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Jim Rogers: US nearing worse financial crisis - 6/8/2011 9:48:31 PM   
provfivetine


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quote:

"The debts that are in this country are skyrocketing," he said. "In the last three years the government has spent staggering amounts of money and the Federal Reserve is taking on staggering amounts of debt.

"When the problems arise next time…what are they going to do? They can’t quadruple the debt again. They cannot print that much more money. It’s gonna be worse the next time around."

He called Federal Reserve Chairman Ben Bernanke a "disaster" who has "never been right about anything" since he's been in Washington. "I hope he doesn't come back with QE3 but that's all he knows. The only thing he knows is to print money."


Jim Rogers usually makes spot on predictions, since he actually understands finance (unlike Uncle Ben). Will there be a QE3 this Fall? If there is, then get ready for higher commodity prices; if not, then the worst depression in US history will be at our doorstep.

Obama's "economic dream team" is abandoning him. Goolsbee gone. Summers gone. Romer gone. Rouse gone. Things aren't looking so hot for Dumb and Dumber either (Geithner and Bernanke) who are the only original stooges left.

Buckle up kiddies, we're either heading for mass inflation on an unprecedented scale or the greatest depression to ever hit the US.



< Message edited by provfivetine -- 6/8/2011 9:57:24 PM >
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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 9:51:29 PM   
imperatrixx


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Status: offline 		That's terrible, and quite scary.

I hope the administration is able to turn things around, don't you?

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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 9:55:18 PM   
lockedaway


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quote:

ORIGINAL: imperatrixx

That's terrible, and quite scary.

I hope the administration is able to turn things around, don't you?



MUUAAAAAHAHAHAHAHAHAAHAHAHAHAA....there IS no turning it around.  Here is where the fun begins!!!!  The liberals wanted him?  Now they get to preside over a country that is racing into hell on greased skids!!! 

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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 9:56:21 PM   
juliaoceania


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Status: offline 		Do you think Paul Krugman would be someone to listen to?

_____________________________

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Great minds discuss ideas; Average minds discuss events; Small minds discuss people. Eleanor Roosevelt

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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 9:58:26 PM   
imperatrixx


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quote:

ORIGINAL: lockedaway
MUUAAAAAHAHAHAHAHAHAAHAHAHAHAA....there IS no turning it around.  Here is where the fun begins!!!!  The liberals wanted him?  Now they get to preside over a country that is racing into hell on greased skids!!! 


And you get to live there.

Congratulations. It's quite the victory.

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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 10:03:19 PM   
lockedaway


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quote:

ORIGINAL: imperatrixx


quote:

ORIGINAL: lockedaway
MUUAAAAAHAHAHAHAHAHAAHAHAHAHAA....there IS no turning it around.  Here is where the fun begins!!!!  The liberals wanted him?  Now they get to preside over a country that is racing into hell on greased skids!!! 


And you get to live there.

Congratulations. It's quite the victory.


Oh...it isn't my victory.  I'm just in a slightly better position to endure it than the morons that elected our asshole president.  That's all. :)  As soon as you heard that swine tell the "Joe the Plumber" guy that he was happy that "Joe" was making money but that he wanted to spread it around....well.....you should have known better.  Anyone that confiscates the rightfully earned wealth of another is a f**king thief and now the master thief the liberals have elected has stolen their future.

Let's look at a few facts, shall we?  He had incurred more debt than any president that has preceded him.  Our real estate values are dropping, on average, 1% per month (that is a free fall, btw), our debt is passing our GDP, our unemployment rate has not been this high or this sustained since the Great Depression, he has passed ENORMOUS tax legislation in the form of ObamaCare and next will be Cap and Trade if he has his way.

No babies....there IS no turning it around. 

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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 10:05:00 PM   
Termyn8or


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Terminator : We are in deep shit.

What does this guy want a cookie ?

T^T

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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 10:07:55 PM   
lockedaway


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quote:

ORIGINAL: Termyn8or

FR

Terminator : We are in deep shit.

What does this guy want a cookie ?

T^T


I will tell you what he wants.  He is a committed socialist.  He isn't interested in being a good president that presides over a wealthy, capitalist system.  He doesn't believe in capitalism, nor does he believe in American exceptionalism.  He wants this country to be in the same shape as the rest of Europe because, in his estimation, we do not deserve the wealth we have garnered.

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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 10:08:16 PM   
Owner59


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Status: offline 		Strange values.....wanting things to be worse.......

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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 10:10:40 PM   
lockedaway


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quote:

ORIGINAL: Owner59

Strange values.....wanting things to be worse.......


Once again, you have no idea what you are talking about.  Pure stupidity.  My values are those that were espoused by our Founding Fathers.  Let me make this crystal clear to you, Owner, I am FUCKING HAPPY to see people getting what they asked for.  Maybe next time they will be smart enough to ask for something different.

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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 10:10:41 PM   
Musicmystery


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quote:

In the last three years the government has spent staggering amounts of money and the Federal Reserve is taking on staggering amounts of debt.

"When the problems arise next time…what are they going to do? They can’t quadruple the debt again. They cannot print that much more money.


Idiocy.

The Federal Reserve isn't taking on any debt. The U.S. Treasury is the one borrowing. In fact, the U.S. "owes" the Fed around $8 trillion. Nor did the debt quadruple in the last three years--it quadrupled in the Reagan years. And the Fed doesn't print money to cover deficits, nor does it print money to cover money supply changes (that's not how money creation works).

Covering the deficit is the Treasury's problem, which it solves by borrowing through the sale of Treasury securities.

Complete confusion of fiscal with monetary agencies.

(in reply to provfivetine)
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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 10:13:49 PM   
lockedaway


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quote:

ORIGINAL: Musicmystery

quote:

In the last three years the government has spent staggering amounts of money and the Federal Reserve is taking on staggering amounts of debt.

"When the problems arise next time…what are they going to do? They can’t quadruple the debt again. They cannot print that much more money.


Idiocy.

The Federal Reserve isn't taking on any debt. The U.S. Treasury is the one borrowing. In fact, the U.S. "owes" the Fed around $8 trillion. Nor did the debt quadruple in the last three years--it quadrupled in the Reagan years. And the Fed doesn't print money to cover deficits, nor does it print money to cover money supply changes (that's not how money creation works).

Covering the deficit is the Treasury's problem, which it solves by borrowing through the sale of Treasury securities.

Complete confusion of fiscal with monetary agencies.


And you are calling him an idiot?  There are plenty of charts that have been appended to these threads that show the enormous spike in U.S. debt in just the past 3 years.  I have posted the charts and others have as well.  So don't give me your bullshit about the debt quadrupling under Reagan.  After all, didn't we have a surplus under Slick Willy?



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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 10:13:50 PM   
PNWsub


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Status: offline 		Well i sure am HOPING for CHANGE!

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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 10:14:41 PM   
provfivetine


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quote:

ORIGINAL: juliaoceania
Do you think Paul Krugman would be someone to listen to?


Krugman is exactly the kind of economist that Bush and Obama have been following. He's just another Princeton boy, who thinks that he can run all of our lives.

Here are some Paul Krugman Gems over the years:

"In time this overhang will be worked off. Meanwhile, economic policy should encourage other spending to offset the temporary slump in business investment. Low interest rates, which promote spending on housing and other durable goods, are the main answer. But it seems inevitable that there will also be a fiscal stimulus package” December 28, 2001

"The long answer is that what drew me to science fiction, more than four decades ago – before I got into economics, and in fact part of the reason I went into economics – was a certain kind of possibility: the creation of fictional worlds, different from our own but not too different, as a way to play with ideas about who we are and where we’re going. And I do mean “play” – not being too serious, mixing ideas about society, economics, politics, and so on with derring-do and romance is crucial to keeping things light enough to tolerate." March 21, 2010

“If we had the threat of war, had a military buildup, you’d be amazed at how fast this economy would recover.” - June 6 2011 (could be June 5th, I don't have the exact date off hand)

There are more stalwart Krugman quotes out there too. I don't really trust an establishment economist who likens economics to science fiction and who thinks war will help the economy.

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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 10:14:52 PM   
lockedaway


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quote:

ORIGINAL: PNWsub

Well i sure am HOPING for CHANGE!


LOLOLOLOLOL how is all of that "hope" and "change" working out for you, PNW?

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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 10:16:35 PM   
Musicmystery


Posts: 30259
Joined: 3/14/2005
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quote:

ORIGINAL: lockedaway

quote:

ORIGINAL: Musicmystery

quote:

In the last three years the government has spent staggering amounts of money and the Federal Reserve is taking on staggering amounts of debt.

"When the problems arise next time…what are they going to do? They can’t quadruple the debt again. They cannot print that much more money.


Idiocy.

The Federal Reserve isn't taking on any debt. The U.S. Treasury is the one borrowing. In fact, the U.S. "owes" the Fed around $8 trillion. Nor did the debt quadruple in the last three years--it quadrupled in the Reagan years. And the Fed doesn't print money to cover deficits, nor does it print money to cover money supply changes (that's not how money creation works).

Covering the deficit is the Treasury's problem, which it solves by borrowing through the sale of Treasury securities.

Complete confusion of fiscal with monetary agencies.


And you are calling him an idiot?  There are plenty of charts that have been appended to these threads that show the enormous spike in U.S. debt in just the past 3 years.  I have posted the charts and others have as well.  So don't give me your bullshit about the debt quadrupling under Reagan.  After all, didn't we have a surplus under Slick Willy?


Yes, I am, and now you. You simply ignored the content of WHY he's an idiot--what he's said is factually ridiculous, and has nothing to do with your charts. Do you understand what quadruple means?

Read the post. He's an idiot.



< Message edited by Musicmystery -- 6/8/2011 10:18:46 PM >

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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 10:20:09 PM   
lockedaway


Posts: 1720
Joined: 3/15/2007
Status: offline
quote:

ORIGINAL: Musicmystery

quote:

ORIGINAL: lockedaway

quote:

ORIGINAL: Musicmystery

quote:

In the last three years the government has spent staggering amounts of money and the Federal Reserve is taking on staggering amounts of debt.

"When the problems arise next time…what are they going to do? They can’t quadruple the debt again. They cannot print that much more money.


Idiocy.

The Federal Reserve isn't taking on any debt. The U.S. Treasury is the one borrowing. In fact, the U.S. "owes" the Fed around $8 trillion. Nor did the debt quadruple in the last three years--it quadrupled in the Reagan years. And the Fed doesn't print money to cover deficits, nor does it print money to cover money supply changes (that's not how money creation works).

Covering the deficit is the Treasury's problem, which it solves by borrowing through the sale of Treasury securities.

Complete confusion of fiscal with monetary agencies.


And you are calling him an idiot?  There are plenty of charts that have been appended to these threads that show the enormous spike in U.S. debt in just the past 3 years.  I have posted the charts and others have as well.  So don't give me your bullshit about the debt quadrupling under Reagan.  After all, didn't we have a surplus under Slick Willy?


Yes, I am, and now you. You simply ignored the content of WHY he's an idiot--what he's said is factually ridiculous, and has nothing to do with your charts. Do you understand what quadruple means?

Read the post. He's an idiot.




Yeah...I read the post, Sparky.  As you correctly pointed out, we owe the Fed 8 Trillion dollars.  So the Fed has taken on a tremendous amount of debt, has it not?  They are a "creditor" and we are the "debtor".  We have taken on debt that we can't repay and we owe our creditor money that will never be paid. 

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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 10:20:24 PM   
juliaoceania


Posts: 21383
Joined: 4/19/2006
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Status: offline 		What is your opinion on the subject? What should we do?

_____________________________

Once you label me, you negate me ~ Soren Kierkegaard

Reality has a well known Liberal Bias ~ Stephen Colbert

Great minds discuss ideas; Average minds discuss events; Small minds discuss people. Eleanor Roosevelt

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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 10:21:41 PM   
imperatrixx


Posts: 903
Joined: 3/29/2011
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quote:

ORIGINAL: lockedaway

Oh...it isn't my victory.  I'm just in a slightly better position to endure it than the morons that elected our asshole president.  That's all. :)  As soon as you heard that swine tell the "Joe the Plumber" guy that he was happy that "Joe" was making money but that he wanted to spread it around....well.....you should have known better.  Anyone that confiscates the rightfully earned wealth of another is a f**king thief and now the master thief the liberals have elected has stolen their future.


So you don't believe in any income taxes?

FWIW I didn't vote for him. That doesn't mean I'm going to greet news of impending financial collapse with laughter. Your disregard for the health of the nation is disturbing.

quote:

Let's look at a few facts, shall we?  He had incurred more debt than any president that has preceded him.  Our real estate values are dropping, on average, 1% per month (that is a free fall, btw), our debt is passing our GDP, our unemployment rate has not been this high or this sustained since the Great Depression, he has passed ENORMOUS tax legislation in the form of ObamaCare and next will be Cap and Trade if he has his way.

No babies....there IS no turning it around. 



We also have failing schools, decaying cities, very little production to support an economy, growing class divides...the country is in very poor shape, and that's been building up for quite awhile.

Like I said, I hope it turns around. I wish people were more patriotic. It makes no sense to love an idealized picture of "America" while despising the nation herself and laughing as she grows sick.

No sense of pride, there.

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RE: Jim Rogers: US nearing worse financial crisis - 6/8/2011 10:24:24 PM   
lockedaway


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quote:

ORIGINAL: juliaoceania

What is your opinion on the subject? What should we do?



HAHAHAHA!!!!  That's a real riot coming from you.  Hey...I'll tell you what you should do, ok, honey?  Next election, vote conservative.  That is first.  In the meantime, however, you had better build yourself a reserve of food (3 months at a minimum), if you don't own a firearm, you should get one and for each firearm you buy, have 1,000 rounds of ammunition.  Stay away from gold....it is a little topsy and so is silver for that matter but silver is still the better investment.  Those are a few things you can do.

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