Jim Rogers Interview with Money Morning
-Last 200 years America’s elected politicians built up $5 trillion in debt. In last few weekend, some un-elected officials added another $5 trilion
-When British empire declined there were many people who rang the bell and said we’re making too many mistakes, but nobody listened until it was too late
-When Spain and Rome were in decline, I’m sure there were people who noticed that things were going wrong
-Bernanke is a very-narrow-gauged guy. He’s spent his whole intellectual career studying the printing of money and we have now given him the keys to the printing presses. All he knows how to do is run them
-McChesney Martin was the guy who said the job of a good central banker was to take away the punchbowl when the party starts getting good. Now the Fed when the party starts getting out of control – pours more moonshine in
-Things got so bad in the U.K. in the 1930s they made it an act of treason to use anything but the sterling and by 1939 they had full-exchange controls. By mid-70s the U.K. was bankrupt, they could not sell long-term government bonds. This is a country that in 2-3 generations before was the richest, most powerful country in the world
-Rogers likes China long-term