Wikinvest Wire

Jim Rogers on the Tiger Woods solution

Friday, December 11, 2009

It's been a while since a Jim Rogers quote graced the pages of this blog - it seems it was well worth the wait after looking at the gems offered up in this interview with CNBC today.

Gov't Spending Is Like Tiger's Dating: Jim Rogers
The U.S. government's plan to increase spending as a way to kick-start the economy will leave the country with no way to help its way out of the next crisis, Jim Rogers, chairman of Jim Rogers Holdings, told CNBC Thursday.

The Treasury Department "has been putting out all of this stimulus and now they're talking about extending the (Troubled Asset Relief Program)," Rogers said.
...
Geithner "is a very smart person," but "he's been wrong about everything for the last 15 years," Rogers said.

"Why are we listening to any of those guys down there? They're making our situation worse," he said. "They said in writing yesterday the solution to our problem is to spend more money … that's what got us into this problem: too much debt."

"That's like saying to Tiger Woods, 'you get another girlfriend and it will solve your problems' or 'five more girlfriends and you will solve your problems,'" he said.
Rogers sees a currency crisis of some sort occurring somewhere around the world sometime in the not-too-distant future and asks how the U.S. government intends to solve future financial and economic crises if they borrow and print so much money to solve the current one, "What are they going to do, quadruple the debt again? Print more money?"

This was one of the best rhetorical questions I've heard all year...

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2 comments:

Anonymous said...

The US private sector borrows too much because the central bank prints too much. You can't solve a problem of too much private borrowing with too much public borrowing.

The printing must stop before the domestic economy can balance. The US cannot indefinitely compensate for too much overseas saving. That road leads to disaster.

Anonymous said...

"Rogers sees a currency crisis of some sort occurring somewhere around the world sometime in the not-too-distant future..."

Wow, that's just amazing! The guy must be a genius.

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