Posted on 06/27/2016 10:55:41 AM PDT by GilGil
The UK's decision to leave the European Union will lead to an economic crisis more severe than what the world faced in 2008, according to legendary investor Jim Rogers, chairman of Rogers Holdings.
“This is going to be worse than any bear market you’ve seen in your lifetime,” he said on Yahoo finance’s “Market Movers” program Monday. “2008 was bad because of debt. The debt all over the world is much, much higher now. Stocks in the US, for instance, have been going sideways for 18 months to 24 months. That’s called a distribution by many people. When you have distribution for a year and a half, it usually leads to bad things.”
(Excerpt) Read more at finance.yahoo.com ...
Translation: Sell all your stock to me now ... so I can quadruple my net worth this time next year.
Is that the same Jim Rogers that used to be in partnership with George Soros? Well, yes, it is. Do you think they still talk?
Some day he will be right.
So the US government owns ~640MM acres of land and ~700MM acres of subsurface mineral rights. In addition there are water rights, logging rights, fishing rights, access rights, etc.
See: https://www.fas.org/sgp/crs/misc/R42346.pdf
Is there any reason that we couldn’t base our currency off of $/type of acerage and access rights?
We spent ~$4T in 2015 and $4.1T in 2016. Using just the 640MM acres and say $5T as a base to start with that’s $7812/acre - so make it $10K/acre as a base to start with or do a combination of the surface and mineral and/or acess rights under US jurisdiction. Course that’s just the budget and we’d want to include the debt in the calculation to ensure we properly value the $, but doesn’t this make sense to a degree? Countries with more property and therefore more resources would have greater backing of their currency then those without resources.
Thoughts?
A princess could sleep on that economy and not even notice.
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Perhaps you are thinking of Portugal’s 46th largest world economy?
This is a pipe dream. If it were not for government spending the UK would have no gdp. It’s basically the welfare state that is creating the illusion of large GDP. Government spending on the UK is now over 20%. The private sector is getting gutted and has for years.
Yes, both co-founded a hedge fund together.
After Rogers cashed his money out, the last I heard they had not spoken in years.
I like Rogers.
I wouldn’t piss on Soros if he were on fire.
Government spending in the UK is climbing to about 25% of GDP. Without deficit spending and borrowing there would be no GDP. That also is there for all to see. This large GDP is a pipe dream just like in the US.
Who exactly do these people think they’re kidding?
Who exactly do these people think they’re kidding?
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I sense that a lot of people on FR are still in the markets and are hoping and praying.
I trade for a living and now only make my money for the day. All my long term stuff I’ve liquidated. Do not leave anything in overnight.
England’s GDP has always been a phantom. Go live there for a year or two and then we will talk about it. Ridiculous.
They will blame the UK an economy the size of a pea for creating all the problems as a scapegoat.
The UK may be the 5th biggest economy, but “total” collapse is not reality.
That’s true, in fact the growth in our GDP since 2007 has been government and healthcare. But UK is still ranked one of the highest of GDP the way it is calculated. The other high ranking countries also include a lot of government spending. They all just borrow the money and buy bonds from each other to keep the facade going.
I took the point to be that a dip in the UK’s 3.7% share of global GDP is not a plausible excuse for a global collapse. There’s the Butterfly Effect to consider, but please.
I’m not clear what you’re saying about England’s GDP. Can you elaborate?
Are you saying it’s wrong to assume that this market turn down is being manipulated?
If England is doing so well why did the Brit middle class vote to get out?
Right now over 20% of GDP is gov’t and that is climbing. Take that out and you see that the ordinary Briton is getting killed economically. The GDP is bogus.
The Dow is starting to stabilize as the smart money recognizes the opportunity.
This 800 point dip won't last long.
England is not doing so well and neither are we for the middle class. That’s why the Brits voted to leave and hopefully we will elect Trump. I’m only talking about the size of their economy as calculated with the formula currently used. I’m not arguing with you on anything else.
I’m not clear what you’re saying about England’s GDP. Can you elaborate?
Are you saying it’s wrong to assume that this market turn down is being manipulated?
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You can assume one thing and only one thing. There big market players who want things to go in a certain way. They like to tip the scales in their direction.
Right now they are having trouble doing that. How do I know? The DOW cannot exceed 18,000. No matter how much they try and they have been trying since Dec 2014. That is a very bad omen. Why not blame it on Brexit?
The Brexit thing was not how the players wanted things to go.
I do not see how anyone can blame England for collapsing the world economies. I do see how they can turn England into a scapegoat and nothing more.
This argument that England has a huge GDP is ridiculous. If it were not for unlimited deficit spending there would be no English GDP. It would completely fall apart like every Western country. Northern England has been destroyed just like the Northeastern part of the US.
But the English GDP like the American GDP is an illusion. Take out all the borrowing and spending of gov’t and the rest would collapse. That is not a real GDP and delaying the truth.
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