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cyberdude558

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« : June 09, 2011, 05:30:28 PM »

The U.S. is approaching a financial crisis worse than 2008, Jim Rogers, chief executive, Rogers Holdings, warned CNBC Wednesday.

"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."

The well-known investor believes the government won't shut down in August if agreement isn't reached on raising the debt ceiling, but he did say "draconian cuts" are needed in taxes and spending, especially military spending.

"We’ve got troops in 150 countries around the world. They’re not doing us any good, they’re making enemies. They’re costing us a fortune," he said.

Rogers said he is "not long anything in the U.S." and short on American tech stocks. He owns Chinese stocks as well as commodities and would love the world price of silver and gold to come down so he could "pick up the phone and buy more."

He said he owns Chinese stocks, currencies and commodities, adding the Chinese yuan will be a safer currency than the dollar.

"The U.S. is the largest debtor nation in the history of the world," he said. "The debts are going through the roof. Would you keep lending money to somebody who's spending money and not doing anything about it? No you wouldn't."

The pound sterling lost 90% of its value when it was no longer the world's reserve currency, he said, and the dollar will, too. In keeping with his philosophy he said he owns the U.S. dollar and is waiting for a rally. "If it doesn't happen I'll have to sell and take my losses."

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."

He predicted that after the Fed ends its quantitative easing program, known as QE2, this month, it may come back under another name.

"They're gonna bring it back because [Bernanke will] be terrified and Washington will be terrified," he said. "There's an election coming in November 2012. Washington's gonna print more money."

http://www.cnbc.com/id/43328325

ONEBIGDADDY

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« #1 : June 09, 2011, 06:21:32 PM »

I hate that you have to spread fear and dismay. Your never balanced but just one way.

Hmmm what about this as a rebuttal:

http://www.cnbc.com/id/43325951

Liesman: Don't Blame Bernanke for Market Drop

Liesman: Don't Blame Bernanke for Market Drop
Published: Wednesday, 8 Jun 2011 | 3:29 PM ET Text Size By: Steve Liesman
Senior Economics Reporter


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There's a lot of debate about the effect of Fed chairman Ben Bernanke's remarks at the International Monetary Conference in Atlanta on Tuesday. 

 

I have to differ with those who say Bernanke tanked the market.

Take a look at the S&P 500 [.SPX  1289.00    9.44  (+0.74%)   ] chart here and you'll see why.

Of the 11 point drop from the day's high at 2:20pm ET, six points of it were already done before Bernanke said a word.

Bernanke also:

Maintained view on second half turnaround.

Insisted inflation is not a problem (read: green light for continued easy policy, if it were a problem, he'd have to alter policy).

Concluded with the following, accommodative commentary:



Steve Liesman
CNBC Senior Economics
Reporter
"Although it is moving in the right direction, the economy is still producing at levels well below its potential; consequently, accommodative monetary policies are still needed. Until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established."

I have a hard time thinking there really was a QE expectation in the market, given what Bernanke said in April about costs and benefits of additional purchases. All our polling says it ain't there.

Bernanke is saying that those "accommodative monetary polices" will be needed as long as we get lousy job numbers like the one we got in June.

My read is he's throwing the market a bone there, not taking one way. Given that the Fed spent the entire last meeting talking about exit strategies, he's essentially saying that isn't happening anytime soon.

The debate is about what bullets the Fed has. I can tell you Bernanke thinks he has more bullets. Not sure he's communicated this. Trouble he has is that making the point will raise expectations that he'll use them. Under the right circumstances, he would.

Those circumstances would require:

A change in his medium term forecast from an expectation of a second half rebound to one of zero growth or worse.

A renewed concern about deflation.

RELATED LINKS
Current DateTime: 03:14:59 09 Jun 2011
LinksList Documentid: 43326675
Video: Watch Bernanke's Exchange with JPMorgan's Jamie Dimon Jamie Dimon Becomes Wall Street’s Hero FigureHere's What Jamie Dimon Is Really Worried About
He told us yesterday that neither condition has been met. He is operating under a cost/benefit framework that he laid out a year ago in Jackson Hole and advanced at the April news conference where he told us that the costs of QE3 outweighed benefits.

But that was back before the recent slowdown was so pronounced.

I have little doubt, despite the inevitable political blowback, that the Fed would do more if a consensus developed on the board that a Japanese outcome was likely. Bernanke has been clear about that.

© 2011 CNBC.com


cyberdude558

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« #2 : June 09, 2011, 07:10:42 PM »

If you look at history (and use freakin common sense).....we are in big trouble.

We need to stop spending money! People need to stop sugar-coating this problem. The freakin moron in the White House comes out and says there wont be a double-dip recession. The guy is either a complete idiot, wants the economy to fail, or he's in denial!

We are trillions of dollars in debt and no one wants to do anything to bring the finances in order. No one wants to cut military spending. No one wants to cut social security. No one wants to cut medicare. No one wants to shrink the government. Raising taxes would not be enough. That's not a solution. You can quadruple the taxes on the top 10% of wage earners and you still won't even be able to fix medicare and social security...never mind the deficit!

I think this country is an economic train wreck waiting to happen. You can't keep printing money to pay for entitlements. It's going to destroy the dollar. And we will end up like the Weimar Republic.

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« #3 : June 09, 2011, 07:18:35 PM »

If you look at history (and use freakin common sense).....we are in big trouble.

We need to stop spending money! People need to stop sugar-coating this problem. The freakin moron in the White House comes out and says there wont be a double-dip recession. The guy is either a complete idiot, wants the economy to fail, or he's in denial!

We are trillions of dollars in debt and no one wants to do anything to bring the finances in order. No one wants to cut military spending. No one wants to cut social security. No one wants to cut medicare. No one wants to shrink the government. Raising taxes would not be enough. That's not a solution. You can quadruple the taxes on the top 10% of wage earners and you still won't even be able to fix medicare and social security...never mind the deficit!

I think this country is an economic train wreck waiting to happen. You can't keep printing money to pay for entitlements. It's going to destroy the dollar. And we will end up like the Weimar Republic.

I can't even take you seriously because you promote so much junk...Let me know when Jesus returns or if they post the new date also...but then again Jesus isn't a Republican so you won't go there...OBD


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« #4 : June 09, 2011, 08:24:57 PM »

Damn dude, how does one manage going thru life so fixated on doom and gloom?

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 I thought Lovie said he wanted quickness & speed, even at the QB position?

cyberdude558

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« #5 : June 09, 2011, 08:39:42 PM »

You want to continue living in that fantasy world while this government destroys the country...have fun...

Keep voting Obama...he'll give you that hope and change!
« : June 09, 2011, 08:41:19 PM cyberdude558 »

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« #6 : June 09, 2011, 08:42:24 PM »

I don't give a isht about politics.....i'm talkin life in general. Are you positive about anything?

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 I thought Lovie said he wanted quickness & speed, even at the QB position?



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« #7 : June 09, 2011, 09:16:15 PM »

Cyber may be negative, I don't know, but why are you guys so optimistic ?

Here's a few tidbits to get you thinking:

US Approaching Insolvency, Fix To Be 'Painful': Fisher
http://www.cnbc.com/id/42209447

IMF calls for dollar alternative
http://money.cnn.com/2011/02/10/markets/dollar/index.htm

States Warned of $2 Trillion Pensions Shortfall
http://www.cnbc.com/id/41129099

US Banks Reporting Phantom Income on $1.4 Trillion Delinquent Mortgages
http://blogs.forbes.com/robertlenzner/2011/01/12/us-banks-reporting-phantom-income-on-1-4-trillion-delinquent-mortgages/?boxes=Homepagechannels

bradentonian

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« #8 : June 09, 2011, 09:28:59 PM »

Cyber may be negative, I don't know, but why are you guys so optimistic ?




mtn, you do too much "lurking"...  this board needs more regular contributors who aren't trolls or teenagers.  Hope you can visit and post a little more regularly!




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« #9 : June 09, 2011, 09:35:31 PM »

LOL, thanks. If I lurked a little more I'd probably know more about Cyber.  Just not enough time in the day for me.

How've you 'bean' man ?

bradentonian

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« #10 : June 09, 2011, 09:41:31 PM »

LOL, thanks. If I lurked a little more I'd probably know more about Cyber.  Just not enough time in the day for me.

How've you 'bean' man ?


Been doing great but this lockout is killing me.  Hope we can get back into some real football action soon!


cyberdude558

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« #11 : June 09, 2011, 09:42:50 PM »

I don't give a isht about politics.....i'm talkin life in general. Are you positive about anything?

You dont give a sh-- about politics, yet click into a thread about the US economy?

Yeah...that makes a bunch of sense.

ONEBIGDADDY

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« #12 : June 09, 2011, 09:47:37 PM »

I don't give a isht about politics.....i'm talkin life in general. Are you positive about anything?

You dont give a sh-- about politics, yet click into a thread about the US economy?

Yeah...that makes a bunch of sense.
I think your missing the point...Chicken Little....Maybe that helps...OBD




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« #13 : June 09, 2011, 10:28:52 PM »

I don't do politics & I clicked................

As with most things, they're related but still two different subjects IMHO.

dbucfan

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« #14 : June 10, 2011, 07:01:10 AM »

Cyber may be negative, I don't know, but why are you guys so optimistic ?

Here's a few tidbits to get you thinking:

US Approaching Insolvency, Fix To Be 'Painful': Fisher
http://www.cnbc.com/id/42209447

IMF calls for dollar alternative
http://money.cnn.com/2011/02/10/markets/dollar/index.htm

States Warned of $2 Trillion Pensions Shortfall
http://www.cnbc.com/id/41129099

US Banks Reporting Phantom Income on $1.4 Trillion Delinquent Mortgages
http://blogs.forbes.com/robertlenzner/2011/01/12/us-banks-reporting-phantom-income-on-1-4-trillion-delinquent-mortgages/?boxes=Homepagechannels
Nothing like dropping in infrequently and dropping off bad news...  It is pervasive at this time - unfortunately.  How have you been MTN - I know you stay busy but ... good to see you are well.

\"A Great Coach has to have a Patient Wife, A Loyal Dog, and a Great Quarterback. . . . but not necessarily in that order\" ~ Coach Bud Grant
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