The MasterBlog: Markets Soaring "But the World Is Worse Off," Jimmy Rogers Says
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Thursday, October 7, 2010

Markets Soaring "But the World Is Worse Off," Jimmy Rogers Says

Stocks, gold, energy and other commodities soared Tuesday after the Bank of Japan announced plans to dramatically expand its quantitative easing program. The BOJ's action spurred expecations for similar efforts by other central banks, Bloomberg reports, which helped the Dow climb 1.8% to within reach of 11,000. Meanwhile, gold hit another new record above $1,340 an ounce, silver reached a 30-year high and tin jumped to a record near $26,000 a metric ton.But don't confuse strength in such "risk" assets with an improving economy, says Jim Rogers, chairman of Rogers Holdings.

"When you print a lot of money, the people who get the money are better off -- there's no question about it. But the country, the world is worse off," Rogers says. "Sure some of us feel much better, especially people in the financial markets but...the world is not getting better. The world is getting worse."

Sticking to themes he's expressed here (and other venues) for many months, the legendary speculator remains bullish on "hard assets," notably precious metals and agricultural commodities.

"Gold could correct for a few months [but] the bull market in gold is not over - far from it," he says. "I'm much more bullish on agriculture than I am even on gold. I own both. You should become a farmer - farming is going to be a great, great profession."

Rogers predicts "more turmoil" in the currency markets, more problems in the stock market, weakness in bonds and, ultimately, inflation.

"Central banks and governments are going to print money until we run out of trees. It's outrageous," he says. "Printing money is not the right thing to do, but they don't know that. Eventually, they'll run out of trees."

In the meantime, he owns the Swiss franc, euro and yen but is not actively short any currencies, including the greenback.

The dollar is a "terribly flawed currency" and is "going to have big problems in the next decade," he says. "But that doesn't mean it won't go up. Everyone is very pessimistic [on the dollar], including me. I wouldn't sell it right now."

http://finance.yahoo.com/tech-ticker/article/535479/Markets-Soaring-"But-the-World-Is-Worse-Off,"-Jimmy-Rogers-Says?tickers=^DJI,SLV,GLD,UUP,TLT,DBA,MOO


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