Jim Rogers: We're Wiping Out The Savings Class Globally, To Terrible ConsequenceZero Hedge
Mar. 11, 2013
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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.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.Click the play button below to listen to Chris' interview with Jim Rogers (18m:59s):