Â Jim Rogers appear on Dutch TV to discuss his past forecasts and what is going to happen, how it’s going to happen and when it’s going to happen.
The financial markets are going to be better for a little while, now whether that means a few weeks or months, I don’t know. Mr Obama is going to continue to announce a lot of great things, everybody’s going to be excited and they’re going to say this is wonderful, this is going to work – especially the people who are going to be sucking in some of the money being doled out. they’re all going to say things are better so you’re going to start seeing some revival of optimism, but it’s not going to work, it’s going to make things worse.
And so in 2009 you’re going to see more failures, especially in the American government, and in europe and Asia.
I suspect Mr. Rogers is right on in his outlookÂ on the short-term financial markets. The RARP stimulus package, the new forclosure bail out plan and other spending packages that will be announced over the next several weeks and months may get people excited enough to where they think the worst is behind us. Mr. Obama may be talking ‘crisis’ and ‘catastrophe’ now, but at some point in the near future the rhetoric should change to ‘rebound’ and ‘recovery’. Beware of false signs of economic recovery — we are nowhere near a bottom yet.
All the major banks in America are bankrupt. They haven’t acknowledged it yet, but they will. They have to.
They are holding on as long as they can, keeping the public in the dark. My guess would be that some of the world’s biggest banks will begin announcing their bankrupcy status within a few months of the markets realizing the seriousness of the commercial real estate collapse.
The FED has tripled its balance sheet in the lastÂ 6 months. It used to have nothing but solid government bonds on its balance sheet. Now it has tripled its balance sheet with garbage.
They’re ruining the central bank. They’re ruining the federal government. We haven’t even gotten to the state governments yet and the city governments.
There’s a good chance America will default on its government debt sometime during this administration. And there’s an extremely good chance that the currency will be very debased and weakened during this presidency.
These are not good times. this is not over yet. It’s far from being over. Prepare yourself.
This is serious language coming from one of the best known forecasters and investors in the world. When Jim Rogers says we should prepare ourselves then things are going to get bad.
We’ve had these terrible excesses and we do have these umbrellas, safety nets, to help people. I’d rather have millions of people unemployed now with the safety nets, than tens of millions of people where the safety nets have collapsed and the safety nets cannot support people. Then you have riots in the street. Then you have the end of the world, if that happens.
Like Gerald Celente and Peter Schiff, Jim Rogers is now suggesting that the situation in the near future can get so bad, that we will be scrounging for food and civil unrest will spread throughout the country.