Jim Rogers: "America is more communist than China"
- Thread starter ByLoSellHi
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So you're not a fan of free markets?
jkPlan didn't pass and we're still here. Need a little more faith I guess Makloda.
Amazing how convoluted reasoning can make people lose sight of simple realities. Look at the big picture - this problem occurred because our economy is due for a downturn because of an enormous balance of trade deficit in conjunction with growing public and private debt. A huge overhang of leveraged loans will collapse in that environment. You can give away as much funny money as you want to banking intersts or even the general public. Won't make any difference to the bottom line. Just smoke and mirrors the rats use to grab a little extra cash while they flee a sinking ship. Wake up people. Contact your representatives - and if the media propaganda machine gets this thing passed put your money into precious metals and take delivery.
Wealth for his investors
Greater understanding of markets for most people who listen to him
Helping numerous investors avoid catastrophic losses on multiple occasions by "outing" bankrupt or unsound companies like FNM, C, I-banks etc
Two travel books
Breaking a world record
A family
One of the few alternatives to the "everything is fine" circa 2007-08 pundits on CNBC, in the White House, Treasury, and Fed
Liquidity to the markets
Capital to sound companies
Helping to keep down the price of horrible stocks
What have you produced?
What has the average person produced, or achieved with their life?
Where's your evidence to support these claims though? There is no alternative history where Japan let the bad banks fail, provided central bank liquidity to the solvent but illiquid good banks, and then we see whether in 1993-94 they came out of recession and boomed ever since. So you cannot claim "what they did prevented a worse catastrophe" without backing it up.
I cited numerous examples of harsh recessions which were recovered from in 1-2 years, and followed by good growth, and can cite plenty more. You have not cited one example where a bad recession was quickly cured and followed by strong growth thanks to heavy intervention and Keynesian policies. If you have some examples, feel free to give them - everyone wants to know the best policy approach to recessions, so if you have evidence that taxing/borrowing & spend on public works, preventing markets clearing, devaluing currency, keeping bad/bankrupt companies afloat by taxpayer subsidies, and other socialist policies work well to combat deep recessions, all you have to do is give some credible examples. You will get a nobel prize for economics and make a huge contribution to living standards for all time if you can prove this, please go ahead!
Its just common sense, had japan kept their rates high, money supply low and let most their banks fail there would be almost no floor on the economy, just like the US in the 30's because the downturn feeds on itself. I'm referring to banking collapses here, the government needs to step in on those. there are plenty of other crisis that the government need to do nothing because it will heal by itself
But its funny that Rogers when attacked on his stance tries to make the other person thinks is a SLAM DUNK his side of the argument. well the 30's US 90's japanese evidence analysed by Buffett, El Erian, Roubini, John Paulson, Gross, MFriedman all suggest the government needs to stop the collapse yet he somehow thinks he CAN'T be wrong.
Just how often one will be right fading that crowd?they are not necessarily right but he would need a sophisticated argument to prudently fade them and he doesn't present one, 'this is socialism for the rich' 'it wont work' is not enough
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Helpful questions;
also he gave a cool interview to Jack Schwager/book
Also he has some good ideas;
especially if you do your own research-short Citigroup,
$5.00 was good conservative target.
bloomberg.com
''click ''more news'' towards bottom[of page, not a market prediction LOL
] for more Jim Rogers interview,12-05-08Keep dreaming.
It never has and never will.
Care to back up any of those grandiose claims with real-life examples'?