Jim Rogers on CNBC.
27/11/2008
He metioned that the double bottom is holding.
And the Dow rally on bad news.
The turnaround may be here.
http://www.cnbc.com/id/15840232?video=940837006&play=1
Friday, November 28, 2008
Thursday, November 27, 2008
Jim Rogers: They Should Have Let Citi FailBy Alexis GlickThis
Jim Rogers: They Should Have Let Citi FailBy Alexis GlickThis
November 25, 2008 12:38PM
morning legendary investor Jim Rogers joined me on Money for Breakfast for an in depth interview. If the name is not familiar, just Google his name and you’ll see countless articles on him. One of his greatest achievements, although he may disagree, was meeting a man named George Soros, where together they founded the Quantum Fund. In the 10 years after it was launched, they famously returned 4200% while the S&P gained 47%. It was the FIRST truly international fund. Since then, a lot has changed. He moved to Singapore in December of last year because as he said, “moving to Asia now is like moving to New York City in 1907.” He’s an exceptionally bright man who has made many people tons of money along the way. He has aquirky sense of humor, an honesty that is refreshing and holds no punches.
This morning I had the opportunity to get his reaction to the breaking news about the Treasury and Federal Reserve’s two new lending and repurchase facilities to the tune of $800 billion dollars. In hindsight, had they known he was on tv, they may have held back the announcement. He is angry, frustrated and feels that we are digging ourselves into a deeper and deeper hole. He urges us to allow banks and other companies to fail.
http://glickreport.blogs.foxbusiness.com/2008/11/25/jim-rogers-citi-should-have-been-let-to-fail/
Tuesday, November 25, 2008
Rogers Says Dollar to Be ‘Devalued,’ Buys Commodities (Update1)
Rogers Says Dollar to Be ‘Devalued,’ Buys Commodities (Update1)
By Ron Harui and Mike Schneider
Nov. 25 (Bloomberg) -- The U.S. dollar will be “devalued” as policy makers seek to weaken it, undermining the greenback’s role as an international reserve currency, said Jim Rogers, chairman of Rogers Holdings in Singapore.
“They think that if you drive down the value of your money, it makes you more competitive, now that has never worked in history in the long term,” said Rogers. The ICE’s Dollar Index has gained 19 percent since Rogers said in an interview on April 27 he expected a dollar rally “about now.”
The U.S. dollar gained since June 30 against all the 16 most-traded currencies except for the yen as investors fled for the perceived safety of Treasuries after the global financial crisis struck, tipping the world into recession. U.S. politicians are seeking to reverse those gains to revive growth, Rogers said.
The dollar is “going to lose its status as the world’s reserve currency,” Rogers said yesterday in an interview with Bloomberg Television. “It will be devalued and it will go down a lot. These guys in Washington, they want to debase the currency.”
Rogers said that he is buying the Japanese yen. All of the 16 most-active currencies have weakened against the yen this year, with South Korea’s won falling 46 percent as the worst performer.
The ICE’s Dollar Index, which tracks the greenback against the currencies of six major trading partners, fell to 86.053 as of 2:50 p.m. in Tokyo from 86.081 late in New York yesterday. It reached 88.463 on Nov. 21, the highest level since April 2006.
Plan to Exit Dollars
The U.S. currency’s rally has “already lasted several months” and “will probably go into next year,” Rogers said. “What I plan to do sometime during this rally is to get out of the rest of my U.S. dollars.”
“If I were doing it today and what I have done today is buy the yen,” Rogers said. “But, it is also an artificial move that’s going on. It’s a difficult problem to find out what is a sound currency.”
Democratic lawmakers including Senator Charles Schumer of New York said this weekend they plan to design a package as large as $700 billion and deliver it to President-elect Barack Obama on his first day in office. Obama has called for a large economic- stimulus package, saying the U.S. faces the loss of “millions of jobs” unless immediate steps are taken to stimulate growth and rescue the nation’s automakers.
Buying Commodities
Rogers also is buying commodities, saying their “fundamentals have not been impaired and, in fact, are improved.” He correctly forecast in April 2006 that the oil price would reach $100 a barrel and gold $1,000 an ounce.
“In mid-October, I started buying commodities, I started buying China and I started buying Taiwan,” he said. “I bought them all, but I’ve been focusing more on agriculture. I mean sugar is 80 percent below its all-time high. It’s astonishing how low some of these prices are.”
The Rogers International Commodity Index Total Return has plummeted 52 percent from a record in July, including an 11 percent slide this month. The index has risen 124 percent over the past seven years.
Sugar surged the most in two weeks yesterday amid speculation that higher crude-oil prices will boost demand for alternative fuels, including ethanol made from cane.
Raw-sugar futures for March delivery rose 0.44 cent, or 3.9 percent, to 11.72 cents a pound on ICE Futures U.S. in New York yesterday. The gain was the biggest for a most-active contract since Nov. 4. Sugar has declined in each of the past three weeks.
To contact the reporters on this story: Ron Harui in Singapore at rharui@bloomberg.netMike Schneider in New York at mschneider12@bloomberg.net
Last Updated: November 25, 2008 01:12 EST
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aDkWLPPOXdxs
Jim Rogers Sees Dollar `Devalued,' Likes Commodities: Video
Nov. 25 (Bloomberg) -- Jim Rogers, chairman of Rogers Holdings, talks with Bloomberg's Mike Schneider about the future of the U.S. dollar as an international reserve currency and the outlook for the commodities market.
Rogers, speaking from New York yesterday, also talked about the U.S. government's response to the financial crisis, the outlook for the nation's economy, and his investment strategy. ("Night Talk" airs weeknights on Bloomberg TV. Source: Bloomberg)
00:00 U.S. economy, government bailouts: Citi, GM
09:04 Capital tax, protectionism; Tim Geithner; Fed
15:25 U.S. debt level; crisis impact on China
20:46 Commodities: sugar, cotton; farmer shortages
26:20 Origin of financial crisis; short-selling ban
34:47 Dollar to be "devalued"; commodities a "buy"
39:39 Roger's move to Singapore; future of U.S.
Running time 41:09
Last Updated: November 25, 2008 01:05 EST
mms://media2.bloomberg.com/cache/vJzshG4o708g.asf
http://www.youtube.com/watch?v=mesJRzkUHlU
http://www.youtube.com/watch?v=T3XmsSNt8wo
http://www.youtube.com/watch?v=4KxWAfr4KWI
http://www.youtube.com/watch?v=HDJ3mukRPjo
http://www.youtube.com/watch?v=nnwEsa1wUEE
http://c77mxg.bay.livefilestore.com/y1pXvho1HKuijfrYl8oFobcOMGQgGUQFs9FXIBzHnB3M4qpnpiN7kqTtr99kdDEDPEO91BK7iyy690E6uP_GgfBUw/JimRogers_Bloomberg_2008_11_25_p1.mp4?download
http://c77mxg.bay.livefilestore.com/y1pwnm0FNbldQkVGgb83Ksl5lCTD5AudYvTfxyXUWANJm9Rsr5C1aVtLuEbNiqOwTR8RrhDAZWtUNNEfMO9ANIBXQ/JimRogers_Bloomberg_2008_11_25_p2.mp4?download
http://c77mxg.bay.livefilestore.com/y1poTqrvhs0XOX54NGDU9ac0-z_-sxEbMb-86kBEUZiBOjpmpC5tWlWLEV9RGyFaULWOh_G6NM0-eSC0G6MdnJx_w/JimRogers_Bloomberg_2008_11_25_p3.mp4?download
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http://c77mxg.bay.livefilestore.com/y1pboqlsxut7GlQzzcWGtABCUmeBsrAUvKQ0Abfkyn9eYEkV7PblljfCYd2pFhjE_1px2oPX3w5zsJlbo4for9e2Q/JimRogers_Bloomberg_2008_11_25_p5.mp4?download
26/11/2008
tjhinkh:
America may default on their loan in 1-2years.
South Korea cannot sell US gov bonds as American army is sitting on the north korea border.
Forced liquidation 1929 1974 1873 we have 8-9 period like this in the last 150 years.
Parts of Japan have some empty fields coz there are no farmers to work on them.
Japanese dislike foreigners and especially Chinese Foreigenrs. But they asked the Chinese to farm their fields as there are no farmers.
Head of Fannie Mae is now Obama trusted financial advisor, instead of going to jail.Obama got more money from Fannie Mae.
By Ron Harui and Mike Schneider
Nov. 25 (Bloomberg) -- The U.S. dollar will be “devalued” as policy makers seek to weaken it, undermining the greenback’s role as an international reserve currency, said Jim Rogers, chairman of Rogers Holdings in Singapore.
“They think that if you drive down the value of your money, it makes you more competitive, now that has never worked in history in the long term,” said Rogers. The ICE’s Dollar Index has gained 19 percent since Rogers said in an interview on April 27 he expected a dollar rally “about now.”
The U.S. dollar gained since June 30 against all the 16 most-traded currencies except for the yen as investors fled for the perceived safety of Treasuries after the global financial crisis struck, tipping the world into recession. U.S. politicians are seeking to reverse those gains to revive growth, Rogers said.
The dollar is “going to lose its status as the world’s reserve currency,” Rogers said yesterday in an interview with Bloomberg Television. “It will be devalued and it will go down a lot. These guys in Washington, they want to debase the currency.”
Rogers said that he is buying the Japanese yen. All of the 16 most-active currencies have weakened against the yen this year, with South Korea’s won falling 46 percent as the worst performer.
The ICE’s Dollar Index, which tracks the greenback against the currencies of six major trading partners, fell to 86.053 as of 2:50 p.m. in Tokyo from 86.081 late in New York yesterday. It reached 88.463 on Nov. 21, the highest level since April 2006.
Plan to Exit Dollars
The U.S. currency’s rally has “already lasted several months” and “will probably go into next year,” Rogers said. “What I plan to do sometime during this rally is to get out of the rest of my U.S. dollars.”
“If I were doing it today and what I have done today is buy the yen,” Rogers said. “But, it is also an artificial move that’s going on. It’s a difficult problem to find out what is a sound currency.”
Democratic lawmakers including Senator Charles Schumer of New York said this weekend they plan to design a package as large as $700 billion and deliver it to President-elect Barack Obama on his first day in office. Obama has called for a large economic- stimulus package, saying the U.S. faces the loss of “millions of jobs” unless immediate steps are taken to stimulate growth and rescue the nation’s automakers.
Buying Commodities
Rogers also is buying commodities, saying their “fundamentals have not been impaired and, in fact, are improved.” He correctly forecast in April 2006 that the oil price would reach $100 a barrel and gold $1,000 an ounce.
“In mid-October, I started buying commodities, I started buying China and I started buying Taiwan,” he said. “I bought them all, but I’ve been focusing more on agriculture. I mean sugar is 80 percent below its all-time high. It’s astonishing how low some of these prices are.”
The Rogers International Commodity Index Total Return has plummeted 52 percent from a record in July, including an 11 percent slide this month. The index has risen 124 percent over the past seven years.
Sugar surged the most in two weeks yesterday amid speculation that higher crude-oil prices will boost demand for alternative fuels, including ethanol made from cane.
Raw-sugar futures for March delivery rose 0.44 cent, or 3.9 percent, to 11.72 cents a pound on ICE Futures U.S. in New York yesterday. The gain was the biggest for a most-active contract since Nov. 4. Sugar has declined in each of the past three weeks.
To contact the reporters on this story: Ron Harui in Singapore at rharui@bloomberg.netMike Schneider in New York at mschneider12@bloomberg.net
Last Updated: November 25, 2008 01:12 EST
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aDkWLPPOXdxs
Jim Rogers Sees Dollar `Devalued,' Likes Commodities: Video
Nov. 25 (Bloomberg) -- Jim Rogers, chairman of Rogers Holdings, talks with Bloomberg's Mike Schneider about the future of the U.S. dollar as an international reserve currency and the outlook for the commodities market.
Rogers, speaking from New York yesterday, also talked about the U.S. government's response to the financial crisis, the outlook for the nation's economy, and his investment strategy. ("Night Talk" airs weeknights on Bloomberg TV. Source: Bloomberg)
00:00 U.S. economy, government bailouts: Citi, GM
09:04 Capital tax, protectionism; Tim Geithner; Fed
15:25 U.S. debt level; crisis impact on China
20:46 Commodities: sugar, cotton; farmer shortages
26:20 Origin of financial crisis; short-selling ban
34:47 Dollar to be "devalued"; commodities a "buy"
39:39 Roger's move to Singapore; future of U.S.
Running time 41:09
Last Updated: November 25, 2008 01:05 EST
mms://media2.bloomberg.com/cache/vJzshG4o708g.asf
http://www.youtube.com/watch?v=mesJRzkUHlU
http://www.youtube.com/watch?v=T3XmsSNt8wo
http://www.youtube.com/watch?v=4KxWAfr4KWI
http://www.youtube.com/watch?v=HDJ3mukRPjo
http://www.youtube.com/watch?v=nnwEsa1wUEE
http://c77mxg.bay.livefilestore.com/y1pXvho1HKuijfrYl8oFobcOMGQgGUQFs9FXIBzHnB3M4qpnpiN7kqTtr99kdDEDPEO91BK7iyy690E6uP_GgfBUw/JimRogers_Bloomberg_2008_11_25_p1.mp4?download
http://c77mxg.bay.livefilestore.com/y1pwnm0FNbldQkVGgb83Ksl5lCTD5AudYvTfxyXUWANJm9Rsr5C1aVtLuEbNiqOwTR8RrhDAZWtUNNEfMO9ANIBXQ/JimRogers_Bloomberg_2008_11_25_p2.mp4?download
http://c77mxg.bay.livefilestore.com/y1poTqrvhs0XOX54NGDU9ac0-z_-sxEbMb-86kBEUZiBOjpmpC5tWlWLEV9RGyFaULWOh_G6NM0-eSC0G6MdnJx_w/JimRogers_Bloomberg_2008_11_25_p3.mp4?download
http://c77mxg.bay.livefilestore.com/y1plDAU4hsNcTii0AOx7xJ7GOOsJOB6sP-abtHNtckTIZw6wjueF5mrNdZ3Cv3ReTn2IFo8HoGm2wN9_c1yc9bbzw/JimRogers_Bloomberg_2008_11_25_p4.mp4?download
http://c77mxg.bay.livefilestore.com/y1pboqlsxut7GlQzzcWGtABCUmeBsrAUvKQ0Abfkyn9eYEkV7PblljfCYd2pFhjE_1px2oPX3w5zsJlbo4for9e2Q/JimRogers_Bloomberg_2008_11_25_p5.mp4?download
26/11/2008
tjhinkh:
America may default on their loan in 1-2years.
South Korea cannot sell US gov bonds as American army is sitting on the north korea border.
Forced liquidation 1929 1974 1873 we have 8-9 period like this in the last 150 years.
Parts of Japan have some empty fields coz there are no farmers to work on them.
Japanese dislike foreigners and especially Chinese Foreigenrs. But they asked the Chinese to farm their fields as there are no farmers.
Head of Fannie Mae is now Obama trusted financial advisor, instead of going to jail.Obama got more money from Fannie Mae.
Monday, November 24, 2008
Rogers: Obama Policies Disastrous
Rogers: Obama Policies Disastrous
Friday, November 21, 2008 10:45 AM
Barack Obama has two policies to speak of, Jim Rogers told attendees at the World Money Show, both of them a disaster for the economy.
"First, he wants to tax capital, just when capital is at its weakest. And second, he wants to protect American jobs."
"The best hope for America is that everything Obama has said so far has just been rhetoric," Rogers says.
Rogers points out that taxing capital to prop up failing businesses is taking money from the competent and give it to the incompetent.
He also figures that the wave of corporate defaults and the U.S. debt level mean that any currency rally will be short-lived.
"Bet against the dollar,” Rogers advises. “And bet against long-term U.S. bonds as well.”
The recent collapse in commodity prices is only temporary, Rogers believes.
"Even if commodities fall for a year or two, it's not the end of the bull market," he says. "Buy gold, cotton and sugar,” and keep an eye on African oil stocks, especially in Angola.
http://moneynews.newsmax.com/streettalk/jim_rogers_obama_policies/2008/11/21/153795.html
Friday, November 21, 2008 10:45 AM
Barack Obama has two policies to speak of, Jim Rogers told attendees at the World Money Show, both of them a disaster for the economy.
"First, he wants to tax capital, just when capital is at its weakest. And second, he wants to protect American jobs."
"The best hope for America is that everything Obama has said so far has just been rhetoric," Rogers says.
Rogers points out that taxing capital to prop up failing businesses is taking money from the competent and give it to the incompetent.
He also figures that the wave of corporate defaults and the U.S. debt level mean that any currency rally will be short-lived.
"Bet against the dollar,” Rogers advises. “And bet against long-term U.S. bonds as well.”
The recent collapse in commodity prices is only temporary, Rogers believes.
"Even if commodities fall for a year or two, it's not the end of the bull market," he says. "Buy gold, cotton and sugar,” and keep an eye on African oil stocks, especially in Angola.
http://moneynews.newsmax.com/streettalk/jim_rogers_obama_policies/2008/11/21/153795.html
Thursday, November 20, 2008
The dollar is a flawed, maybe even doomed currency
The dollar is a flawed, maybe even doomed currency
By Jim Rogers
Published: November 18 2008 02:00 Last updated: November 18 2008 02:00
T he following are excerpts from this week's View from the Markets interview
FT: It's a year since we last interviewed you. You were aggressively bearish about the dollar, but you thought there would probably be a rebound and you would take that as an opportunity to get further out of the dollar. Have you made a further exit from the dollar?
JR: Not yet, no. And the reason I haven't is because we're in a period of forced liquidation of
everything. We've had only eight or nine periods like this in the past 150 years, where everybody has to reverse their positions on everything. There is a gigantic short position in the dollar and they're all having to cover as they reverse their positions, so this rout is going to go on much further than I would have expected - to my delight, because then I'll get to sell at higher prices. I don't know whether I'll get out this month or this year even - maybe next year, but I do plan to get out of the rest of my US dollars, because this is an artificial rally caused purely by short covering.
FT: How will you tell when that deleveraging is finally over?
JR: I'm sure I won't get it right, but I do hope that when there's a lot of euphoria about the dollar and everybody's saying, well, see, there's no problem with the dollar . . . I hope I'm smart enough to recognise it and finally get out of the dollar, because it is a flawed and, maybe, even doomed currency.
FT: Do you see the sell-offs we've seen in commodities as a drastic correction?
JR: Well, we're in a period of forced liquidation of all assets . . . we're getting the business cycle effect on demand right now, certainly, but unless the world's in perpetual economic decline, commodities are the only thing going to come out of this OK.
FT: Does this mean you're actually buying back into commodities at the moment, or is this an area you're standing clear of?
JR: No, no. In October when I started covering my shorts in the US stock market, I started buying Chinese shares, Taiwan shares. I started buying commodities again. No, no, I've added to those positions.
FT: What's your strategy towards emerging market stocks?
JR: My hope is that I'm smart enough and brave enough at some point along the line to buy some of them back. But I'm not even thinking about it right now . . . The world's financial situation is in a mess, and there are a lot of people who have to liquidate. I mean, we must have had 30,000 MBAs flying around the world looking for emerging markets. All of that money has got to come home.
FT: How do you think the world should go about redesigning the regulatory system, and are you worried that we're going to end up with a swing towards over-regulation?
JR: Well, we probably will. The problem is that people like Alan Greenspan would never let the market work . . . For 15 years, under Greenspan, and now Bernanke, they would not let the market work. Had they let Long-Term Capital Management fail, back in 1998, we wouldn't have these problems now, I assure you. Lehman Brothers would have been smashed. Goldman Sachs, Bear Stearns, would have been smashed. We wouldn't have these problems now. That only happened because every time they turned around they propped these guys up, gave them more money, and that's why we have the problem. . . . But now, of course, they're going to blame it on other people and cause more regulations.
FT: You're arguing we need to allow some more big institutions to fail?
JR: One failed. Why didn't they let Fannie Mae and Freddie Mac? I mean, I was short Fannie Mae, and they should have let it fail, go zero. AIG - they should have let it fail. They should have let all of these guys fail, and we would clean out the system . . . What they're doing is, they're taking the assets away from the competent people, giving them to the incompetent people and saying to the incompetent: 'OK, now you can compete with the competent people, with their money.' I mean, this is terrible economics. This is outrageous economics.
http://www.ft.com/cms/s/0/fb9a69aa-b511-11dd-b780-0000779fd18c.html
http://www.youtube.com/watch?v=wKyLFIKmiDs
http://www.youtube.com/watch?v=kjVEr3izFvg
http://c77mxg.bay.livefilestore.com/y1pXkA5HKED6PM-1tz2kay5iNBFyC3gFNAWgTbAXF5gz0zEHRAYQsHSPTM4nDvyVqvikBM0DWkTsD4/Jim_FT_interview_17_11_2008_p1.mp4?download
http://c77mxg.bay.livefilestore.com/y1p613OfJXrLTcBAr0V4keRW0KeV6jZQV6ivxOlP51iMfYKf2PGGUu87QKkfSWktfSBS4cqoAh_vKI/Jim_FT_interview_17_11_2008_p2.mp4?download
20/11/2008
Jim is tsill holding USD. He maybe holding it until next year even.
25/11/2008
This is also the first time that all government and central banks around the world are printing money. Before there was isolated cases not a widespread event.
This would create an inflationary environment later on.
By Jim Rogers
Published: November 18 2008 02:00 Last updated: November 18 2008 02:00
T he following are excerpts from this week's View from the Markets interview
FT: It's a year since we last interviewed you. You were aggressively bearish about the dollar, but you thought there would probably be a rebound and you would take that as an opportunity to get further out of the dollar. Have you made a further exit from the dollar?
JR: Not yet, no. And the reason I haven't is because we're in a period of forced liquidation of
everything. We've had only eight or nine periods like this in the past 150 years, where everybody has to reverse their positions on everything. There is a gigantic short position in the dollar and they're all having to cover as they reverse their positions, so this rout is going to go on much further than I would have expected - to my delight, because then I'll get to sell at higher prices. I don't know whether I'll get out this month or this year even - maybe next year, but I do plan to get out of the rest of my US dollars, because this is an artificial rally caused purely by short covering.
FT: How will you tell when that deleveraging is finally over?
JR: I'm sure I won't get it right, but I do hope that when there's a lot of euphoria about the dollar and everybody's saying, well, see, there's no problem with the dollar . . . I hope I'm smart enough to recognise it and finally get out of the dollar, because it is a flawed and, maybe, even doomed currency.
FT: Do you see the sell-offs we've seen in commodities as a drastic correction?
JR: Well, we're in a period of forced liquidation of all assets . . . we're getting the business cycle effect on demand right now, certainly, but unless the world's in perpetual economic decline, commodities are the only thing going to come out of this OK.
FT: Does this mean you're actually buying back into commodities at the moment, or is this an area you're standing clear of?
JR: No, no. In October when I started covering my shorts in the US stock market, I started buying Chinese shares, Taiwan shares. I started buying commodities again. No, no, I've added to those positions.
FT: What's your strategy towards emerging market stocks?
JR: My hope is that I'm smart enough and brave enough at some point along the line to buy some of them back. But I'm not even thinking about it right now . . . The world's financial situation is in a mess, and there are a lot of people who have to liquidate. I mean, we must have had 30,000 MBAs flying around the world looking for emerging markets. All of that money has got to come home.
FT: How do you think the world should go about redesigning the regulatory system, and are you worried that we're going to end up with a swing towards over-regulation?
JR: Well, we probably will. The problem is that people like Alan Greenspan would never let the market work . . . For 15 years, under Greenspan, and now Bernanke, they would not let the market work. Had they let Long-Term Capital Management fail, back in 1998, we wouldn't have these problems now, I assure you. Lehman Brothers would have been smashed. Goldman Sachs, Bear Stearns, would have been smashed. We wouldn't have these problems now. That only happened because every time they turned around they propped these guys up, gave them more money, and that's why we have the problem. . . . But now, of course, they're going to blame it on other people and cause more regulations.
FT: You're arguing we need to allow some more big institutions to fail?
JR: One failed. Why didn't they let Fannie Mae and Freddie Mac? I mean, I was short Fannie Mae, and they should have let it fail, go zero. AIG - they should have let it fail. They should have let all of these guys fail, and we would clean out the system . . . What they're doing is, they're taking the assets away from the competent people, giving them to the incompetent people and saying to the incompetent: 'OK, now you can compete with the competent people, with their money.' I mean, this is terrible economics. This is outrageous economics.
http://www.ft.com/cms/s/0/fb9a69aa-b511-11dd-b780-0000779fd18c.html
http://www.youtube.com/watch?v=wKyLFIKmiDs
http://www.youtube.com/watch?v=kjVEr3izFvg
http://c77mxg.bay.livefilestore.com/y1pXkA5HKED6PM-1tz2kay5iNBFyC3gFNAWgTbAXF5gz0zEHRAYQsHSPTM4nDvyVqvikBM0DWkTsD4/Jim_FT_interview_17_11_2008_p1.mp4?download
http://c77mxg.bay.livefilestore.com/y1p613OfJXrLTcBAr0V4keRW0KeV6jZQV6ivxOlP51iMfYKf2PGGUu87QKkfSWktfSBS4cqoAh_vKI/Jim_FT_interview_17_11_2008_p2.mp4?download
20/11/2008
Jim is tsill holding USD. He maybe holding it until next year even.
25/11/2008
This is also the first time that all government and central banks around the world are printing money. Before there was isolated cases not a widespread event.
This would create an inflationary environment later on.
Sunday, November 16, 2008
Li’l Iron Ranger Philip Falcone Defends the American Dream
Li’l Iron Ranger Philip Falcone Defends the American Dream
11/13/08 at 2:00 PM
Harbinger Capital Management founder and Times investor Philip Falcone appeared alongside four other billionaire hedge-fund managers — George Soros, Kenneth C. Griffin, John Paulson, and James Simons — in front of the House Committee on Oversight and Government Reform this morning. The group had been called by Representative Henry Waxman to defend their use of leverage and how it may have contributed to the current financial crisis, and Falcone, who had a record year last year, wanted to prove he wasn't just a big swinging dick who spent all his time making money off other people's fears and mistakes and terrorizing the Times: He was a human being, just like anybody else. A working-class, hockey-playing kid from Minnesota who happened to have made good, and could you fault him? It was with some trepidation that he stood to give his prepared opening remarks. "I would just like to take a moment to tell you about myself," he began.
"I was born in Chisholm, Minnesota, population 5,000, on the Iron Range of Minnesota. I was the youngest of nine kids who grew up in a three-bedroom home in a working-class neighborhood. My father is a utility superintendent who never made more that $14,000 a year, while my mother worked in the local shirt factory.
I attended Chisholm Senior High, and went on to Harvard University, where I received an A.B. in Economics in 1984. After college, I went on to pursue my first love, hockey, although an injury cut short a professional hockey career abroad. I then moved to New York and began working as a high-yield bond trader at Kidder, Peabody. A few years later, at the age of 28, I teamed up with a friend to complete a leveraged buyout of a small company in Newark, New Jersey. Unfortunately, the recession in the 1990s made that venture quite difficult. As a result, by 1994, I was so 'financially challenged' that the power in my apartment was shut off because I could not afford to pay the electric bill. That experience, as painful as it was, stayed with me over the years and taught me several valuable lessons that have had a powerful impact on my success as a hedge fund manager.
I take great pride in my upbringing, and it is important for the committee and the public to know that not everyone who runs a large hedge fund was born on Fifth Avenue — that is the beauty of America."
When he finished, the court was silent. Then, from the back of the room, came a lone clap, followed by another clap, that eventually swelled into thundering applause. "All right, Philip!" shouted Coach Shock, who was there to cheer on his Little Iron Ranger. "Order! Order in the court!" shouted Representative Waxman, banging his gavel, and the court again went silent. Then he spoke. "Mr. Falcone, I would like to commend you," he said. "Your presence today has taught me a valuable lesson: forget regulation! Regulation would put a stranglehold on your beautiful spirit, and on the spirits of all of the other young mountain children whose dreams consist of paying $49 million for a porn baron's mansion and amassing the kind of wealth that could support a small nation." He gulped. "Thank you for coming in, sir. I think we all see a little more clearly now."
http://nymag.com/daily/intel/2008/11/lil_iron_ranger_philip_falcone.html
Philip Falcone telling a little bit more about his upbringing
11/13/08 at 2:00 PM
Harbinger Capital Management founder and Times investor Philip Falcone appeared alongside four other billionaire hedge-fund managers — George Soros, Kenneth C. Griffin, John Paulson, and James Simons — in front of the House Committee on Oversight and Government Reform this morning. The group had been called by Representative Henry Waxman to defend their use of leverage and how it may have contributed to the current financial crisis, and Falcone, who had a record year last year, wanted to prove he wasn't just a big swinging dick who spent all his time making money off other people's fears and mistakes and terrorizing the Times: He was a human being, just like anybody else. A working-class, hockey-playing kid from Minnesota who happened to have made good, and could you fault him? It was with some trepidation that he stood to give his prepared opening remarks. "I would just like to take a moment to tell you about myself," he began.
"I was born in Chisholm, Minnesota, population 5,000, on the Iron Range of Minnesota. I was the youngest of nine kids who grew up in a three-bedroom home in a working-class neighborhood. My father is a utility superintendent who never made more that $14,000 a year, while my mother worked in the local shirt factory.
I attended Chisholm Senior High, and went on to Harvard University, where I received an A.B. in Economics in 1984. After college, I went on to pursue my first love, hockey, although an injury cut short a professional hockey career abroad. I then moved to New York and began working as a high-yield bond trader at Kidder, Peabody. A few years later, at the age of 28, I teamed up with a friend to complete a leveraged buyout of a small company in Newark, New Jersey. Unfortunately, the recession in the 1990s made that venture quite difficult. As a result, by 1994, I was so 'financially challenged' that the power in my apartment was shut off because I could not afford to pay the electric bill. That experience, as painful as it was, stayed with me over the years and taught me several valuable lessons that have had a powerful impact on my success as a hedge fund manager.
I take great pride in my upbringing, and it is important for the committee and the public to know that not everyone who runs a large hedge fund was born on Fifth Avenue — that is the beauty of America."
When he finished, the court was silent. Then, from the back of the room, came a lone clap, followed by another clap, that eventually swelled into thundering applause. "All right, Philip!" shouted Coach Shock, who was there to cheer on his Little Iron Ranger. "Order! Order in the court!" shouted Representative Waxman, banging his gavel, and the court again went silent. Then he spoke. "Mr. Falcone, I would like to commend you," he said. "Your presence today has taught me a valuable lesson: forget regulation! Regulation would put a stranglehold on your beautiful spirit, and on the spirits of all of the other young mountain children whose dreams consist of paying $49 million for a porn baron's mansion and amassing the kind of wealth that could support a small nation." He gulped. "Thank you for coming in, sir. I think we all see a little more clearly now."
http://nymag.com/daily/intel/2008/11/lil_iron_ranger_philip_falcone.html
Philip Falcone telling a little bit more about his upbringing
Dollar's Days Numbered; Buy Commodities: Jim Rogers
Dollar's Days Numbered; Buy Commodities: Jim Rogers
Commodities are one of the only viable investment opportunities left and are set to rebound as demand problems take hold, while the outlook for the dollar is bleak, famed investor Jim Rogers said Friday. The dollar's days as the world's reserve currency are numbered, Rogers said at the World Money Show conference in London.
The greenback faces serious devaluation as spiraling national debt and a worsening economic crisis undermine it, he said.
America's growing debt problem is "out of control" and Federal Reserve Chief Ben Bernanke's strategy of printing money is a "terrible policy," he said.
Bernanke "does not understand economics, he does not understand markets … he is going to run those printing presses until we run out of trees," he added.
Commodities 'Through the Roof'
Despite the recent massive declines in oil and other commodities, the asset class is in a bull market caused by ever tightening supply, according to Rogers.
“When supply goes down and demand goes up, that’s a bull market," Rogers said.
"By the time we get to the end of this bull market, commodities will be going through the roof," he said.
"The only place I know where the fundamentals are unimpaired is commodities," he added.
Nearly every oil-producing country has declining reserves, Rogers said. Rogers highlighted Africa as being a key continent for oil exploration going forward. He also speculated that a commodities bull run could last until 2020.
Rogers warned investors against putting money into bonds, saying that would be a "terrible place to invest for a long time to come."
"Stocks at best are going to continue in a big trading range," he added.
The dollar is going to have "serious problems down the road," Rogers said, adding that he is using dollar rallies as opportunities to get out of the currency.
http://www.cnbc.com/id/27717135
16/11/2008
tjhinkh: Africa will be a key continent for oil exploration going forward.
Commodities bull run may last until 2020
Commodities are one of the only viable investment opportunities left and are set to rebound as demand problems take hold, while the outlook for the dollar is bleak, famed investor Jim Rogers said Friday. The dollar's days as the world's reserve currency are numbered, Rogers said at the World Money Show conference in London.
The greenback faces serious devaluation as spiraling national debt and a worsening economic crisis undermine it, he said.
America's growing debt problem is "out of control" and Federal Reserve Chief Ben Bernanke's strategy of printing money is a "terrible policy," he said.
Bernanke "does not understand economics, he does not understand markets … he is going to run those printing presses until we run out of trees," he added.
Commodities 'Through the Roof'
Despite the recent massive declines in oil and other commodities, the asset class is in a bull market caused by ever tightening supply, according to Rogers.
“When supply goes down and demand goes up, that’s a bull market," Rogers said.
"By the time we get to the end of this bull market, commodities will be going through the roof," he said.
"The only place I know where the fundamentals are unimpaired is commodities," he added.
Nearly every oil-producing country has declining reserves, Rogers said. Rogers highlighted Africa as being a key continent for oil exploration going forward. He also speculated that a commodities bull run could last until 2020.
Rogers warned investors against putting money into bonds, saying that would be a "terrible place to invest for a long time to come."
"Stocks at best are going to continue in a big trading range," he added.
The dollar is going to have "serious problems down the road," Rogers said, adding that he is using dollar rallies as opportunities to get out of the currency.
http://www.cnbc.com/id/27717135
16/11/2008
tjhinkh: Africa will be a key continent for oil exploration going forward.
Commodities bull run may last until 2020
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