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we have had economic problems in the US every four to eight years since the beginning of the Republic the next one will be worse than anything in our lifetime because the debt is so much higher our mission at SD bullion is clear the lowest cost gold and silver available online while we do not have pretty blue boxes free shipping on every order or glamorous gold and silver infomercials SD bullion has the lowest prices that may save you hundreds on your next order so before you make your next investment do the math and join the over 40,000 new customers who have recently made the switch to SD bullion Why Pay More hey everyone this is Elijah Johnson with silverdoctors.com and with us today is the legendary investor Jim Rogers Jim thank you so much for joining us today I'm delighted to be here Elijah all right well I'd like to First discuss the coming crash that you see happening you've talked about how you see Western Civilization is headed for a collapse and that governments will fail so did you want to start off by discussing what do you mean by this and what do you think the American government failing would really look like well let's go one step at a time what I said was the next uh economic problem is going to be wor the worst In Our Lifetime uh we have had economic problems in the US every four to eight years since the beginning of the Republic so saying we're going to have another one it's not such a dramatic statement in fact it would be very bizarre if we did not have an economic collapse soon and I said the next one will be worse than anything in our lifetime because the debt is so much higher Elijah in 2008 we had a big problem because of too much debt well the debt worldwide since then has gone through the roof at the Federal Reserve alone in the United States our debt is up over the balance sheet is up over 600% in 9 years so you can see what kind of problems the world is facing I said that there would be governments failing yes and nearly always are historically when there are big economic problems fact I cannot think of any economic setback large economic setback where governments haven't failed and countries will fail as you may remember Iceland failed last time I mean they all came out of it but several middle Easter sorry Middle Eastern and Central Europe countries failed uh they've had revivals I didn't say the United States was going to fail but certainly uh we're going to have many problems worldwide and and who knows maybe United States government will fail too it's going to be a bad one so who knows right and as for investors I mean one of the things you're talking about is that this would probably be the worst economic collapse in our lifetime because the debt is so large so what is your perspective on how investors can prepare for such a collapse well everybody should only do what they know about themselves they shouldn't listen to me or somebody they listen to on the on the Internet or on TV or something they should only pay attention to what they know if you start investing in things that you don't know about I assure you you're going to have real problems when the when the situation goes bad so stay with what you know is the first answer I some of the things I'm doing I'm investing in agriculture uh I've got some precious metals I'm not buying them now because I expect a more problems in in Precious Metals first I own a lot of US dollars because people when they're problems they look for a safe haven and the US dollar is still considered a Safe Haven by many people so but but stay with what you know just because I'm investing in agriculture does not mean you should if you don't even know what a farm is or if you don't like being out in the sun don't think about investing in agriculture now what is your perspective on Commodities especially it seems like when a crash happens a lot of people go towards Safe Haven assets such as gold and silver do you see that being the case this time around well I I said that the people would try to go to uh US dollars because the US dollar is considered a save ping I own gold but I expect gold to go down during this crisis first at which point I hope I'm smart enough to buy a lot of gold because before this is over gold is going to go much much much higher hire a lot you people lose confidence in paper money and lose confidence in government historically they put money into gold and silver so yes but I'm not I own it but I'm not buying at the moment I do own US dollars at the moment right I mean with the crash of 2008 that's kind of what we saw to begin with gold and silver went down initially and then they went much higher so that's kind of what you're seeing this time around as well that's what I expect yes but if it doesn't happen that way elij I own plenty of gold and silver don't worry all right now one of the other things I'd like to discuss today is it seems like when a crisis occurs it seems like the government steps in and wants to save everyone you know and we end up sacrificing a lot of our Liberty for security so how in this crisis do you think the governments will try to take people's Liberty away and how can we try to prevent that well you're right they always have they always say going to save you and part of Saving you is you have to give up something I don't know if you remember but Benjamin Franklin said back in during the American Revolution that people who give up uh Liberty for more security usually wind up with less Liberty and less security and that will certainly happen it it happens with us as well you know back in the 2008 2009 probably they passed all sorts of ridiculous laws to quote help us most of them made us worse off rather than better and they will do it again I mean eventually well let's go back in the 1930s as you know they Outlook the ownership of gold in the United States to to save us to protect us they said uh unfortunately people believed it at the time or accepted it at the time next time around if not in the immediate future they will probably try to do something like Outlaw the use of gold when you buy and sell they won't take it away from you this time I don't think but they might try to outlow it they might say that we cannot use gold and silver to for transactions because they'll want to make their own money a monopoly to protect them themselves they say to protect us but it's really to protect themselves so no it it's going to be worse don't worry it'll be worse we may even have exchange controls in the United States the next time the dollar starts going down dramatically I'm sure they'll reimpose exchange controls in the US all for our own good Elijah it's it's not for their good it's for our good don't worry you can believe them right exactly and um what are some ways that we can maybe speak out against our Liberty being taken away well everybody should certainly have some money out of their own country as an insurance policy of nothing else everybody listening to this probably has uh fire insurance or car insurance you hope you never use your car insurance well you should have some money out of your own country as a as an insurance policy if nothing else I I would suggest everybody owns some precious metals as an insurance policy uh they well may well Outlaw the use as I said but that does not mean there won't be black markets or other ways that you can perhaps use in gold and silver throughout history people revert to gold and silver when things go wrong and they will again governments always try to do what they can to restrict people but people somehow always come out on top in the end no as for investing in other countries I know you've talked a lot about how you see that Asia will be the next superpower going forward and you yourself have moved to Asia and also you've had uh your daughters learn Mandarin can you tell us a little bit about how you came to the realization that China would be the big Power in the 21st century well partly just by reading history and partly by visiting China of the 19th century was the century of the UK the 20th century was the century of the Us in my view the 21st century is going to be the century of China that there not partly for you know they save and invest over 35% of their income they work from dawn to dusk many things going right uh in China there will certainly be setbacks in China as America Rose to power and Glory we had 15 depressions along the way with a d we had a horrible Civil War we had very few human rights we had massacres in the streets now we had many problems but we became the most successful country in the 20th century China certainly will have problems I don't know what or when but everybody does you know China China is the only country in history that's had recurring periods of greatness Great Britain was great once Egypt was great once Rome was great once but China's been great three or four times they've absolute they've had absolute catastrophe and disaster three or four times too but for some reason every time they do after a few decades or centuries they have turned around and risen again they seem to be doing that again do you believe that people should start investing then more in Asia and China rather than the United States well I want to repeat people should not invest in anything and they don't understand if you can't find China on the map please do not think about investing in China uh I I see that China's On The Rise even though I do expect bare markets and Bank bankruptcies and you know problems in China going forward but I do have investments in China but please only invest in what you're yourself no I don't think well maybe people will dispute it but you know and America was certainly the most significant country in the 20th century but now we're the largest deor nation in the world that's a pretty simple fact it's not a good fact I mean I don't like saying it but America is the largest de nation in the history of the world and the Deb are going higher and higher throughout history a lar of countries that have gotten themselves into this kind of situation have had problems have had crisis and and semi crises maybe maybe it's different this time maybe it's not going to happen in in the US I certainly hope not but I've read enough history to know how the world Works has always worked definitely and you were talking a bit before about how people will rush into us dollarss as a safe Haven at first and then rush into precious metals as they lose confidence in the government in the American government in the US dollar now what is your perspective do you see this being a worldwide crisis and wouldn't Asia and China also be hit as well with the coming crash or what is your perspective oh Elijah if the United States which is the largest economy in the world has a problem everybody has a problem I assure you Japan Europe Asia the whole world including China you will see bankruptcies in China uh this time around China even China has a lot of debt in 2017 2018 which they did not have before for many historic reasons I mean nobody would lend money to mousy tongue so you know Chinese haven't had much debt for the past few decades but now even China has debt so you're going to see bankruptcies there you're going to see bankruptcies everywhere it's not going to be fun all right well Jim Rogers thank you so much for joining us today before we let you go did you want to share with the viewers any last thoughts you had just be careful everybody should be careful because this is going to be a doozy sometime in the next couple of years be worried yeah just I would suggest that everybody become informed once they become knowledgeable they will probably get worried and once they get worried they will probably be prepared I hope so people are interested in Reading one of your books or finding you online where can they go well my most recent book was called Street smarts Adventures on the road and in the markets that certainly uh explains a lot of what's happening in the world and my my website is is Jim rogers.com www.jim rogers.com but my books are more informative all right once again Jim Rogers thank you so much for your time today thank you anytime byebye
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