Saturday, Aug 23, 2008
Jim Rogers tells it like it is
Seeking Alpha: Interview with Jim Rogers, Part I: Bigger Financial Shocks Loom
USA in decline, but it still will take some time.- "The U.K. situation I just explained…that decline was over 40 or 50 years, but they had so much money they could have continued to spiral downward for a long time."
"Is there a specific signal that this is “over?” (for the USA) - Sure…when our entire U.S. cabinet has Swiss bank accounts. Linked inside bank accounts. When that happens, we’ll know we’re getting close because they’ll do it even after it’s illegal – after America’s put in the exchange controls."
Posted by mountain goat @ 10:10 PM (455 views) Add Comment
2 Comments
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1. quiet guy said...
It's a long article but well worth a read. UK readers might be particularly interested in what Rogers has to say about North Sea oil and the state of the UK economy in the 1970s. Search for the text below to fast forward:
"[Q]: Is there a point in time or something you’re looking for that will signal that the U.S. economy has reached the inflection point in this crisis?"
2. plato said...
Worth a read and some jems such as :
"It was similar in the United Kingdom. In 1918, the U.K. was the richest, most powerful country in the world. It had just won the First World War, et cetera. By 1939, it had exchange controls and this is in just one generation. And strict exchange controls. They in fact made it an act of treason for people to use anything except the pound sterling in settling debts."
"It takes a lot of hard work by a lot of incompetent people to change the situation."