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Ep. 429: Jim Rogers Interview with Michael Covel on Trend Following Radio

Jim Rogers
Jim Rogers

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Today on Trend Following Radio Michael Covel interviews Jim Rogers. Jim is a famed American investor based in Singapore. He was co-founder of the Quantum Fund, and has authored numerous books. Today’s conversation is geared toward the central banking system and the direction Michael and Jim think the world’s economy is headed.

Michael starts the podcast off talking about negative interest rates and if that is a possibility in the U.S. Jim brings up a study published in 2007 that said, “We have the Federal Reserve, we have 1,000 of the most brilliant economists in the world how can we be wrong? How can people say that we are wrong?” Jim says that for the last 30 years the Fed has done just that. They have gotten just about everything wrong. Janet Yellen has been getting everything wrong since before she was even head of the Fed. She blames her blunders on the market being wrong or the public being wrong. According to Jim, every head of the Fed has been an academic and political hack.

Michael posits, “Everyone should be able to imagine another stock crash, we have had enough of them.” Jim says that the debt is staggering right now so when we have a crash it is going to be utter chaos. When we have extreme economic problems a war usually follows as well as someone coming in on a white horse to save the day. That white horse person will also cause more debt and make things even worse. This is the first time in history that government is actually out to destroy the people who have saved and set away for retirement. The middle and saving class has been destroyed before, but that was because of war or inflation. Jim says that it is mind boggling that the government’s solution to clearing up debt is to create more debt.

Next, Michael asks, “How do you see China right now?” Jim says that when they had their big market crash they chose to invest in the future with money they had saved. In America, we did the opposite. We chose to bail out the bureaucrats and make sure the rich didn’t go poor. The European and Japanese central banks have come out saying that they will practice unlimited QE funding. They will print unlimited amounts of money to solve their economic problems. Most do not question this because most people have no idea who or want the central bank is.

Lastly, Michael asks Jim what the best way is to prepare for potential problems that may unfold in the future. Jim says the first thing is to not listen to the news or what you may read on the internet. Stay with what you know and if you don’t think you know something, do nothing..

In this episode of Trend Following Radio:

  • Negative interest rates
  • Central banking systems
  • Market crashes
  • The impact of unintended consequences
  • Preparing for the future

“For the last 30 years look at who we have had down there [as the head of the Federal Reserve]. They have all been academic and political hacks.” – Jim Rogers

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Jim Rogers: Make Life an Adventure

Feedback in:

Michael

Would very much appreciate if you could forward this email on to Jim [Rogers].

We have some great friends that have been living in Singapore for some time now. A few years back they persuaded my wife and I and our 2 young kids to jump on a plane and travel half way round the world to see them. We now obviously have the Asia bug and go over every year to get our fix–traveling around whilst we are there. It’s amazing how opinionated people are on Singapore–mostly the ones that have never been. We just love it. Anyway whilst at the airport waiting for our flight back to the UK, I was constantly being pestered by my 7-year old boy for a toy plane–specifically the one we would be traveling back on–the A380. I headed for the nearest gift shop and spent the next half an hour aimlessly browsing whilst the mini ‘pilot’ tried to make up his mind which color to have. Searching through the book section I stumbled across a copy of Jim’s ‘Street Smarts’. Perfect I thought, this will cheer up the 12-hour flight home.

As ‘both’ A380’s taxied down the runway. I opened Jim’s book to discover someone had scribbled on the front title page! On closer inspection I realized [he had signed it].

“Make life an adventure–Jim Rogers”

Having listened to your podcast interview 301 with him in Singapore, reading the signed copy made the whole book even more enjoyable.

Thank you to you both for your great books and inspiration/direction…just need to get a Covel book signed now.

Kind regards
[Name]
Investment Manager/Trend Follower

Nice thoughts! I am sure Jim will like.

Ep. 301: Jim Rogers Interview with Michael Covel on Trend Following Radio

Jim Rogers
Jim Rogers

Michael Covel speaks with Jim Rogers on today’s podcast. Rogers is an American businessman, investor and author currently based in Singapore. He is the Chairman of Rogers Holdings and Beeland Interests, Inc. He was the co-founder of the Quantum Fund and creator of the Rogers International Commodities Index (RICI). Rogers does not consider himself a member of any school of economic thought, but has acknowledged that his views best fit the label of Austrian School of economics. Covel gives some of his personal history with Rogers, noting that he also first read about him in the Market Wizards book. Covel also notes that Rogers’ Investment Biker book inspired him to travel. Covel joins Rogers for an in-person conversation from Singapore. They discuss why it shows that the kind of people that travel are the kind of people you want in your country; infrastructure in China; stereotypes of various countries in Asia; China’s military; current Fed policy in America; what “can-do” spirit can do in a state of decline; why the next crisis might be worse than the last; the importance of language skills; participating in big long-term bets with regard to countries; and why, if he could, Rogers would put all of his money into North Korea.

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