Monday, May 24, 2010
Jim Rogers : I am long the Euro not that I am making any money but I was stunned this means that they have giving up on the Euro they do not particularly care if they have a sound currency , you have all these countries spending money they do not have and it is going to continue so..I have to worry about the Euro ...I worry about all paper money , all paper money but this is just another nail in the coffin ...
The fundamentals are terrible for all paper money , every currency , there are a few I mean the Singapore dollar is the soundest of all philosophically anyway , Canadian (dollar) ...there are some currencies that are reasonably sound but basically all politicians in the world now how to buy votes now and they are doing their best to buy votes that's not good , why you think gold is going to the roof , not going to the roof yet but it is going up , because other people understand what I understand...
...Money has to come from somewhere you either have to print it or borrow it or tax it , in the end people who are putting up the money will say things aren't better for me , and the currency is being debased everywhere...The idea of solving debt and consumption with more debt and more consumption , can you believe that the grown ups would say something like that ?!?! I men it is mind bugling to me that people who are supposedly educated would believe this and they seem to , I think what they really know in their hearts is we just gonna put the problem off until I am gone and then the next guy would have to worry about it , it is not going to help us all says Jim Rogers chairman of rogers Holding ,
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Who is Jim Rogers ?
James "Jim" Rogers was born in Oct. 19, 1942 and grew up in Demopolis, Alabama .Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendry investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%. They ran what is considered to be one of the first truly global macro hedge funds. . In 1964 he got his first job on Wall Street at Dominick & Dominick in the summer between high school and Yale University, that's how he got his first experience with stocks and bonds. He immediately fell in love with the job. After Oxford, he returned to the U.S. and joined the army in 1970 he returned to Wall Street, working again with Dominick & Dominick. That same year he joined Arnold S. Bleichroeder, where he met George Soros, and together founded the Quantum Fund. This has opened a new era of global macrotrading and inspired numerous imitations and spin-offs. In the book "Money Masters of Our Time," Jim Rogers writes about that time "the most important thing in my life was work. I did not do anything until I had completed my work." To emphasize this professional ethic , it is good to remember that he did not made any holiday for ten years. In 1980, Jim Rogers has decided to "retire" at 37 years. Since then he has spent much of his time traveling and supporting the causes of philanthropic and taking on many high profile roles in the media. However, he continues to be an active investor and media commentator