Monday, November 18, 2013
JIM ROGERS - When Will FEDERAL RESERVE STOPS PRINTING MONEY? INVEST in CHINA
Rachel Mills of the Birch Gold Group recently interviewed Jim Rogers, giving him a chance to respond at greater length than usual. He answered questions on currency, QE, precious metals and inflation. "Nobody ever wins a trade war, a currency war, which is just another kind of trade war. Everybody loses in the end , some may temporarily come out ahead but it's temporary if nothing else. As you have pointed out, the cost of living of many people is going up, and it certainly is, my gosh, in Japan you have a currency that's down 25% in a year. Well I assure you the Japanese are feeling that because everything that Japan imports has gone up fairly substantially AND even the things that they don't import are up because the Japanese manufacturers and the Japanese producers can raise prices because they don't have to worry about competing with the foreigners any more. So we're all losing in currency wars. How long can it go on? Well, it can go on as long as politicians can continue to print money. The problem is, of course, eventually the markets will just say, "We're not going to play this game anymore" and we'll have a serious collapse. I wish the politicians were smart enough at some point to say, "We've got to stop this, this is going to be bad." But unfortunately they never have, and probably never will. Mr. Bernanke is certainly not going to stop it, because he doesn't want to go down in history as causing the collapse. Mrs. Yellen, when she comes in, she's not going to stop it, first of all she doesn't believe in stopping it, she thinks printing money is good. And she knows -- I hope she's smart enough to know -- that if she stops, oh my gosh, it's going to collapse. So she's not going to stop. Nobody wants to go down as causing the collapse of the world. So I'm afraid this is going to go on until the market eventually says to them, "Okay, enough is enough," we have a big collapse and then they're all thrown out and we can start over.
The initial reaction from many following this month's key gathering of communist-party leaders in China was of disappointment as Tuesday's blueprint left much to be desired. But on Friday came a significantly more in-depth document regarding issues like land reform, easing of the one-child policy and cleaning up pollution.
It's all left famed investor Jim Rogers believing "the most important economic event of the next 10 to 20 years is what happened in Beijing." And it's something he says has been largely ignored, notably by Western media.
During a visit at the Wall Street Journal, the former George Soros partner--who retired from Wall Street at age 37 to live a second life as world traveler—equates the plenum to those in 1978 and 1993. The first followed Mao Zedong's death and ushered in Deng Xiaoping's reformist agenda and his effort to remake China's economy, while 1993's plenum included a vow to deal with money-losing state enterprises.
"jim rogers" "federal reserve" money stimulus fed bank banking history printing currency
The land reform includes increased rights for farmers. This group has long seen land taken from them but now are in position to amass large tracts for more-efficient production in a country struggling to keep up with a populace that has increasing amounts of money to spend on food.
The 19th century may have belonged to England and the 20 century to the United States, but the 21st century belongs to China, says American investor Jim Rogers.
Rogers, the billionaire co-founder of the privately owned hedge fund Quantum, made the comments on Nov. 16 at an economic forum in Nanjing, the capital of east China's Jiangsu province, according to a report from the state-owned China News Service.
During his speech, Rogers said he has strong confidence in China's future development based on his personal experiences over the years. He said he was certain that the 21st century would belong to Asia — and in particular, China — the first time he visited Nanjing in 1984, when China was undergoing reforms and opening up.
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