Inflationary Holocaust. ‘Legendary investor Jim Rogers warned during a CNBC interview this morning that global central banks are creating the environment for an inflationary holocaust by their ceaseless overprinting of currency, a measure that isn’t even successful in stabilizing the stock market.
Rogers said that the only solution to the market crisis was to let failing banks and speculators go bankrupt and stop pumping endless amounts of liquidity into the system, labeling it outrageous that responsible investors and taxpayers are being made to bail out crooks on Wall Street.
“The way to solve this problem is to let people go bankrupt,” Rogers stressed, “All of this pumping money into the system is not going to save it – see what the market is saying, it’s saying we don’t buy that, let people go bankrupt,” he added.
“Then you will hit bottom and then you start over. The people who are sound will take over the assets from the people who aren’t sound and we will start over. This is the way the world has worked for a few thousand years,” said Rogers.
Rogers warned that the reliance on governments printing money would not aid a recovery and would only lead to the problem becoming worse in the future.
“We’re setting the stage for when we come out of this of a massive inflation holocaust,” he said.
Rogers said that excesses of credit and people becoming over-leveraged meant that they would now have to take some pain.
“Never before in world history were people able to buy houses with no money down, many people bought four or five houses with no money down and no job and then they did it with cars and student loans and credit card loans, you just think we say well that’s too bad we’re gonna start over nobody loses his job, be realistic,” said Rogers.
Rogers said that the G7 leaders, who are meeting this weekend, should “go down to the bar, have a beer and leave the rest of us alone, let the people who are sound succeed and let the other people fail.”
“What I’m afraid of is they’re gonna keep doing what they’ve been doing – which the market hates, you can see the market hates it – because this is going to unleash rampant inflation around the world, rampant confusion in the currency markets and you’re gonna have currencies gyrating all over the world,” said Rogers, repeating that the central bankers were unleashing an “inflationary holocaust”.
A CNBC expert then expressed his confusion at Rogers’ argument that overprinting of currency caused hyper inflation, seemingly displaying less grasp of basic economic cause and effect principles than a 5-year-old would.
Rogers again made the point, “When you print gigantic amounts of money and you flood the world with money, throughout history that has led to inflation.
Duration : 0:6:50
[youtube jJ4dNtbT_u8]
Sir Jim Rogers is …
Sir Jim Rogers is spot on the truth.
jim rogers is right …
jim rogers is right on. he got the out of dodge.
he saw the writing on the wall.
Jim is casting …
Jim is casting pearls before swine here. The crashing silence after his remarks is deafening. These robots have been conditioned to think one way and parrot catchphrases so much they are stunned by knowledge and common sense.
lol-sorry, that …
lol-sorry, that stuff is available more cheaply just about anywhere else in the world…but I like the way you think
I think we should …
I think we should also boycott all the dollar stores—although that may crush the Chinese economy
And if I may point out a flaw in your argument—what about those that drink German beer?…hmmm?
Overall, a good post!
Help support USA
…
Help support USA
how
Drink more beer, watch more porno, go to nude bars
why?
because these are only left what is produced in USA, rest all other things are produced in China, India and Middle East. keep American Dollar home Buy American
go the the bar and …
go the the bar and have a drink PMSL
beat it! the …
beat it! the mortgage I mean!!
nomortgage4u. com
Kill the mortgage fast, and have a little fun while you’re at it.
mortgageartist. com for a mortgage thats like a work of art.
most investors and …
most investors and business owners knew about the economic collapse a few years in advance because they are constantly watching what goes on in banking and government and adjusting their business and/or investments accordingly you just have to look at it all as a system and the various progressions will become obvious
What is easier? …
What is easier? Finding other people to sell your crap to or trying to come up with new crap to sell?
The Chinese are not going to have any problem finding people to buy their crap now that we can’t anymore–since we are stiffing them.
At 4:25 “What do we …
At 4:25 “What do we need from our G 7 leaders?”
“Leave us a alone! LOL”
I love it!
well …
well macrofocus.Where do you go for cash handouts? I can’t seem to find the line. I think you are dreaming on that one. As far as Obama and his cabinet not having A PRACTICAL UNDERSTANDING of the economic remedies. Boy do they have you fooled. They know exactly what to do to destroy our currency and freedom and are playing the perfect game of destruction. Absolutley flawless. They even got people like you,the majority fooled thinking that they are just being stupid about it.
What’s elitist is …
What’s elitist is for our Federal Reserve and economic leaders to feel that Americans are so entitled to they can’t afford that tbey keep printing money and handing it to people, telling them to spend and “stimulate the economy,” the well being of all our debtors abroad be damned.
Obama has never taken a class in economics, Bernanke, Paulson and Geitner between them have NEVER HAD A PRIVATE SECTOR JOB. These people are armed with only their ideals and zero practical understanding.
Jim Rogers,Peter …
Jim Rogers,Peter Schiff,Gerald Celente and Marc Faber explain it so simple a child could understand them.”If you print alot of money”you inflate the money.Therefore you get inflation.How come these other so called analysts can’t seem to get it?
He’s a token …
He’s a token elitist. He’s the guy that wants you all to invest in the big boys buy farmland and agri bubble. He’s a wolf in sheeps clothing. How many times is he going to come on air and tell us get rid of fed w/out telling you how? He knows these are just ear candy con man platitudes. can’t you see that? The elitists don’t even care about transparency of their takeover any more. So what does it matter. We all know it’s and going to get sicker. What are you going to do about it?Nothing
hmmm..i don’t hear …
hmmm..i don’t hear many REAL elitists calling for business’ to be allowed to fail…seems like the true elitists are advocating the bailouts and not allowing the economy to correct itself…Perhaps he has all that cash, by doing things right, and not taking big chances with these MBS…just a guess though…who knows, you may be right for all i really know…
Well,that’s not …
Well,that’s not quite true,Richard. He hadn’t quite been predicting a permanent economic collapse for 25 years.
And Jim Rogers has …
And Jim Rogers has been predicting imminent economic collapse for 25 years. He has been wrong for 25 years. If 25 years is not “long term”, the term is of no practical use.
I have an enormous …
I have an enormous amount of cash he said. He’s an elitist and still wants more more more. He’s not your friend. I wish he would go away. No help from him. yes he knows what went wrong and now so do you. What is the monday quarterback solution?Don’t even have one of those
Well,Richard,a year …
Well,Richard,a year is definitely not ‘long-term.’ Long term is for years to come,maybe 2-5 years.
Yep. Long term, …
Yep. Long term, like never. I guess the average person isn’t smart enough to understand whether prices are going up or going down.
Hmmm, last year gas was $5. Today it is $2.50. Now is that inflation? or deflation? I guess I am just to dumb to know.
Have patience. …
Have patience. These are long-term things,which can only be understood by people who understand economics well.
Nice life. Does …
Nice life. Does your wife need a servant? heh heh
Yep! Gold baby!
Yep! Gold baby!
Got gold or silver?
Got gold or silver?