Author Topic: Wipe Out  (Read 980 times)

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charlesoakwood

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Wipe Out
« on: March 10, 2013, 04:23:58 PM »

In keeping with the we're not Prison Planet or Info Wars theme, here are some selected words from the mature, reserved, staid and scholarly Jim Rogers:

[blockquote]    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 it’s 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. It’s a peculiar time in world history.
    
    I own the dollar, not because I have any confidence in the dollar and not because it’s sound – it’s a terribly flawed currency – 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. That’s why the dollar is going up. That’s why I own it. Will I own it in five years, ten years? I don't know.

    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 -- whether it’s foolish or not is irrelevant -- if they do something, gold could go down a lot. So I own it. I’m not selling it. But everything has problems.

Throughout our history – any country’s history – 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 didn’t 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. We’re 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 happened to the Germans when they wiped out their savings class in the 1920s. It didn’t lead to good things down the road for Germany. It didn’t 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. It’s 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.

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


HT: Weisshaupt

Online Libertas

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Re: Wipe Out
« Reply #1 on: March 10, 2013, 05:14:10 PM »
Commodities, commodities, commodities...and land.
We are now where The Founders were when they faced despotism.

Offline Weisshaupt

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Re: Wipe Out
« Reply #2 on: March 10, 2013, 05:20:05 PM »
Commodities, commodities, commodities...and land.
The danger is that as things go downhill those commodities will be seized - for the common good of course.  Rogers hints at an India crackdown on gold.. same will happen with every other place we try to store wealth. Their control is in the money, so they can't abide anything else serving as money. Yeah, you got time to get in and get out.. but only if you have a method of ensuring you don't stay in too long.

Online Libertas

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Re: Wipe Out
« Reply #3 on: March 11, 2013, 07:04:53 AM »
The Dot-Indians are probably no where near as armed to the teeth as we are.

Molôn Labé!
We are now where The Founders were when they faced despotism.

Online ToddF

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Re: Wipe Out
« Reply #4 on: March 11, 2013, 07:22:31 AM »
Time to start investing in that retirement home overseas...