus, species and sub-species. That's kind of a bright Kelly green. Tho' my personal favorite is emerald green. And I do like British Racing green...
Well You never know what might happen at the Green.
Yes. Especially the 13th green.
In the United States of America, under obama, coming soon, the only jobs available will be either government jobs or government approved jobs. In order to get one of either, one must first be approved by the Party. One will also have to be approved by the Party to attend an institution of “higher learning”.
But that was what the people voted for.
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