Friday, March 8, 2013
Jim Rogers: people are not paying real attention to the biggest problems facing the world
Tom: It seems like a lot of it comes down to human nature and human psychology. In a bubble, some don’t realize it’s a bubble, but even those that do are jealous of their neighbors making so much money in whatever’s hot right now, greed overwhelms fear and they can’t resist buying regardless of cost.
Jim Rogers: Well yes, all of that is correct. But I never know whether people really believe some of the absurd things they say. I don’t know whether they’re fools or liars. I’m stunned sometimes with some of the things I hear when I go through life.
Tom: So as a follow-up question, what’s something you think most people aren’t paying attention to now but should be?
Jim Rogers: Oh well, there are many things. I would start with the debt in the United States government. You might say “oh, they’re paying attention”, I would say balderdash. You know, my entire life I’ve heard congress talk about deficit spending, bemoan deficit spending, and talk about the debt. Back in the 1980s there was something called the Grace Commission, which was specially commissioned to study what to do about the deficit and the debt. And it passed laws, congress passed several laws since then, saying there will be no more deficit spending, or there will be no more debt, there will be no more, this will change, blah blah blah. And then they turn around and they ignore the laws. This has been going on for a long time. You might say people are paying attention, I would say that’s claptrap, they’re just talking, they have no intention of doing anything about it, and even if they “do something”, what they do is say “ok, instead of having increased spending, we’ll have less increase, we’ll still increase, it’ll just be less.” I mean, no, nobody’s paying attention to it.
Tom: I think some people are aware of it, but it gets back to what I was saying about a systemic problem with the political system. Since pain later is easier than pain now, a lot of people on both sides kick the can down the road… they know there will be big problems but they don’t want to lose political power now and they don’t care what happens once they’re out of office.
Jim Rogers: Well, I call that not paying attention. You say they’re paying attention, I guess you’re saying they’re liars, not fools. Either way, people are not paying real attention to the biggest problems facing the world, not just America, and of course all of that deficit spending has led to money printing worldwide, and nobody’s paying attention to that either. Now it’s the accepted conventional wisdom that money printing is a good thing and only nuts like me say there’s something wrong with debasing your currency. - in investorguide
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