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US Is Nearing Even Worse Financial Crisis: Jim Rogers

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posted on Jun, 8 2011 @ 05:52 PM
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The U.S. is approaching a financial crisis worse than 2008, Jim Rogers, chief executive, Rogers Holdings, warned CNBC Wednesday.

"The debts that are in this country are skyrocketing," he said. "In the last three years the government has spent staggering amounts of money and the Federal Reserve is taking on staggering amounts of debt.

"When the problems arise next time…what are they going to do? They can’t quadruple the debt again. They cannot print that much more money. It’s gonna be worse the next time around."

The well-known investor believes the government won't shut down in August if agreement isn't reached on raising the debt ceiling, but he did say "draconian cuts" are needed in taxes and spending, especially military spending.


www.cnbc.com...

Find it interesting that Rogers refers to draconian cuts in spending, which is a reference to austerity measures clearly. He may be just speculating here but the options in reality, don't allow for any straightforward painless way out of the current mess and without a solution, will certainly have big adverse consequences down the road.. Another financial crisis is inevitable, but just how pervasive and severe is the question.




posted on Jun, 8 2011 @ 05:58 PM
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no i dont think he is speculating. Ive done months and months of research on the United States and its debt problems. It’s a mathematical certainty now and its only a matter of time before a grand economic collapse. All currencies tied to the USD will go down with it
edit on 8-6-2011 by camaro68ss because: (no reason given)



posted on Jun, 8 2011 @ 06:05 PM
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just let it fail, its been a very trying time,
just don't understand why they aren't trying ,
instead they take and give to bail out businesses without asking the "people"
edit on 8-6-2011 by wolveseyes because: it was only one line



posted on Jun, 8 2011 @ 06:07 PM
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Originally posted by wolveseyes
just let it fail



Why wait, bring it on.

I'd like to see who Omama blames when it happens.



posted on Jun, 8 2011 @ 06:13 PM
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It's not just Rogers and other CEOs raising the alarm.

Biggest Risk to Global Economy Is US Default: Fed's Bullard


Forget reverberations of Japan's quake, high oil prices and Europe's debt crisis. The biggest risk to the world economy currently is the U.S. government defaulting on its debt, according to St. Louis Federal Reserve Bank President James Bullard. "The U.S. fiscal situation, if not handled correctly, could turn into a global macro shock," Bullard said in an interview on Wednesday. "The idea that the U.S. could threaten to default is a dangerous one."....

Bullard worries about reaction overseas if the U.S. government would technically default — basically delaying interest payments for a couple of days. That could happen in the absence of a political compromise on this year's budget.

"If it were just U.S. markets, it might not cause too many problems, but we've got people participating in foreign markets who are probably not as tuned in to the U.S. political situation," Bullard said. The reverberations in those global markets would be very severe. That's where the real risk comes in. ....

"With the weaker data,it's fine to tell the story that you think things are going to pick up, but then you are going to want to see some confirmation of that,'' said Bullard, who oversaw research at the St. Louis Fed before becoming president in 2008.



www.cnbc.com...



posted on Jun, 8 2011 @ 06:15 PM
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reply to post by surrealist
 


I can forget college, God knows how bad the economy will be in 4 years. My major will probably be kissed ba-bye.



posted on Jun, 8 2011 @ 06:18 PM
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Originally posted by Reprobation
reply to post by surrealist
 


I can forget college, God knows how bad the economy will be in 4 years. My major will probably be kissed ba-bye.


I feel bad for all those in school right now. Its so hard to get a job after college and your already in debt. That sucks. Im glad i droped out 4 years ago and started my job early when the times were good. Im lucky to be working



posted on Jun, 8 2011 @ 06:31 PM
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reply to post by Reprobation
 


This might be of interest to you.




Sorry for being Off-topic, just wanted to spread some truth around.



posted on Jun, 8 2011 @ 06:36 PM
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reply to post by downunderET
 


Im just so sick of all the fearmongering and rollercoastering. Capt.Save a hoe's and population beat downs. its so old the "ECONOMY" this and "RECESSION" that. stop printing more money nd ACTUALLY TRY to help the people instead of the PEOPLE OF THE CORPORATIONS. shoot the preamble should state:

WE THE PEOPLE OF CORPERATE AMERICA,
IN ORDER TO FORM A MORE PERFECT WALL STREET,
ESTABLISH TAX, INSURE DOMESTIC EQUITIES,
PROVIDE FOR THE COMMON STOCK,
PROMOTE THE GENERAL WEALTHY AND
SECURE THE BLESSINGS OF MONIES
TO OURSELVES AND OUR PROSPERITY
DO ORDAIN AND ESTABLISH THIS CONSTITUTION
FOR THE UNUNITED STATES OF CORPERATE AMERICA



posted on Jun, 8 2011 @ 06:47 PM
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Another doomer thread.
Okay, so the source is a from the MSM. I am confused. When I post links from the MSM, its called incorrect, but whens its doom and gloom and everyone agrees with it its okay.
The economy is not headed for a collapse. Isnt jim cramer on cnbc ?
Jim Rodgers is an interesting guy, Hes a ron paul fan. This means that he is crazy and he is a buddy with soros.
I bet that this guy either shorted a bunch of stocks or he really is crazy. NO sane person would think that the US economy is going to get worse, its only getting better.



posted on Jun, 8 2011 @ 06:54 PM
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Originally posted by gorgi
Another doomer thread.
Okay, so the source is a from the MSM. I am confused. When I post links from the MSM, its called incorrect, but whens its doom and gloom and everyone agrees with it its okay.
The economy is not headed for a collapse. Isnt jim cramer on cnbc ?
Jim Rodgers is an interesting guy, Hes a ron paul fan. This means that he is crazy and he is a buddy with soros.
I bet that this guy either shorted a bunch of stocks or he really is crazy. NO sane person would think that the US economy is going to get worse, its only getting better.


I really want some of what your smoking.
edit on 8-6-2011 by camaro68ss because: (no reason given)



posted on Jun, 8 2011 @ 06:57 PM
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reply to post by gorgi
 


Perhaps you should reconsider your visits to this forum. I don't believe in little green martians so you won't find me wasting my time in the UFO forum, but each to their own.

Now to make you feel better gorgi, here is an upbeat optimistic assessment of the US economy.

Economy Not Collapsing: Beige Book Reports

Now kindly take a hint and stay out of my threads if you want to accuse me and others of fear mongering, because I too and sick and tired of you lot coming in here and bashing people with your stupid accusations.



posted on Jun, 8 2011 @ 07:15 PM
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Originally posted by wolveseyes
just let it fail, its been a very trying time,
just don't understand why they aren't trying ,
instead they take and give to bail out businesses without asking the "people"
edit on 8-6-2011 by wolveseyes because: it was only one line


The system we have in place leaves a lot to be desired. It is destroying the planet, destroying communites and creating slaves of us all. However this system is also maintaining our civilsation, it is allowing many people to eat and go about their everyday lives. If the system just fails it will have dire consequences for many people.
It looks like it is failing an dI would prefer to see it crash land than nose dive into the ground...
A different system is needed,but what that is I dont really know....



posted on Jun, 8 2011 @ 07:23 PM
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reply to post by purplemer
 


I say that because it seems like literally for like the last almost 30 year or the equivalant of my life we have been in this rut. war, recession, fear, more war,more fear,more war, recession,death,more fear, more and more war,bastardizing the system gosh have you seen our constitution? in the original it states the "people have the right to over throw" but why does it seem like they re all herded sheep.



posted on Jun, 8 2011 @ 08:14 PM
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Originally posted by surrealist
reply to post by gorgi
 


Perhaps you should reconsider your visits to this forum. I don't believe in little green martians so you won't find me wasting my time in the UFO forum, but each to their own.

Now to make you feel better gorgi, here is an upbeat optimistic assessment of the US economy.

Economy Not Collapsing: Beige Book Reports

Now kindly take a hint and stay out of my threads if you want to accuse me and others of fear mongering, because I too and sick and tired of you lot coming in here and bashing people with your stupid accusations.



If you can not take criticism, then why are you posting? I point out flaws and other views. Just because you post here on ATS does not mean that I cannot or be critical of it.



posted on Jun, 8 2011 @ 08:19 PM
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Originally posted by gorgi
NO sane person would think that the US economy is going to get worse, its only getting better.


Forget about falling skies and what not. Try to think long term. What would happen if a certain country (or countries) matches, or heaven forbid, exceeds America's purchasing power?



posted on Jun, 8 2011 @ 08:56 PM
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No worries, nothing to see here. Please just keep spending your money and keep moving along with you lives.

"NEW YORK—Stocks tumbled for a fifth straight week, sending the Dow Jones Industrial Average to the longest decline since July 2004."


online.wsj.com...



posted on Jun, 8 2011 @ 09:09 PM
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reply to post by murfdog
 


Krft mac n cheese stock was up today

more poverty ridden people buy dollar boxes



posted on Jun, 9 2011 @ 05:11 AM
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So Gorgi.....
You point out flaws do you????

Go and watch "Collapse" the doco featuring Michael Ruppert, then after you've recovered from the initial shock remind youself it was made in 2009 & we're now at least 1.5yrs further down the road. What you are having trouble digesting is the fact that a civilisation built on the concept of infinite growth can not go on indefinitely, & what we are witnessing is this "system" unravelling. I'm just trying to work out how you made it here to ATS but haven't managed to sort the s**t from clay.
edit on 9-6-2011 by CarpenterMatt because: none



posted on Jun, 9 2011 @ 05:17 AM
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Let the whole world crash.
Wipe all debts, full reset.
Start all over.
Better that or something like it than this lingering death the whole damn world is suffering.






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