STREET DOGS: Jim Rogers on the upcoming crisis, gold and the US dollar
In 2008, we had a problem caused by too much debt, but now the debt is much larger than it was in 2008
From an ETF.com interview with Jim Rogers:
The next time we have an economic problem in the US — and therefore the world — it’s going to be the worst of our lifetime given what’s been going on.
The world has been printing a lot of money and the whole world has a lot of debt. In 2008, we had a problem caused by too much debt, but now the debt is much larger than it was in 2008. Historically, we’ve had economic problems every four to eight years … it has been over eight years since our last problem. It doesn’t mean we have to have problems, but it means we’re getting closer and closer. Before this is all over, gold is going to go much, much higher. Whenever people lose confidence in governments and paper money, they always put their money in gold and silver. And they will again. I own Russia and I’m looking to buy more. The Russian market is still a very hated market. I also own China; the Chinese market is down 50% from its high. I own Japan, which is also down 50% from its high … [they’re all] likely to be less badly affected by the economic downturn. There are also plenty of exchange-traded funds now where you can sell short, which is another option. I also own a lot of U...
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