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Jim Rogers – What Recovery? America’s Problems “Getting Worse, Not Better,”

Yahoo Finance Tech Ticker – December 10th, 2009 “It’s getting worse, not better.” That’s how Jim Rogers responds to the recent talk of improvement from President Obama, Treasury Secretary Geithner and Fed Chairman Bernanke, among others. “Papering over the problem is not going to solve America’s problem,” Rogers says. “The idea you can solve a problem of too much debt and too much consumption with more consumption and more debt defies belief. I cannot believe that grownups would stand there and say that.” History shows the only way to solve a financial crisis is “when people go bankrupt, you let them go bankrupt,” Rogers say. “Then, competent people come in, take over the assets, reorganize and you start over.” But rather than “take the pain and reorganize and start over,” as Sweden, South Korea and others have done, Rogers says America is “doing the Japanese model.” Keeping zombie banks alive and bailing out their creditors will only prolong the pain, the famed financier predicts. “What has been happening is the government has been printing and spending a lot of money,” he says. “The problem is not solved – they’re making the problem worse.” Adding insult to injury, Rogers fears the “unintended consequences” of new regulations that inevitably come from politicians seeking someone to blame for the crisis. “The problems in last two years came from industries that are heavily regulated: banking, insurance, mortgage,” he notes. “Now what? You’re going to make the regulations

24 Responses to “Jim Rogers – What Recovery? America’s Problems “Getting Worse, Not Better,””

  1. Jack William Atkins Reply March 6, 2013 at 10:11 pm

    america will never be out of debt – come to australia and be free of debt

  2. MOST people never have. What the founders called an ‘irate minority’ brings about change. And if everyone who listens to economists would listen to Ron Paul, who is so well versed in economics he was saying these things ten years ago, they’d find the answers to our problems. Not in one man, but with leadership that wouldn’t work AGAINST us, but scale down, get out of the way, and let America thrive on the energy of the people in a free market economy.

  3. LET FREEDOM RING!
    1. Question everything
    2. Think for yourself
    3. Vote for truth-tellers, not for PR masters
    4. Choose love, not hate
    5. Stand up for others, including yourself
    6. Turn off the TV
    7. Read

  4. Unfortunately, most people don’t care anymore :/

  5. America is plagued with problems. We’re nearly bankrupt, we’re at war, Monsanto seems more dangerous than all the terrorists combined, jobs are scarce, the economy is weak, and many of us feel like we’re losing our own country.
    But we’re FREE! And because we’re free, we can fix these mountainous problems. These mountains seem so big when we act as individuals, but when we’re one nation united, they shrink down to golf ball size.
    All it takes is all of us doing everything we can to save America.

  6. government is not printing money – the borrow it from the fed at interest -and the fed -well they print it out of thin air and loan and also charge interest -of course someone is going tobe unable to pay because the principal is 100% of the money supply

  7. It can be clearlly seen that this is a dating site benaughtyman.info

  8. please let the fed act of 1913 end in 2012, those guys have done nothing but rape us normal folks, and made the banksters super rich!

  9. 19 They shall cast their silver in the streets, and their gold shall be removed: their silver and their gold shall not be able to deliver them in the day of the wrath of the Lord: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.
    Eze 7:19

  10. 19 They shall cast their silver in the streets, and their gold shall be removed: their silver and their gold shall not be able to deliver them in the day of the wrath of the Lord: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.
    Ezekiel 7:19

  11. whereismybailouttv Reply March 7, 2013 at 12:55 am

    Jim for Secretary of the Economy!

  12. The regulation that is needed is the regulation imposed by nature. If you dont work you dont eat. If you dont produce something you can consume something. If you dont earn you cant spend, We need a currency that cant be printed at will by criminal bankster. We need to return to the Gold Standard. We need to turn our back on big government and the criminal money shufflers who have no idea what an honest days work is and become self sufficient, Anything else just leeds to slavery!

  13. Duh…

  14. I’m 100% in agreement. What I meant was if the purpose of the bailouts was to save the system of corrupt banks, then they were successful. This is by no means an endoresment of the practice.

  15. The banking system does not need to be bailed out. Let the bank fail. Let business fail. Then they can start over again. The banking system is unconstitutional in first place. George washiton did not want a central banking system. He knew how powerful it was. I disagree with you that bailouts work. THe economy is very weak becauses of the bailouts. If we did not bailout them out maybe the economy would be strong.

  16. Actually, bailouts work just fine-for the banks. There is really no pretense by the government anymore that the bailouts were for any other reason than to save the banks.

  17. Well said my friend! I think it is about time that people realize these officials are very far from stupid. This was all planned for us long ago and once everyone wakes up and stops thinking that this is just the work of stupidity the faster we can correct the problem

  18. This is not just the short-term he’s talking about. This is going to play out over decades if it isn’t ended soon. The inflation in China was a result of the dollar peg. What’s really inflating there?

  19. Jim rogers lives in Singapore.

  20. America.
    Learn to live a different life-style.
    Your economy looks terminally ill.

    Half a year after this first aired,
    you economy looks just as terminally ill, as ever.

    The question is,
    will you go quickly,
    or will you go slowly ?

    If you take your medicine NOW,
    it might to be terminal,
    you might servive.

  21. Bailouts dont work. We should be doing is cuting spending. The government and american people (myself included) should be living within their means. One President tried to spend his way out and made the great depression. History does repeate itself in one way or another way.

  22. “They boomed after three of four years of horrible pain.” OK, Jim, you sold me.

  23. Thetruthishere11 Reply March 7, 2013 at 6:39 am

    People voting for money is NOT DEMOCRACY nor a Republic.

    Anyone who receives government largess shouldn’t be allowed to vote.

  24. All this talk about US getting worse? It is the European Union that is in crisis now.
    Not to mention the rising interest rates in China, where Rogers lives. China is trying to curb inflation by raising interest rates.  China also had a stimulus program and China over-did it.
    Too bad, Rogers could not have predicted the Euro Crisis.

    But, now, Rogers probably say the same thing about Euro Union now?
    And the world is running to the US dollar.
    I know, I know Rogers is a terrible market timer.

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