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foreign thanks for joining and welcome back to Wall Street Silver joining us today is the legend the man himself who needs no introduction Jim Rogers welcome back sir I'm delighted to be here Ivan yeah it's an absolute pleasure to have you back on Wall Street Silver so Jim let's kick it off by talking about the the FED last year everyone said the FED has put themselves in a corner are they at the exact same point for 2023 what what's your views I would say that is probably true any year you want to pick in the year in the past 108 years whatever it is and it will be true I don't know what they're doing they're bureaucrats and academics they're worried about their job they're not worried about you they're worried about their job and they don't know what they're doing there have been very few good Central Bankers in America and history I can think of maybe two I can think of only three or four in the world in history so they work for the government they can't get a real job so they've become government employees but the big debate lately seems to be do they keep raising rates um uh or are they going to be able to hold rates at like five percent for a long time and a lot of people are speculating they just don't have that flexibility the economy won't be able to handle it the US government budget in their interest on the debt they won't be able to handle it corporate high-yield junk bonds won't be able to handle it and they're going to be forced to lower rates again relatively soon or other people say no no no they're going to fight inflation through 2024.
I mean where do you come down on that side of the debate well I would like for them I know what they should do they should raise rates so dramatically and kill inflation once and for all will they do that no they'll cost them their jobs and they know in 1980 after a decade of inflation interest rates on U.S treasury bills treasury bills 90-day treasury bills were 21 that's not a typo 21 because they had to do something to kill inflation and they didn't well they do it again no no no no no these people are not as smart and not as tough and in those days the president said to the head of the Central Bank his name was Paul Walker said Mr volcker you do whatever you have to and I will support you and he meant it cost him the election Jimmy Carter lost the election because of it but he supported volcker and Volker took race to 21 now do you think these guys are going to take rates to 21 no you think they could even count to 21.
no of course not but but you know something else that was different in the late 70s and early 80s when all of that was going on um they were there was also a willingness by both sides you know the Democrats and the Republicans to finance energy you know to to have good policy to get energy projects going so the Alaskan Pipeline was built in the late 70s offshore Gulf of Mexico oil came online North Sea oil came online and and that had a that played a huge it wasn't just interest rates going So High by the Paul volcker that killed inflation it was all this new high quality cheap energy coming into the market that also played a big role in reducing inflation and we don't really have that same Dynamic now they don't seem to be willing to allow us to go out and explore for high quality cheap energy these days Europe and the United States well there are also lots of different always lots of differences and you in night in the 70s America was still a creditor Nation could buy with the largest debtor nation in the history of the world we had the Soviet Union remember the Soviet Union we had red China you know a lot of things were different then um and a lot of things are different now they always will be we have new sources of energy now you know there's solar power wind power Etc uh so something is always changing we still have inflation and it is worse now than before because we've had more money printing than we've ever had in the history of the world never in history of people central banks printed this much the head of the bank of Japan said his word is I will print unlimited that's his word unlimited amount and he's doing it he's doing it you know so we have a many differences always but I don't see anything that's going to kill them we're having a Slowdown at the moment but that's the way markets work for goodness sake you guys know that nothing goes straight up and stays up it goes you have you know Corrections along the way we're having a little correction now they're not smart enough to understand them I hope I hope they mean it I hope they will kill inflation but I'm not optimistic so Jim Banks are buying now more gold than they have in the past 55 years since 1967 and your eyes are they preparing for something big well yeah two or three things going on one something big is coming as you and I both know but also I mean people being forced away from the U.S dollar which which is terrible but you know an international medium of exchange is supposed to be neutral anybody is supposed to be able to use it for anything they want with no consequences but unfortunately now in Washington if they get angry at you they put sanctions on you even our friends so even our friends are now saying wait a minute we have to find something to replace or compete with the US dollar and many people working on a competitor but in the meantime these guys will say wait a minute we better be ready because if they suddenly cut us off what are we going to do and if they get suddenly cut off the only alternative right now is gold or silver or some of these International Commodities all the talk is really into brics Nations China uh India uh Russia you know you're doing a Commodities backed uh currency um to try to sort of supplement the US dollar and supposedly Saudi Arabia's favorably inclined to join that process I don't know if it's official yet what do you think I mean you're you've been a Commodities guy all your life do you think they could to pull off what they are they're reportedly trying to do create a new international Reserve brics currency uh International what kind of currency so they want to create a new competitor for the US dollar the brics currency well the world can do it it will depend on how much urges there is at the moment they're acting slowly because there's no emergency yet but if there's an emergency yes and if there were an emergency this afternoon I'm sure they would immediately go to Gold because they don't there's nothing else that they can act on immediately gold has never worked in the long term it's been great for many many periods of world history but it in the end you know gold requires discipline and politicians don't like discipline gold says okay guys you cannot play games you cannot spend more money than you have Etc well politicians don't like that that's why that's why gold has never lasted and why it's probably never will but they can come up with something and they will come up with something in an emergency because they'll have to I really don't like the fact that our politicians are driving the world away from the US dollar but no world currencies lasted more than 100 150 years in history and the U.S has been on top for a long time currency wise I'm afraid that's coming to an end we're the largest debtor nation in the history of the world we print staggering amounts of money we have troops are over a hundred countries I mean some would say we might be overextended well you know that that's what that was the the British Empire also they got overextended with uh you know invading most of the other countries of the world it's very very expensive to run an Empire um you know in 1923 the UK was the richest most powerful country in the world there was no number two 50 years later they were bankrupt that's not a typo the IMF had to fly into Heathrow and bail them out so it can happen it has always happened that it always will happen yeah and there are people who would tell you that the U.S is now technically bankrupt I mean you can look at the numbers as easily as I can yep and we seem to have as many uh you know foreign military bases all over the world um we seem so eager to get into military adventures in every country whenever possible there's a lot of money to be made by certain people uh during Wars right uh that seems to be yeah go ahead I read a study recently I didn't like the study but it showed you know the US had been around since 1776 as a nation in all but 15 years in that period of time we have been at war with somebody yeah so those guys in Washington seemed to like War we're not very good at it anymore we haven't won any big Wars in a long time but they still like it not good for us but it's good for it seems to be good for them Jim you've seen what happened uh to Iraq and Saddam Hussein when he wanted to sell his oil in uh not he didn't want to sell it in the Petro dollar and gaddaf Gaddafi he wanted to sell his oil in the dinar and wanted to sell it in gold and he moved away but you see what happened to those countries what happens when it officially happens with China or Russia or Saudi Arabia when they make the call what happens to our way of life well as you know I know Russia a bit larger than Iraq and Libya and uh they have a lot more influence and assets and guns than those other guys that you mentioned in so if and when they decide to do it as a block you and I are going to watch our standard of living decline just as the British did you know the British standard of living started declining and went down for many many years until bankruptcy I don't mind saying any of this it's a good time to be an old American because Young Americans are going to have many many problems I've got two teenage kids the problems that they're going to face in their lifetime are not going to be fun yeah Jim so our favorite topic Wall Street Silver silver and gold are you buying any silver in gold uh I have silver as you all know I always have some silver a little bit right here just in case you've never this is actually North Korean silver oh nice well there's not much you can do with North Korea and silver except melted down but anyway yes I have a several uh I'm not buying any cereals right now but I will I am always waiting and at some point the market will tell me okay it's time to buy more silver because there will be some Panic seller something will happen right and I will buy more silver and gold especially silver I mean gold too but silver but much cheaper than gold on a historic basis right now agriculture is certainly much cheaper than most Commodities right now I mean things are so bad that the average age of farmers in America is as 58 years old in Japan it's 68 years old wow I mean nobody wants to be more people in America study public relations than study farming nobody wants to be a farmer well you know the best performing commodity in 2022 was orange juice and uh I was wondering if you haven't have a a favorite commodity for the next year 2023 that you think might outperform I perform orange juice oh my gosh so I'll perform you know what do you think is going to be one of the top performing Commodities here you've made your name in Commodities as an expert well guys listen I make many many mistakes for goodness sakes well we'll delete the video from YouTube If you you're wrong we'll delete the video we can sit here and talk about mistakes all day long if you want to what I usually do is I get out the Commodities and I look to see which has performed the worst and if we wish before which Commodities if it's agriculture which has performed the worst and that's where I'll start because often you've all been around a long time you know that markets revert than the people that are bad today will be good tomorrow and vice versa so that's the way I do it I look to see who's the worst performer if I can figure out why then I often will take a position so is that Farmers aren't going to be planting so much of that because the price is low therefore you know that's going to be less available so price is likely to correct back to the to the mean well it's not a theory it's the way the world works it totally makes sense I just didn't know if that was your reasoning for thinking that way well no because I've been around long enough and it read enough that to know that that's how people act yeah you know if if Farmers cannot make money planting eggs they don't plan it they plan something else and if you and I can find something that if x is really really cheap chances are we're going to use more events and whatever it is because it's so cheap that's the way human beings have been for thousands of years Jim you uh we talked about other Commodities like silver and gold but are you buying any platinum are you watching uh the charts for platinum uh no it's mainly because I'm too lazy you know I'll leave it to Wall Street week I'm into Wall Street Silver uh you guys figure out whether we should be buying Platinum now or Palladium or something else so Jim you know uh what's your general outlook for 2023 are you bearish are you bullish what's the you know what's your just gut feeling well there's a huge amount of pessimism around right now and in my experience when there's so much pessimism usually something happens to break the pessimism and we have a surprise rally I would expect that to I have no idea what would happen uh but something and we will have a better few months or better year than most of us expect at the moment I fully expect a recession on the horizon Etc but that does not mean that something cannot happen you know China's just opened up again after several months and China is the second largest economy in the world so there can be good things happening in the world for a while so I just I would suggest to people that if you're terribly pessimistic you examine all the pessimism around it usually does not last on that note sir thank you very much and uh we look forward to talking to you again in the future sir hooray me too don't sell your silver well
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