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Jim Rogers is here he's a legendary investor and author claims now to be unemployed but still has a lot of wonderful things to say Jim welcome so great time delighted to be here Henry I'm your fan Jim lots of people before President Trump was elected predicted that if he was elected the stock market would tank in fear here we are Nasdaq is 20% higher than election day we seem to go up 1% a month at minimum how long is this going to continue and what's gonna happen well I do in mind you did tank for two hours two hours total collapse and then it came to it's sense as well everything he says tax cuts infrastructure bring the money back wonderful stuff cutting a regulations it's wonderful wonderful self course none of it's happened now it's happening yet but people are still living on the hope and printed money there's a lot of printed money from the central bank's all over the world and the rest is history one of the things I've always admired about you as an investor is that you don't talk about what should be you figure out what is going to be and then you do that so what is going to be with respect to the stock market what's gonna I learned very early in my investing careers I better not investor what I want better that's not what's happening in the world otherwise I would be broke dead broke well what's going to happen is this is going to continue some stocks in America are turning into a bubble the bubble is gonna come then it's gonna collapse and you should be very worried but Henry this is good for you because somebody has to report so you have job security you're a lucky soul well yeah TV ratings do seem to go up during crashes but then they completely disappear when everyone is but obliterated so nobody is hoping for that but so when is this going to happen later this year next later this year or next write it down and what will trigger it well it's interesting because these things always start where we're not looking in 2007 Iceland went broke and people said Iceland is that a they have a market and then Ireland went broke and then Bear Stearns went broke and then you know blamin brothers went broke they said they spiral like that always happens what we're not looking at it could be an American pension plan that goes broke and many of them are broke as you know it could be some country we're not watching it could be all sorts of things to be war unlikely to be war but it's going to be something when you're watching Business Insider and you see that's something interesting I didn't know that company could go broke it goes broke send me an email okay and then I'll start watching and how big a crash could we be looking at gonna be the worst in your lifetime I've got some pretty big ones in my life though it's long it's gonna be the biggest in my lifetime and I'm older than you know it's gonna be serious so it's gonna be there we've had financial problems in America let's use America every 4 to 7 years since the beginning of the Republic well it's been over eight since the last one this is the longest or the second longest in recorded history so it's coming and the next time it comes you know in 2008 we had a problem because of debt Henry the debt now that debt was nothing compared to what's happening now in 2008 the Chinese had a lot of money say for a rainy day it started writing they started spending the money now even the Chinese have debt and the debt is so much higher their federal reserve's of the central bank in America the balance sheet is up over five times since 2008 it's gonna be the worst thing you're the worst in my lifetime to be worried I am worried what can the Fed rescue us can anybody rescue they will try they will they will what's going to happen is they're gonna raise interest rates some more then when things started going really bad people kind of call us a you must save me it's Western civilization is going to collapse and the Fed who's made up of bureaucrats and politicians let's say I better do something so they will try but it won't work it would cause some rallies but it won't work this time and we are in a situation where Western civilization already seems to be possibly collapsing even with the market going up all the time often when you do have a financial Calamity you get huge turmoil in the political system what happens politically if that happens well that's why I moved to Asia my children speak Mandarin because of what's coming you're gonna see government's fail you're gonna see countries failure this time around Iceland failure last time other countries fail you're gonna see more of that you're gonna see parties disappear you're gonna see institutions that have been around for a long time Lehman Brothers have been around over 150 years gone not even a memory for most people that's you're gonna see a lot more of that next time around whether it's museums or hospitals or universities or financial firms and are we at risk of Western civilization turning to fascism again can this be a repeat of the 1930s is often happen that way their sons I mean you watch Business Insider you will see signs of that there people in Washington or sound a lot like people who sounded 70 or 80 or 80 or 90 years ago if people in the world who sounded a lot like that and when you have things like this huge bombing in London let this weekend that makes other people say we got to do something now I would remind you Benjamin Franklin said in the middle of Wars a lot of wars when he was around said anybody who would give up freedom for security who's gonna wind up with less security and less freedom but they always do that it's always happened smart guys like Benjamin Franklin warned us but we have people in Washington are as smart as Benjamin Franklin these days so with this outlook later this year or next worse thing we've seen in our lifetimes yeah but it won't start off the worst thing it snowballs you know somebody will go bankrupt and things will go around the markets will go down Federal Reserve would do something rally but by the end of 2018 2019 you'll know and you don't know something's happened what should people do with their money now then well hey I've said many times in my life here and other places we should only invest in what they know I shouldn't listen to me maybe they should listen to you but they shouldn't listen to me because if you invest in what other people say you don't know what you're doing you know what they said and you're probably gonna wind up losing money just so stay with what you know and if you find opportunities invest I'll tell you what I'm doing I'm investing in Russia and China Japan these are markets that are down 50 percent from their all-time highs the US markets at its all-time high now I know your parents told you buy low and sell high don't buy high and hope it goes higher so these markets that I'm looking at are depressed I bought some Russian stocks last week in Russian bonds a week before I'm looking a Gro culture Agriculture's extremely depressed these are places that I'm looking at but don't listen to me listen to what you know because when times get really tough if you don't know what you're doing you're really gonna lose everything speaking of Russia you just arrived in New York from Russia a dinner with Vladimir Putin we all watch on television they have very strong thoughts about one way or the other what do you think of what's going on in Russia and what do you make of this bromance between Putin and our president well I would love to see everybody happy I mean I did that idea that we're all gonna shoot each other and blow each other up is absurd if you ask me no nothing good has ever come from any war ever even if you win the war you lose millions of people billions of dollars capital etc etc so war I'm not an advocate of war I would suspect that things are going to calm down right now the press in America is hysterical and the Congress is hysterical about Russia I'm not sure why I didn't change my vote because of mr.
Putin did you change your vote because of the Russia did anybody in this room change their vote because of food and what did he do what could anybody do we are always interfering in elections around the world Washington interferes in every Washington interferes in New York's elections you know Chicago's elections everybody so we're always doing it I don't understand the hoopla at all but you believe that Russia will continue to prosper as a state or start to prosper Henry in my experience I have learned that if you find something that's hey that has a lot of value and things are getting better you probably will do fine and that's why I'm investing in Russia I first went to Moscow in 1966 you weren't even born when I went to Moscow and I came away saying this will never work this is going to be a disaster and I was bearish for the next 48 years you talk about a long time bear I was a long term bear but now things are changing dramatically and the Kremlin so I have changed and I'm so you are observing all this from Asia what do people in Asia think of what's going on in the United States right here well they has confused you know mr.
Trump's obviously confused he keeps changing his mind almost daily or weekly or sometimes the same day so they're not sure what's going on they do see that mr. Trump seems so given Asia to the Chinese he withdrew from TPP you know he's done all sorts of things like that he's withdrawn from the climate change what that means there's only one country that can fill that vacuum and they're already filling that vacuum and that's China now this is not good for America I'm not particularly happy saying this since I'm an American but he is he is given Asia to the Chinese we are in want to eat your children Mandarin we will have to move there I think for that to happen we're in one of the longest expansions we've ever had any sign of a recession in the u.s.
in ewith I don't see one at the moment uh but the problem is they always come when you're not not expecting him I would suspect by the time then this year next it's gonna start somewhere that we're not watching his whether it's the Illinois pension plan or Madagascar who knows it's gonna start somewhere and then we'll know but if you're looking at the Wyndham now everything's great everything's great and that's a dangerous side exactly is the fade doing the right thing no hope oh Henry you care for my nervous system I'm gonna have a seizure right here on business insider they have no clue what they're doing they've driven interest rates to the lowest in recorded history and every other Central Bank in the world has followed them interest rates are negative in many parts of the world as you know this has never happened in recorded history and it hasn't worked and it's gonna end very very very badly so what should they be doing that they should firstly I should resign Commission disband well they should abolish the Fed and then resign yes now in America we've had three central bank's the first two disappeared for a variety of reasons the world can get along without a central bank now the world without central banks has a problem but the world with central with these central banks has a problem so yeah we'd be better off without this this central bank this central bank now has five trillion of debt I'm you know you know assets it's built its assets from 800 billion in 2008 to five trillion that's trillion with the T it's going up five or six times in what's at nine years no these guys are they're setting us up for a horrible horrible disaster I told you it's gonna be worse than in my lifetime largely because of the central bank in the US and the others who have followed what they should do they're not gonna resign they're not gonna involve him they should let interest rates they should move out of the interest rate market their mandate was to have a sound currency for that was a mandate for 60 years or something and then they said O'Kane you must also have a sound a good employment they have two mandates no where does their mandate say and keep the stock market up and keep the bond market up no where does it say that and these guys if they went back to their old mandate of a sound currency and we know be better off in your investing life as you have gained more experience and gotten older and and made more bets have you become more sure of your view of the world or less sure well I've made so many mistakes in my life that I can never be more sure so I make many mistakes many many many mistakes but I'm old enough and experienced enough now to know that I have to doubt myself for everything I do if any I probably could become more self doubting rather than more I'm more confident but you seem very confident but we are headed for disaster yeah aren't you you haven't been watching Business Insider no I have been too cautious for too long it's been four years now that the market has been extraordinarily expensive just keeps getting more expense two things that seem like they're headed for disaster somehow work themselves out everyone is optimistic nobody seems to be paying attention to what's going on that is clearly correct every word you just said is correct but now it's nearly nine years it's the second longest expansion in recorded history in America so we're getting towards the end you are the learning but that's why you built this big company because you had to be cautious and you were wise Jim it's wonderful to have you you
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