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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (7019)	2/4/2008 4:45:00 PM
From: Wharf Rat	Respond to of 24235

Investment Guru Jim Rogers: U.S. Economy ‘Pretty Terrifying,’ But It’s Not End of the World (Part 3 of 3) Posted: January 31, 2008 Because commodities guru Jim Rogers correctly predicted that the U.S. sub-prime mortgage mess would lead to a real estate crash that would trigger defaults and spread contagion to emerging markets, it’s well worth listening to what he thinks will happen next. It’s “pretty terrifying” how the United States has become the largest debtor nation the world has ever seen, Rogers said by phone from Singapore during an interview with EnergyTechStocks.com. “America’s going to have a lot of serious problems,” problems which the “stupid things” the lobbyist-controlled political system in Washington will likely make worse. Rogers, who made headlines last fall when he said he was shifting all his assets out of the U.S. dollar and buying Chinese yuan, told EnergyTechStocks.com that he doesn’t expect to own the U.S. dollar for 20 or 30 years. Things are “terribly problematic” for the dollar, he said. Asked whether he thinks there are any U.S. presidential candidates who could turn things around, Rogers said, “Ron Paul understands it for the most part.” He went on to say there is a “gigantic lobby that wants to perpetuate the problems” inherent in energy policy, the medical system, the tax code and other major areas of national concern. In a discussion of the U.S.’s energy problems, Rogers said, “Whatever they do, they’ll do it wrong. Whoever is elected, do you think they’ll let them drill for oil in Alaska or offshore?” Instead, Rogers expects Washington to continue trying to tax oil companies. As an expression of his disdain for Washington, Rogers said that “Doctor Copper,” meaning the metal and not any individual, had shown a better sense that the U.S. economy was headed for big trouble than any economist in Washington, explaining that copper price softness should have been recognized as a leading indicator of trouble. Rogers summed up in a single word what he thinks it’s going to take to turn things around for the U.S. economy. “It’s going to take a crisis,” he said. Still, Rogers made a point of saying he doesn’t think this is the end of the world. There should be pockets of prosperity in the U.S. even during the hard times, he said, adding that farmers in Iowa and oilmen in Oklahoma likely will fare well. While the owner of a lake house in Massachusetts will be hurting, he added, the owner of a lake house in Iowa won’t be energytechstocks.com