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I want to bring in Jim Rogers everybody knows Jim Rogers he's the chairman of Rogers holdings Jim welcome to the program good to see you again sir I I'm here to say hello Stuart how are you no I want more than that I want more than just a hello Jim I won't say goodbye yet here's what I want number one you say that a huge sell-off is coming the biggest in my lifetime so when is it coming first of all that's the first question when well Stuart you watched Barney & Co and you'll know I'm not smart enough I'm terrible at marking time watch fox news don't that's not an answer no but it's problem it is an answer but it's probably coming beginning later the you know crashes don't happen in one day the market is going to go up for a while I'm still optimistic about the US stock market for a while an asian stock markets it'll go up and sometimes later this year and next the decline will start in but it doesn't happen in a day and Stuart when I said it's gonna be the biggest market downturn in my lifetime I mean that's not so strange to me 2008 we had a problem because of too much debt Stuart as you well know the debt has skyrocketed since 2008 so half a it's gonna be worse than my lifetime how could it not be so you're a debt bomb guy you're you're saying look the crash is coming the huge sell-off is coming and it's because of debt so you say I asked you when and you kind of hedged a little maybe late this year early next year and then I asked that why and you say it's the debt bomb so that's your scenario here yes I mean Stuart do you remember 2008 and 2009 that was because of gigantic debt it's getting worse it's much worse now the Federal Reserve Alone's balance sheet is up 500% since then by the way Janet Yellen says we're never going to have another bear market in in our lifetime so maybe you shouldn't listen to me okay I'm listening and I understand that you're in Miami for a blockchain in a cybersecurity conference okay just strip out all about lot for a second what do you think of crypto currencies are you investing well I'm never bought a crypto currency this spark chain conference it's a blockchain conference but of course that includes crypto cards their theory is that if they educate people they got some amazing speakers that everything will be understandable at least I have never bought a cyber currency blockchain is certainly going to be a great change for all of us it's going to change the world as we know it I'm not so sure about crypto currencies okay blockchain though we're in what way does it change the world as we know it what's the great opportunity here in blockchain I wish I could figure that out I hope I will learn at this conference because I haven't found a blockchain investment yet but Stuart it's alright in China for instance they don't have money I tried to buy an ice cream cone the other day poor woman couldn't sell it to me because I had money I didn't have on my my phone how to pay for it so she gave me the ice cream I wish I'd been buying a Mercedes so you think blockchain solves that this problem or blockchain is is it blockchain does what tell me what it does for me well for one thing it instantly pays everything instead of right now if you and I we get a bill we send a check in its process has to go through the various departments to the bank the bank's got to pay you know it's all done automatically it's I mean it's a miracle for somebody like me who barely understands computers but it's all done instantly with a lot less paperwork and a lot less processing and Jim Rogers has not yet decided how to get in to the blockchain technology Stuart if I find out at the conference today and tomorrow I'll let you know what what are you what is your major investment right now what's it what is it is it in a stock or is it in a bond or what is it well I own a lot of US dollars because the US dollars down is going to go higher I guess I own a lot of Chinese shares Russian shares Japanese shares Asia I'm more interested in Asia right you know the Japanese stock markets down 50% the u.s.
stock markets near all-time highs I know you buy low and sell high Stuart I've known your long time you dishing out the compliments this morning and that's real good James all I said was I've known you a long time I don't know if that's a compliment Singapore nowadays I do live in Singapore but I'm in Miami today for this blockchain conference okay Jim Rogers thanks very much for joining us any time you want to come on the show you come on it we'd love to see you again thank you yes now I'll say goodbye yes now you say goodbye hello goodbye got it Jim see you later kid The Daily devil's dictionary economy will crash famous investor Jim Rogers describes the impending doom of the Western economy the Fed will try but it won't work interviewed by Business Insider's Henry Blodgett American investor Jim Rogers offers us a dire vision of the future forecasting a crash worse than that of 2007 zero eight and more worryingly the failure of governments to bail out the faltering parties many analysts have been pointing to the likelihood of a new crash but Rodgers seems convinced it's going to happen by 2019 at the latest and he sees it as dwarfing the Great Recession of 2008 as per the interview blodgett and how big a crash could we be looking at Rogers it's going to be the worst in your lifetime here is today's 3d definition crash a recurring event in modern economic history producing the moment when the world realizes that the current system of financial capitalism is built on sand and it's supporting structures governed by wind and waves of variable force in height before implementing superficial remedial solutions making it possible to drift off into a haze of forgetfulness while waiting for the subsequent crash contextual note Rogers bases his analysis on the amplitude of debt across the globe he pulls no punches and even dismisses the usual reassuring wisdom about the resilience of our institutions people are going to say it's Western civilization it's going to collapse and the Fed who is made up of bureaucrats and politicians will say well we better do something and they'll try but it won't work it'll cause some rallies but it won't work this time Rogers made his reputation as an investor in the 1960s and 70s at one point alongside George Soros he is a trend follower rather than a trendsetter but with a wide view of the world which makes his testimony particularly interesting he is quoted as saying if you were smart in 1807 you moved to London if you were smart in 1907 you moved to New York City and if you are smart in 2007 you moved to Asia which is what he did at that time moving from New York to Singapore his children speak Mandarin historical note although his perspective is purely financial Rogers seems to have reached similar conclusions about the drift of history as historian Alfred McCoy who predicted my money is on China with its trillion dollar infrastructure program to integrate Eurasia into an economic powerhouse another trillion to develop and dominate Africa and a resurgent tech-savvy military to slice through Washington's encirclement of their continent in examining the 2008 crash Rodgers adds an insight about China whose accumulated wealth actually served to counter the threat to the global economy and stabilize the Western economy now even the Chinese have debt and the debt is much higher the unnoticed safety valve that rescued the economy in 2008 has disappeared Rogers tells us something else that's extremely revealing about the vulnerability of today's financialized and militarized economy I learned very early in my investing careers I better not invest in what I want I better invest in what's happening in the world otherwise I'll be broke dead broke the fathers of capitalist economics Adam Smith and David Ricardo writing two centuries ago described the growth of the economy the wealth of nations as the collective result of people investing effort and resources in doing what they want everyone could at least theoretically benefit from the varied initiatives of the multiple actors in the economy producing goods and services the new role of money in such a system had a purpose to enable those who had projects to bring them to fulfillment it wasn't about accumulating profit except in the sense that profit was the key to sustainability and incremental growth for the early capitalists investors were motivated by the idea of doing something they wanted to do in which they believed people wanted to buy as a smart investor Rogers sets the record straight on today's markets first it's all about leveraging through debt second it's about what's happening in the world and what has happened in the world especially in the last half century is a focus on money alone producing a culture of greed it's easier and requires less effort to make money from money which always means not only ballooning debt but also constantly expanding inequality so on the one hand we have a visibly unstable political landscape in a financial bubble the last remaining question is this will speaking Mandarin actually guarantee survival asterisk in the age of Oscar Wilde and Mark Twain another American wit the journalist Ambrose Bierce produced a series of satirical definitions of commonly used terms throwing light on their hidden meanings in real discourse Bierce eventually collected and published them as a book The Devil's dictionary in 1911 we have shamelessly appropriated his title in the interest of continuing his wholesome pedagogical effort to enlighten generations of readers of the news
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