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3 minute synopsis of today’s interview with Jim Rogers, chairman of Rogers Holdings and author of Street Smarts: Adventures on the Road and in the Markets
Topics:
U.S. Government Shutdown
The Affect on the U.S. Dollar
Why?
What Happens Next
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Jim Rogers
RT Interview on October 1, 2013
THE U.S. GOVERNMENT SHUTDOWN
Jim Rogers believes that if the government did shut down we’d save a lot of money and get rid of a lot of bureaucrats. It would be wonderful. Is it likely to work like that? No.
They’re just going to play a game for a while. Jerk us all around. He doesn’t even pay attention.
It’s a charade. A sham.
America is not on the brink of default because they can print as much money as they want.
America is the largest debtor nation in the history of the world. In the entire history of the world no one has ever been this deep in debt. But they will not default, not for a few years, because they print as much as they want.
There are people like the Russians, the Chinese, and many other people who are saying, “Wait a minute. This is crazy.” So they are going to be forced to default, but not any time soon.
THE AFFECT ON THE U.S. DOLLAR
The shutdown is not a major blow to the U.S. dollar.
Most people who are buying and selling, who are trading dollars, know that this is a sham.
It may have short term effects, and TV stations might talk about it, but currency traders aren’t going to pay too much attention.
This has been going on for a long time. In the 90s they closed down the government for a while. It’s happened before. They’ve always had trouble, and always played this game, this charade,
It would only be meaningful is somebody did something, and cut spending, and started paying down the debt. But this is a sham.
It’s part of the ongoing decline of the United States.
WHY THE SHUTDOWN?
Some people want to cut spending and there’s others who don’t. But no other government in the world, that Jim knows of, has a debt ceiling like the United States. It’s something they put in a few decades ago just to calm people down for a while, thinking that it would go away.
But it hasn’t gone away. Now fifty or sixty years later we’re still playing this little game.
WHAT WILL HAPPEN?
Some people are going to go into a back room and they’ll agree, “This is what we’re going to say. We’ll say we agree to cut spending down the road. We’ll continue to support your program.” They’ll come out with a nice announcement that acts like everything is okay. Then they’ll start the government up again. They’ll start spending again.
In a year, or two or three, we’ll have the same little game again.
Jim knows the media have to report it, but it’s not very serious.
He wishes it were serious and something would come of it. but unfortunately it’s a game that Jim, and many, many people, have seen played over the alst few decades in America.
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The Rise and Fall of Empires (We Know How it Goes
words and music Elaine Diane Taylor
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