Jim Rogers: Prepare For Financial Armageddon
In a recent interview with CNBC, legendary investor Jim Rogers warned Americans to prepare for “Financial Armageddon,” saying he fully expects the economy to implode after the U.S. election.
He puts the blame squarely on U.S. and European governments for abusing their “license to print money,” and drowning the world in so much debt. In the U.S. alone, national debt has surged to nearly $16 trillion, more than $50,000 for every American man, woman and child.
“[They] need to stop spending money they don’t have,” Rogers said. “The solution to too much debt is not more debt.”
With the possibility of QE3 still a reality and claims that the Fed will be able to contain inflation according to Fed Chairman Ben Bernanke, Rogers, an outspoken critic of Fed policies, has made clear his dissatisfaction with Bernanke.
“Mr. Bernanke has zero credibility as far as I’m concerned. The Federal Reserve has zero credibility,” Rogers stated previously. “Go back [and look] at everything Mr. Bernanke has said in the last seven or eight years he’s been in Washington. He’s never been right about anything. The man has zero credibility for anyone who would take the time to look at his history.”
So how should you plan to protect yourselves against the inevitable rise in inflation and devaluation of your hard-earned dollars by the Fed?
Investors seeking protection against devaluing currencies here and abroad will increase the demand for gold, and the price will continue to soar, despite recent consolidations. Top economists are already predicting that gold could exceed $5000/oz over the next four years!
“Gold has been up 11 years in a row which is extremely unusual for any asset,” stated Rogers. “I hope I buy a lot more. I’m not selling my gold by any stretch of the imagination.” Rogers added.
Buy physical gold today to protect your long-term savings and retirement accounts!
Check out the Gold Watch blog for more in depth commentary.
Jim Rogers: Prepare For Financial Armageddon was first posted on August 20, 2012 at 10:38 am.
2012-08-20 11:56:09
Source: http://gold-watch.startwithgold.com/jim-rogers-prepare-for-financial-armageddon/
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