Jim Rogers: .... In the old days, before the central banks had so much power, we used to have panics, and they were usually shorter term, of shorter duration. People would get too exuberant; you would have animal spirit and then the next thing you know, you have a panic. These were usually short and sweet. In 1907, they had the big panic in the US. Washington, New York, everybody got in a lot of trouble but then it didn't last very long. That's the way the system is supposed to work. When people get in trouble, you clean out the system and then you start over. Competent people take over the assets, reorganize and start over. These days, with central banks and government, what happens is the central bank steps in to save everybody and instead of letting the system clean itself out the way that capitalism is supposed to work, the central banks mess it up, trying to save it. That's why the recession has lasted longer or the depression has lasted longer than it did before. So in answer to the question, yes, central banks make it worse not better. - in the daily bell
Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary 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%.
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