Jim Rogers: Emperor UK and US have no clothes - March 3, 2009 (29min.)

[LargoWinch]

I know that I have been on a "Jim Rogers" spree lately in the video section.

So before Spartacus calls for a "Jim on steroids" in the Rant & Rave section, I hope that EJ, Ed. and fellow iTulipers will think of something to ask Jim that fits outside Mr. Rogers usual message contained in these clips...
-W.

Quick Summary (not exhaustive)

- This is going to be worse than the depression

- Raising capital taxes is a mistake

- Protectionism is a mistake

- The City of London is drying up [sorry Mike]

- The sterling is finished

- The UK and the US will not be able to sell government bonds in the future

- LTCM is one of the seed of our current problems, because the CB bailed it out in 1998

- Bailing out Northern Rock was a mistake

- First time in history that underdeveloped nations are financing the developed nations

- Inflating away has never worked in the median and long-term; it has never worked

- I don't want to be poor again...I have done that

- I sold all of my sterling 6 months ago

- What they say [CBs] is that we will take the money back of the system once inflation kicks in; I don't believe a word of it

- You are starting to see civil unrest in "prosperous" nations; we will have more. Be prepared.

- A lot of people in Asia - and also farmers - are going to make a lot of money...and drive Ferrari

[Sharky]

Re: Jim Rogers: Emperor UK and US have no clothes - March 3, 2009 (29min.)

Good video; thanks for posting. The interviewer was a little thick-headed, but I think Rogers got his points across well.

[plinko]

Re: Jim Rogers: Emperor UK and US have no clothes - March 3, 2009 (29min.)

hmmm, so I can either leave for China (or hopefully some other net creditor asian country that isn't japan), or buy farmland.

funny, I had a passing thought to look into farmland sale websites today.

[metalman]

Re: Jim Rogers: Emperor UK and US have no clothes - March 3, 2009 (29min.)

Good video; thanks for posting. The interviewer was a little thick-headed, but I think Rogers got his points across well.

poor jim. gets the same stupid questions over and over again. where does he get the patience?

hard to imagine farmers driving lamborghinis. he's confusing demand for food with ability to pay for food. in the post finance world jim's talking about, no one is driving lamborghinis except the inherited money.

[jpatter666]

Re: Jim Rogers: Emperor UK and US have no clothes - March 3, 2009 (29min.)

By "farmer" he no doubt means as a "Gentleman Farmer" -- sitting on the porch drinking a mint julep while giving orders to the overseers.

Sad part is I can almost view that. Ten years from now he'll either be managing his indentured servants (debtors prison having come back into vogue) or hanging from a tree as an "enemy of the people"

[hayekvindicated]

Re: Jim Rogers: Emperor UK and US have no clothes - March 3, 2009 (29min.)

poor jim. gets the same stupid questions over and over again. where does he get the patience?

hard to imagine farmers driving lamborghinis. he's confusing demand for food with ability to pay for food. in the post finance world jim's talking about, no one is driving lamborghinis except the inherited money.

The prices of used Porches are crashing so fast in the UK (in real terms - adjusted for Sterling devaluation), that pretty soon it won't be any great distinction to own one. And if Porches tumble in price, so will the Lambos and the Ferraris.

Not for me though. I'll stick to lousy public transport.

[hayekvindicated]

Re: Jim Rogers: Emperor UK and US have no clothes - March 3, 2009 (29min.)

By "farmer" he no doubt means as a "Gentleman Farmer" -- sitting on the porch drinking a mint julep while giving orders to the overseers.

Sad part is I can almost view that. Ten years from now he'll either be managing his indentured servants (debtors prison having come back into vogue) or hanging from a tree as an "enemy of the people"

Its not unusual for some farmers in India to earn millions every year in hard cash and then spend it on ridiculous luxuries.

[Spartacus]

Re: Jim Rogers: Emperor UK and US have no clothes - March 3, 2009 (29min.)

Its not unusual for some farmers in India to earn millions every year in hard cash and then spend it on ridiculous luxuries.

Must be a diffrent country than the one I spent 3 months in last year.

3 months traveling in rural India tells a completely different tale.

Bunches of newspaper stories documented farmers committing suicide to get their families out of debt.

Migrant workers being beat up by locals for taking local jobs.

etc, etc, etc ...

In the midst of that, there was lavish spending too.

Reminded me of something Terry Pratchett wrote (paraphrased) -

"you might not be able to afford a funeral, but you'd die before you let anyone know that"

[hayekvindicated]

Re: Jim Rogers: Emperor UK and US have no clothes - March 3, 2009 (29min.)

Must be a diffrent country than the one I spent 3 months in last year.

3 months traveling in rural India tells a completely different tale.

Bunches of newspaper stories documented farmers committing suicide to get their families out of debt.

Migrant workers being beat up by locals for taking local jobs.

etc, etc, etc ...

In the midst of that, there was lavish spending too.

Reminded me of something Terry Pratchett wrote (paraphrased) -

"you might not be able to afford a funeral, but you'd die before you let anyone know that"

Note I said "some".

[Spartacus]

Re: Jim Rogers: Emperor UK and US have no clothes - March 3, 2009 (29min.)

Note I said "some".

I had no argument with what you wrote - I wrote some of the same.

I was just adding a little color

[hayekvindicated]

Re: Jim Rogers: Emperor UK and US have no clothes - March 3, 2009 (29min.)

I had no argument with what you wrote - I wrote some of the same.

I was just adding a little color

The condition of farmers in India also differs between regions. I think your trip may have covered the Maharashtra, Madhya Pradesh and Andhra Pradesh region.

In the farming areas of Punjab and Haryana (which that TIME article alluded to), farmers tend to be (relatively) more prosperous and haven't suffered the same incidents of suicides due to too much debt. Also, a major difference between Punjab/Haryana and Maharashtra/Madhya Pradesh/Andhra Pradesh regions is the well irrigated nature of the land in the former and the lack of good irrigation in the latter. Farming in the Punjab region is the closest you get to modern mechanised farming in India. Other regions are not as well organised and are more vulnerable to intermittent monsoon rains.