Jim Rogers quits dollar after declaring US recession

[metalman]

Jim Rogers quits dollar after declaring US recession

"The US economy is undoubtedly in recession," he said. "Many parts of industry are actually in a state worse than recession. If it were not for [Federal Reserve Governor Ben] Bernanke putting huge amounts of money into the market, the stock market would probably be down much more than it is."

i'm sure to get a rash of shit for this, like everyone here is so much smarter and richer for it than rogers is, and the newspaper says the economy is cool and the cow is up and so on. but...

With the Shanghai Composite Index closing at 5843 points, Mr Rogers said he was relaxed about the market's continued growth.

"I still feel the same way. It's not a bubble yet - if it goes past 9000 in January I'll have to sell. Bubbles always end badly," he said. "I do not want to sell Chinese stocks. I want to own them forever and I want my [four year-old] daughter to own them."

not so sure about that one. it's all bubbles and bullshit.

[Uncle Jack]

Re: Jim Rogers quits dollar after declaring US recession

Hey, if you're going to live in Asia why not remove the currency puzzle from your mind by thinking and acting in the local currency? It's like everyone here in the U.S. - No one outside of people who frequent bearish forums understand what it means to have the dollar depreciate. No one.

[jk]

Re: Jim Rogers quits dollar after declaring US recession

Hey, if you're going to live in Asia why not remove the currency puzzle from your mind by thinking and acting in the local currency? It's like everyone here in the U.S. - No one outside of people who frequent bearish forums understand what it means to have the dollar depreciate. No one.

everyone who takes a trip to europe understands what it means to have the dollar depeciate.

[metalman]

Re: Jim Rogers quits dollar after declaring US recession

everyone who takes a trip to europe understands what it means to have the dollar depeciate.

amen. then louis gave told us in that interview that < 10% us citizens have a passport and < 5% leave the country every year. no wonder weak bonar policy works.

[jimmygu3]

Re: Jim Rogers quits dollar after declaring US recession

Hey, if you're going to live in Asia why not remove the currency puzzle from your mind by thinking and acting in the local currency? It's like everyone here in the U.S. - No one outside of people who frequent bearish forums understand what it means to have the dollar depreciate. No one.

You're so right. The USD foreign exchange rate seems meaningless to joe sixpack. But once the yuan appreciates more, Americans will feel the depreciation of the dollar in the form of more expensive imports.

I lived in England for 6 months in 1992. At first my american friends and I would translate all the prices into dollars. One day we made a decision to think in pounds and never mention dollars. It made things easier. Even after Black Wednesday, nothing changed from our point of view. Not until I came back to the states and converted my depreciated pounds into dollars.

[Jim Nickerson]

Re: Jim Rogers quits dollar after declaring US recession

Rogers, above all things is a fool.

Fathering a child at aged 61, how crazy is that for Rogers. My dad was 41 years older than I, and I remember at age 11 at Christmas worrying that my younger sister, by six years, would not have a father by the time she reached my age of 11--the point with 41 years separating us, my father always seemed to me to be an old man. My father too was a fool, who lived til 76.

If one had a billion dollars at age 65, one could live to 100 and spend 28.5M/year if it were all kept under a big bed. If it drew 5% interest/yr, one could spend 50M/year and still have 1B. Why would anyone but a fool worry about making more money if one had a billion at age 65?

He should take off and go to the beach and kick back.

[Guest]

Re: Jim Rogers quits dollar after declaring US recession

Jeez I could sure use a little of Jim Rogers foolishness myself to get a leg up in the world. Must've done something right.

[Tet]

Re: Jim Rogers quits dollar after declaring US recession

everyone who takes a trip to europe understands what it means to have the dollar depeciate.

Last time I looked only about 10% of the people here had passports. I don't believe too many people understand what a depreciating d0llar does.

[Jim Nickerson]

Re: Jim Rogers quits dollar after declaring US recession

Last time I looked only about 10% of the people here had passports. I don't believe too many people understand what a depreciating d0llar does.

Perhaps people aren't as stupid as they appear, who needs a passport to travel abroad when the bonar is so weak. I just joshing though, people are ignorant.

[touchring]

Re: Jim Rogers quits dollar after declaring US recession

not so sure about that one. it's all bubbles and bullshit.

Bubble, but it's also a double sided bubble that serves an economic purpose - they are making use of the bubble to sell shares and raise capital for their state corporations and mines. China is at an early stage of economic development, bubbles like this are part and parcel of the process.

[Uncle Jack]

Re: Jim Rogers quits dollar after declaring US recession

Hey, if you're going to live in Asia why not remove the currency puzzle from your mind by thinking and acting in the local currency? It's like everyone here in the U.S. - No one outside of people who frequent bearish forums understand what it means to have the dollar depreciate. No one.

Once again I want to point out that this is client perspective talking. I'm in constant teaching mode with my clients and when I tell new ones that we need to protect against a depreciating dollar they look at me like I have three heads.

Agreed, travelers have seen it first-hand and know what a terrible thing is happening to the bonar. The other 90% as Tet said are just clueless to the meaning of it all.

We will need to suffer in ways unimaginable for joe sixpack to reach understanding.

[Tet]

Re: Jim Rogers quits dollar after declaring US recession

Rogers, above all things is a fool.

Fathering a child at aged 61, how crazy is that for Rogers. My dad was 41 years older than I, and I remember at age 11 at Christmas worrying that my younger sister, by six years, would not have a father by the time she reached my age of 11--the point with 41 years separating us, my father always seemed to me to be an old man. My father too was a fool, who lived til 76.

If one had a billion dollars at age 65, one could live to 100 and spend 28.5M/year if it were all kept under a big bed. If it drew 5% interest/yr, one could spend 50M/year and still have 1B. Why would anyone but a fool worry about making more money if one had a billion at age 65?

He should take off and go to the beach and kick back.

Only a smuck would leave his daughter holding crappy penny third world stocks that Rogers has been pumping and dumping for thirty years now. Looks like he's geting out of the pump and dump business and is getting ready to buy T-Bills for his daughter. He's been crying about selling his d0llars for two years now, I'd think a guy like Rogers would have been able to accomplish that by now.

[Guest]

Re: Jim Rogers quits dollar after declaring US recession

OK now it's official. Jim Rogers is the king of 'pump and dump' penny ante scammers. He worked his way up to his billions by being a more quick footed tinhorn than all the rest.






P.S. Glad to see you are still in one piece Tet, and as irascible as always.

[sunny129]

Re: Jim Rogers quits dollar after declaring US recession

If you can find yourself how many things you CAN DO WITHOUT, you are richer than most people on this planet! Remember Half the world population lives on less than $2 a day and 2 billions live less than a $ a day ( even the depreciating one!)

Here multi- millionares are unhappy b/c they are not a billionare. There is a balance zone called ENOUGH between NEED and WANT for each of us. Find it and be content or keep chasing the dream of keeping up with Jones or Rogers!


"There is enough for every one's need but not for every one's greed'
- Mahatma Ghandi

I bet he never knew Wall St Investment Bankers or Angelo Mozilo of CFC!!!!

[EJ]

Re: Jim Rogers quits dollar after declaring US recession

amen. then louis gave told us in that interview that < 10% us citizens have a passport and < 5% leave the country every year. no wonder weak bonar policy works.

My take on Rogers from talking with him is that he's driven to keep playing the game at the level he has achieved. I don't think he wants to take it to the next level, but doesn't want to fall back, either. Not the retiring type.