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Inflationary Holocaust - Jim Rogers
Asheron
Posts: 1,229 Forumite
http://www.youtube.com/watch?v=w84EiCt0Lqk
Inflationary Holocaust. 'Legendary investor Jim Rogers warned during a CNBC interview this morning that global central banks are creating the environment for an inflationary holocaust by their ceaseless overprinting of currency, a measure that isn't even successful in stabilizing the stock market.
Rogers said that the only solution to the market crisis was to let failing banks and speculators go bankrupt and stop pumping endless amounts of liquidity into the system, labeling it outrageous that responsible investors and taxpayers are being made to bail out crooks on Wall Street.
"The way to solve this problem is to let people go bankrupt," Rogers stressed, "All of this pumping money into the system is not going to save it - see what the market is saying, it's saying we don't buy that, let people go bankrupt," he added.
"Then you will hit bottom and then you start over. The people who are sound will take over the assets from the people who aren't sound and we will start over. This is the way the world has worked for a few thousand years," said Rogers.
Rogers warned that the reliance on governments printing money would not aid a recovery and would only lead to the problem becoming worse in the future.
"We're setting the stage for when we come out of this of a massive inflation holocaust," he said.
Rogers said that excesses of credit and people becoming over-leveraged meant that they would now have to take some pain.
"Never before in world history were people able to buy houses with no money down, many people bought four or five houses with no money down and no job and then they did it with cars and student loans and credit card loans, you just think we say well that's too bad we're gonna start over nobody loses his job, be realistic," said Rogers.
Rogers said that the G7 leaders, who are meeting this weekend, should "go down to the bar, have a beer and leave the rest of us alone, let the people who are sound succeed and let the other people fail."
"What I'm afraid of is they're gonna keep doing what they've been doing - which the market hates, you can see the market hates it - because this is going to unleash rampant inflation around the world, rampant confusion in the currency markets and you're gonna have currencies gyrating all over the world," said Rogers, repeating that the central bankers were unleashing an "inflationary holocaust".
A CNBC expert then expressed his confusion at Rogers' argument that overprinting of currency caused hyper inflation, seemingly displaying less grasp of basic economic cause and effect principles than a 5-year-old would.
Rogers again made the point, "When you print gigantic amounts of money and you flood the world with money, throughout history that has led to inflation.
Inflationary Holocaust. 'Legendary investor Jim Rogers warned during a CNBC interview this morning that global central banks are creating the environment for an inflationary holocaust by their ceaseless overprinting of currency, a measure that isn't even successful in stabilizing the stock market.
Rogers said that the only solution to the market crisis was to let failing banks and speculators go bankrupt and stop pumping endless amounts of liquidity into the system, labeling it outrageous that responsible investors and taxpayers are being made to bail out crooks on Wall Street.
"The way to solve this problem is to let people go bankrupt," Rogers stressed, "All of this pumping money into the system is not going to save it - see what the market is saying, it's saying we don't buy that, let people go bankrupt," he added.
"Then you will hit bottom and then you start over. The people who are sound will take over the assets from the people who aren't sound and we will start over. This is the way the world has worked for a few thousand years," said Rogers.
Rogers warned that the reliance on governments printing money would not aid a recovery and would only lead to the problem becoming worse in the future.
"We're setting the stage for when we come out of this of a massive inflation holocaust," he said.
Rogers said that excesses of credit and people becoming over-leveraged meant that they would now have to take some pain.
"Never before in world history were people able to buy houses with no money down, many people bought four or five houses with no money down and no job and then they did it with cars and student loans and credit card loans, you just think we say well that's too bad we're gonna start over nobody loses his job, be realistic," said Rogers.
Rogers said that the G7 leaders, who are meeting this weekend, should "go down to the bar, have a beer and leave the rest of us alone, let the people who are sound succeed and let the other people fail."
"What I'm afraid of is they're gonna keep doing what they've been doing - which the market hates, you can see the market hates it - because this is going to unleash rampant inflation around the world, rampant confusion in the currency markets and you're gonna have currencies gyrating all over the world," said Rogers, repeating that the central bankers were unleashing an "inflationary holocaust".
A CNBC expert then expressed his confusion at Rogers' argument that overprinting of currency caused hyper inflation, seemingly displaying less grasp of basic economic cause and effect principles than a 5-year-old would.
Rogers again made the point, "When you print gigantic amounts of money and you flood the world with money, throughout history that has led to inflation.
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Comments
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What is he after now?
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
To be slightly pedantic, he used it as a common noun (no Capital) which has predated the (Jewish) Holocaust for centuries (and millenia if you go back to the root).
I have some sympathy with your complaint, though, as it is - no pun intended on such a topic - quite an inflammatory word to use. And the article did capitalise it, though, which is irrefutably wrong.0 -
Can see the headlines now:
Notorious gold ramper in currency downtalking sensation. Palace prepares statement.
And I don't just mean Rogers
“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
Asheron why don't you go with Mr Rogers and stay in the 25th century with Twiki!!0
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Holocaust comes from Greek holokauston ("that which is completely burnt"), which was a translation of Hebrew '
lâ (literally "that which goes up," that is, in smoke). In this sense of "burnt sacrifice," holocaust is still used in some versions of the Bible. In the 17th century the meaning of holocaust broadened to "something totally consumed by fire," and the word eventually was applied to fires of extreme destructiveness.
How is it out of context? "The Holocaust" which we all know, does not mean we cannot use this word for anything else where it is relevant to it's meaning.0 -
ramellous1 wrote: »Holocaust comes from Greek holokauston ("that which is completely burnt"), which was a translation of Hebrew 'lâ (literally "that which goes up," that is, in smoke). In this sense of "burnt sacrifice," holocaust is still used in some versions of the Bible. In the 17th century the meaning of holocaust broadened to "something totally consumed by fire," and the word eventually was applied to fires of extreme destructiveness.
How is it out of context? "The Holocaust" which we all know, does not mean we cannot use this word for anything else where it is relevant to it's meaning.
So if you used the above terms. Inflation is not going to happen.
"Inflationary goes up in smoke or as a burnt sacrifice"
The term was obviously used by the OP in a reference to persecution (wich I find distastefull) and if it was not it would still be the wrong word.
"Inflationary Nightmare" would be more appropriate surely.0 -
'Legendary investor Jim Rogers
Strange how this bloke is annointed as "legendary" and every word he say's quoted as Gospel !!!
18 Months ago, the general public and many investors wouldn't have heard of him or have aclue who he was.
Q:What has Rogers been 'banging on' about for the last 18 months ??
A: The Commodity Super Cycle
Q: What is he long of ??
A: Commodities
Q: What does he need to happen to make the most profit ??
A: A huge jump in Inflation
What a huge shock that this is the only thing he keeps trying to talk up !!!!
He might well be right in his assertions, but I'd rather listen to someone without his "legendary" history of market manipulation.
Remember his main claim to fame is his association with Soros and the Quantum Fund, and before the 'credit crunch' their main period in the limelight was during the 1992 ERM debacle, which was one of the largest and most successful market manipulations in history.'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
So if you used the above terms. Inflation is not going to happen.
"Inflationary goes up in smoke or as a burnt sacrifice"
"Inflationary Nightmare" would be more appropriate surely.
"the word eventually was applied to fires of extreme destructiveness."
So we could have:- "Inflationary fires of extreme destructiveness" Fires being figurative.
Sorry for the off topic, I just dig semantics.0 -
ramellous1 wrote: »"the word eventually was applied to fires of extreme destructiveness."
So we coud have:- "Inflationary fires of extreme destructiveness" Fires being figurative.
Sorry for the off topic, I just dig semantics.
sorry check out the meaning, that is only in context if used as a great loss of life or distruction by fire!
The word is comlpleatly wrong and out of context.
IMHO
http://www.thefreedictionary.com/holocaust0 -
I did check your link, and under "word history" I found this:- "In the 20th century holocaust has taken on a variety of figurative meanings, summarizing the effects of war, rioting, storms, epidemic diseases, and even economic failures."
Therefore could we have an economic failure caused by inflation (inflationary holocaust)?0
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