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Holly LaFon
Holly LaFon
Articles (7941) 

Rogers Holdings Chairman Jim Rogers Tells Fox Business Network “We Are Living in a Fool’s Paradise”

February 05, 2013 | About:

Rogers Holdings Chairman Jim Rogers, spoke with FOX Business Network (FBN) about his concerns surrounding the world economy. Rogers said, “I don’t trust the data from any government” and that “ I don’t know whether China is growing at 3 percent or 33 percent, but I do know they are booming.” Rogers went on to say that many countries are just printing money and that “we’re living in a fool’s paradise if the world’s economy is going to be based on printing presses.” Rogers further discussed that the world economy will start “slowing down no matter what governments do” after the German election this fall.

Excerpts from the interview are below:

Watch the latest video atvideo.foxbusiness.com On whether he believes China’s reported GDP growth percentage is accurate:

“I don’t trust the data from any government, including the U.S. for goodness sake. We know governments lie to us all the time… but we know they are all lying. I don’t know whether China is growing at 3 percent or 33 percent but I do know they are booming. I know there is a lot of good stuff going on in China and a lot of good stuff going on throughout Asia.”

On the chances of another global recession:

“After the election in Germany this fall yes, I expect things will be bad in the world economy. Mrs. Merkel going to put out a lot of good news. She’s got one of the largest economies in the world. Her bank, the central bank in Europe is printing money as well now. Everybody’s printing money… it can’t go on. This is all artificial. We’re living in a fool’s paradise. If the world’s economy is going to be based on printing presses that’s a bad scene.”

On how the economic recovery will unravel due to universal monetary easing:

“It will be an artificial recovery. I suspect that after the German election in the fall you will start to see the world economy slowing down no matter what governments do.”

On investment opportunities in today’s economy:

“I’ve invested in some currencies around the world. I have investments in real assets, commodities, call them what you will because they are printing money. And throughout history, when they print money, the way to protect yourself is to own real assets. Now stocks are going through the roof. Also I happen to be worried about stocks because I know it’s artificial.”


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