Jim Rogers warns the global economy will collapse, abolish the Fed

The fundamentals of the global economy are not sound: central banks worldwide are printing vast amounts of cash, federal governments are accumulating astronomical sums of debt and the stock market is relying on monetary stimulus. Is the global economy on the verge of collapse? One financial guru says yes.

Speaking with the CBC’s Lang & O’Leary Exchange on Monday, Jim Rogers, chairman of Rogers Holdings and author of “Hot Commodities,” warned that the international financial system will crumble and the global economy is set to implode.

“Eventually, the whole world will collapse,” said Rogers. “We in the West have staggering debts. The U.S. is the largest debtor nation in the history of the world.”

Rogers added that the current policies like quantitative easing will not last forever. “This isn’t going to last. When it ends, the bull market in commodities will probably end too, but the bull market in a lot of stuff will end.”

Essentially, the severity of the financial crises will be due to the enormous debt levels the U.S. presently faces. According to Rogers, the economic collapses get worse every half-decade because the national debt continues to grow at a rapid pace. “Wait until 2015 or 2016: debt has gone through the roof. The next one is going to be very bad.”

These remarks come one week after Rogers stated that the U.S. should abolish the Federal Reserve System because its policies are incompetent. Noting that three central banks have been established in the U.S. and two of them have been eradicated, if he were head of the central bank, he would close up shop and submit his resignation.

“This one will too, because they keep leveraging up the balance sheet. They keep making mistake after mistake. They keep printing money,” Rogers told Russia Today in late November. “This is going to self-destruct, unless the politicians say this thing is a mistake, let’s get rid of it. It’s more likely, though, that it will self-destruct.”

When it comes to investing, Rogers remains bullish on commodities, particularly agriculture and natural gas.

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Comments

  1. Fiat Currency says:

    The female teacher is the adult predator who loves having the sexual power over a young male. Young males are easy to control and manipulate and the female teachers love the power. A number of them are married like Mary Gowans. It’s not like they lack a normal sexual outlet. Sexual deviance in the Toronto District School Board is a human rights issue, but we all know how cronyism protects middle and upper class white female sexual predators like Varla Abrams, Gordy Stefulic, Vivian Mavrou and Mary Gowans. If it wasn’t for the media and the student coming forward to file legal action, Mary Gowans would have been teaching in Canadian public schools and who knows how many more students Mary Gowans would have molested and send over 2,000 text messages to? Benjamin Levin is trying to push his sexual grooming manual to students in the form of a Sex-Ed curriculum plan. Those female predators who work in Canadian public schools tend to take advantage of these explicit sex-Ed classes to groom students. The Canadian public schools are not safe for children because sexual predators who teach in Ontario are given privileges, legal representation and rights and more support is given if the accused is a white female teacher. Even the Canadian mainstream media glorifies the white female teacher who is accused of sexual exploitation of minors. This is outright sickening and we wonder why the NSA is spying on everyone, but the public school cronies are allowed to hide and cover up allegations of sexual exploitation in Ontario public schools.

    • Having been a teacher at Silverthorn Collegiate Institute for a good number of years I have had an unprecedented opportunity to see a number of principals (and vice principals) come and go in their quest of climbing the educational ladder, or just simply waiting for their retirement. Some were good, some were bad, and some were just plain ugly.

      Lets recap the last 10 years at SCI.

      There was Barb MacKenzie, better known as Empire Builder or BM. She had her own little clique and everybody suffered as a result of her inefficient manner of running a school of the caliber of SCI. Fortunately she left, no doubt under duress, for some Hong Kong private school to unleash her incompetence on unsuspecting Chinese students. Latest word there is that she is now in the Middle East somewhere running an all girls school. The most offending part was all those ridiculous post cards she sent back to SCI – as if anybody cared to read them without making negative comments. Her popularity with the students was so immense that her portrait near the auditorium was vandalized.

      Then came the Barbs replacement, Gordy Stefulic who, while at the helm, was to turn SCI around but instead sank the ship to the bottom of the ocean. This woman made her applications for promotion during a period during which the TDSB was Pink Listed and subsequently was promoted mainly due to the lack of well qualified competition. Naturally this would be confidential as there is a tacit agreement between the Teachers Federation and the Board negotiators that no action against scabs will be taken in exchange for no contact stripping on preparation time or some other minor issue. Needless to say Gordy Stefulic had both professional and personal life issues that needed to be resolved. She had conflicts with teachers, students and office staff, the latter a constant source of useful confidential information. Being a principal is a skill like any other. There are right ways to do it, and wrong ways to do it. Ways that work and ways that dont work. It seems, unfortunately, somehow, that this basic concept has been lost in the TDSB and very apparently on Gordy Stefulic. She had absolutely ZERO

      1. Leadership skills
      2. Motivational skills
      3. Work ethic
      4. Understanding of human psychology
      5. Willingness to do, or experience doing, what they ask their teachers to do
      6. Basic level of respect for their team
      7. Ability to be fair
      8. Ability to de-escalate conflict
      9. Willing to take responsibility for the consequences of their action, and for the actions of their
      students.

      As such, I’d say this is, or borders on, incompetence. At the very least it’s lazy. She would always delegate tasks which she was too incompetent to do herself and in the process take credit if the task was successful. This is the kind of hiring mistake that shows a systemic lapse in the TDSBs ability to encourage informed and proactive actions from those in educational management. At the very least, I’d like to see that someone, somewhere in the strata of TDSB education management cares enough to make this a rather more public case study of how NOT to operate. It’s only from errors like this that others can learn, after all.
      Incompetent principals fortunately represent a relatively small proportion of the teaching force, but the number of students who come in contact with such principals is substantial. Students are not the only ones who are being shortchanged by incompetent principals. These poor performers tarnish the reputations of the vast majority of teachers who are competent and conscientious professionals. Is it any wonder why the TDSB is going down the toilet?

      Fortunately this woman was transferred under a dark cloud (as told by the girls in the front office and a number of staff members) to Etobikoke Collegiate in exchange for Ron Ellis, who although not perfect has at least not rocked the boat too much and has gained the confidence of the staff in general. It might beneficial to note that the transfer of Ms Stefulic to Etobicoke Collegiate has not been too smooth as her reputation from her previous schools had preceded her along with a number of serious allegations regarding unprofessional conduct with a student in the nineties. Although not formally proven there has been, according to different sources and the internet, an internal inquiry and a warning was the only consequence. Personally, and it is only my opinion, Ms Stefulics further advancement up the educational ladder cannot be justified in order to avoid possible future embarrassment to those who have so far protected her. Doesnt this bring back memories of stories told about Bishops, Priests and Altar Boys and transfers to new parishes?
      Quite understandably, the problem of administrative incompetence has captured the attention of education reformers. They have advanced numerous solutions: cleansing the profession by dismissing all incompetent principals; improving the attractiveness of teaching by raising salaries; restricting entry into the profession by means of competency tests; upgrading the quality of pre-service education by adopting competency-based preparation programs; and providing incentives for quality teaching.

  2. Jim Rogers said that if forced to make a choice, he would prefer silver over gold, simply because he believes silver prices have already seen a bigger decline. bit.ly/JimRogersAnalysts

  3. Even Terry Baytor was better than Gordy Stefulic or Vivian Mavrou or Varla Abrams or Mary Cowans.

    Gordy Stefulic she was so useless that even her pink dresses and clip-clop shoes could not make up for her incompetence.

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