I trust Jimmy Rodgers, I do not trust Bernanke and Greenspan (the worst public speaker in the history of humankind!)
Wake me up when there’s some good news.
A NEW recession? Since when has the one we already have gone away? Economy? Jobless rate? National debt? Government spending? Radical taxation?
What did we miss??
I agree.
If things really go south here, Singapore is a GREAT option. For those that have never been, it is an extremely safe and remarkably clean city. English is the language of choice, so you'll have absolutely no communication problems.
“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.”
Inflation is a monetary problem of having the supply of money increasing faster than the increase in production (or decreasing more slowly than the decrease in production during a recession). Rogers is trying to prove that there is a monetary problem by using a commodity's supply problem weakens his argument considerably. The price of oil going up because of lack of supply is not inflationary because the rise in oil prices and items affected by the price of oil will be matched with a decrease in other prices. For example, If I have to spend more for gas I'll spend less on eating out and restaurants will have to drop their prices. That works unless the Fed boosts the money supply, but that is the inflationary event, not the supply driven rise in oil prices.
Now, you can argue that all the printing done by Ben "Ink Stains" Bernanke and Timmy "Tax Cheat" Geithner will likely cause inflation. The only thing that has held it back is banks being reluctant to lend money thus decreasing the velocity of money and the multiplier on the money supply. The problems of the Fed after 2001 of keeping the interest rates too low for too long causing investors to get stupid in the following decade lead to the real estate bubble and crash. Bernanke looks like he will repeat Greenspan's greatest error.
But Newsweek said the recession is over and it’s happy days from here on out! WTF?? </snark>
I guess I remain skeptical of Rogers...he was a co-founder of the Quantum fund...George Soros’ Quantum Fund
All it will take to cause the second part of the recession is a crisis between Iran and Israel (which is coming real soon).
I was unaware that the current depression was over.
Jimmy Rogers is very, very good at macroeconomic investing. He is also a colorful character who once claimed his “five year old baby girl” was fluent in Mandarin Chinese.
The common American never left the recession. And as far as oil running out, it will only be because Obama and Co. chokes off the supply.
Also, it floats with more than price, all the quakes and volcanics tend to shake it up from way down below to help refill wells.
"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
““I do know that they’ve run up staggering debts in Washington, and that usually leads to problems down the road.””
Don’t worry. Be happy.
He speaks as if the present recession had ended. I, like millions of other unemployed people, have not noticed an end to it.
“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.
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.