informationliberation
The news you're not supposed to know...




Austrian Economics: Understand Economics, Understand the World
The Century of the Self: The Untold History of Controlling the Masses Through the Manipulation of Unconscious Desires
The Disappearing Male: From Virility to Sterility

The Obama Deception: The Mask Comes Off
Operation Gladio: The Hidden History of U.S. Sponsored False Flag Terrorism in EuropeThe New American Century: The Untold History of The Project for the New American Century
(more)
Article posted Mar 11 2013, 6:27 AM Category: Economy Source: Zero Hedge Print

Jim Rogers: We're Wiping Out The Savings Class Globally, To Terrible Consequence


Jim Rogers decries the growing uncertainty and recklessness of global central planners as the world enters unchartered financial markets:
For the first time in recorded history, we have nearly every central bank printing money and trying to debase their currency. This has never happened before. How itís going to work out, I don't know. It just depends on which one goes down the most and first, and they take turns. When one says a currency is going down, the question is against what? because they are all trying to debase themselves. Itís a peculiar time in world history.

I own the dollar, not because I have any confidence in the dollar and not because itís sound Ė itís a terribly flawed currency Ė but I expect more currency turmoil, more financial turmoil. During periods like that, people, for whatever reason, flee to the U.S. dollar as a safe haven. It is not a safe haven, but it is perceived that way by some people. Thatís why the dollar is going up. Thatís why I own it. Will I own it in five years, ten years? I don't know.
It makes it extremely difficult for the investor looking for acceptable risk/reward, or the saver looking to protect their purchasing power; as in Rogers' view, all options have their problems:
I own gold and silver and precious metals. I own all commodities, which is a better way to play as they debase currencies. I own more agriculture than just about anything else in real assets because of the reasons we discussed before. We were talking before about the risk-free or worry-free investment. Even gold: the Indian politicians are talking about coming down hard on gold, and India is the largest buyer of gold in the world. If Indian politicians do something Ė whether itís foolish or not is irrelevant Ė if they do something, gold could go down a lot. So I own it. Iím not selling it. But everything has problems.
To Rogers, the bigger danger that concerns him is the hollowing out of the 'saving class' resulting from this situation. Central planners' policies are punishing the prudent in favor of rescuing the irresponsible. This has happened before in world history, and the aftermath has always had grievous economic, social Ė and often human Ė costs:
Throughout our history Ė any countryís history Ė the people who save their money and invest for their future are the ones that you build an economy, a society, and a nation on.

In America, many people saved their money, put it aside, and didnít buy four or five houses with no job and no money down. They did what most people would consider the right thing, and what historically has been the right thing. But now, unfortunately, those people are being wiped out, because they are getting 0% return, or virtually no return, on their savings and their investments. Weíre wiping them out at the expense of people who went deeply into debt, people who did what most people would consider the wrong thing at the expense of people who did the right thing. This, long-term, has terrible consequences for any nation, any society, any economy.

If you go back in history, you'll see what happed to the Germans when they wiped out their savings class in the 1920s. It didnít lead to good things down the road for Germany. It didnít lead to good things for Italy, which did the same thing. There were plenty of countries where it wiped out the people who saved and invested for their future. Itís usually a serious, political reaction, desperation in some cases, and looking for a savior and easy answers is usually what happens when you destroy the people who save and invest for the future.
Click the play button below to listen to Chris' interview with Jim Rogers (18m:59s):





Latest Economy
- Chicago Institutes New "Amusement Tax" On Netflix, Streaming Services
- Record 93.6 Million People Not in American Labor Force, Highest Since 1977
- Barack Obama Promises That Events In Greece And Puerto Rico Will Not Cause A Global Financial Crisis
- Oregon Legalizes Pot this Week -- But Thanks to the Liquor Control Commission, You Can't Buy It
- Greece Illustrates 150 Years of Socialist Failure in Europe
- VIDEO: Americans Refuse to Purchase 10 oz Silver Bar Worth $160 for 10 Bucks
- The 'Recycling' Scam Falls Apart
- Which Countries Prefer Capitalism?









No Comments Posted Add Comment


Add Comment
Name
Comment

* No HTML


Verification *
Please Enter the Verification Code Seen Below
 


PLEASE NOTE
Please see our About Page, our Disclaimer, and our Comments Policy.


FAIR USE NOTICE
This site contains copyrighted material the use of which in some cases has not been specifically authorized by the copyright owner. Such material is made available for the purposes of news reporting, education, research, comment, and criticism, which constitutes a 'fair use' of such copyrighted material in accordance with Title 17 U.S.C. Section 107. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. It is our policy to respond to notices of alleged infringement that comply with the DMCA and other applicable intellectual property laws. It is our policy to remove material from public view that we believe in good faith to be copyrighted material that has been illegally copied and distributed by any of our members or users.

About Us - Disclaimer - Privacy Policy



Advanced Search
Username:

Password:

Remember Me
Forgot Password?
Register

Greeks Say FU to EU Bailout - 07/05Cop Tells Woman There's "No Excuse" For Parking The Wrong Way, Says It's Against The Law To Film Him - 07/03NYPD Cops Terrified of New Bills that Will Stop them from Choking and Illegally Searching People - 07/03War Veteran with PTSD Faces Life in Prison for Pot, His Wife Calls for Help - 07/02Why Not an 'Independence From the State' Day? - 07/03TSA Asks America To LOL At Traveler Who Had $75,000 Taken From Him By Federal Agents - 07/02Cop Kills Man with Patrol Car While Speeding & Looking at Laptop, Flexes Blue Privilege Ė No Charges - 07/03Chicago Institutes New "Amusement Tax" On Netflix, Streaming Services - 07/02

Man Follows Speeding Cop, Finds Out He Was Speeding To Buy PeanutsMission Creeps: Homeland Security Agents Confiscate Women's Panties For 'Copyright Infringement'Cop Shoots Couple's Dog, Threatens Jail For Trying To Save Dog's LifeSWAT Team Shoots Teen Girl & Her Dog During Pot Raid On Wrong HomeDurham, NC Cop Testifies Faking 911 Calls To Enter Homes Is "Official Policy"Indiana Sheriff Says US A "War Zone" To Justify New MRAP Military VehicleTampa Cops Surveil Pot Dealer, Catch Him Selling Pot, Raid His Home & Kill Him"You Just Shot An Unarmed Man!": Witness Says Police Shot His Friend With His Hands Up
(more)

 
Top