Our politicians could be leading us directly into another Great Depression. The idea that you can solve problems of too much debt and borrowing and consumption with more debt and borrowing and consumption is absolutely ludicrous. The politicians are turning a crisis into a disaster. It is the same thing as the 1930s. They made mistake after mistake after mistake, and the turned a regular recession into a depression.
Jim Rogers daughter, Happy Rogers, has been enrolled in a Mandarin school in Singapore. Jim wants her to grow up speaking Manadarin because it will be the most important language in her lifetime. Jim Rogers daughter has already had a book written for her by her father, A Gift to My Children, so it definitely seems like Jim Rogers is giving her a lot of early advantages in her life that her peers won’t have.
All the money is in China and Singapore and Hong Kong. Historically, that is where the prosperity occurs. Nobody will lend money to Iceland right now, and the same could happen in the future to the UK.
Asia is the wave of the future. Moving to Britain in 1807 was brilliant. Moving to the United States in 1907 was brilliant, and it would be brilliant now to move to Asia, which is where Jim Rogers daughters are going to grow up. Jim Rogers daughters can already speak Mandarin, and by moving they will be able to continue to speak it. Historically, all the action moves to where the creditor nations lie rather than to the debtor nations. There has never been a country in greater debt to the rest of the world than the United States is now. It has never worked in the past and it won’t work now. The Japanese spent a lot of money in the 1990s, and they had the lost decade. Bridges and highways were built to nowhere, and they never let the system clean itself out.
The consensus in Washington DC is that spending and borrowing will solve the problems of borrowing and spending. But there are other people who think that saving and investing is the way to go. Governments take the money from the competent and give it to the incompetent so that the incompetent can keep competing with the competent with the competents’ money.
The United States is already talking about taxing capital. They are talking about protectionism. These are the same mistakes that led to the Great Depression. It is happening again. The mistakes that Gordon Brown is making could lead to a worldwide depression.
The sterling is finished, and the British press went crazy with it. It was only an offhand comment. There is nothing that the UK has to sell enough of to pull themselves out of this mess. The UK already has huge trade deficits, and it is only going to get worse.
The rules of economics are always the same. In the short term, people think that the rules don’t apply because they are in a bubble. But then everyone finds out that the emperor has no clothes. The UK has got to adapt, and a lot of people have got to go bankrupt, but the government keeps bailing out their friends. Mentions of Jim Rogers daughters don’t often pop up in his interviews, but when they do it is always interesting to see what he is going to teach them. He already wrote the book A Gift to My Children for them, which is filled with great aphorisms, investment advice, and general wisdom on life. Jim Rogers daughters are certainly lucky to have a great father.
Jim Rogers is a worldwide respected writer, economist, and investor known for his accurate assessment of the world economy, stocks, and the stock market. Jim Rogers is the chairman of Rogers Holdings and Beeland Interests, Inc. He also founded the Quantum Fund with his friend and fellow investor George Soros and he is credited with the creation of the RICI Commodities Index.
