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Jim Rogers on CNBC 05 May 08: China, Nam, US Dollar, Yen, Swiss Frank, Medals and Abolish the FED

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May 09, 2008 – Comments (13) | RELATED TICKERS: GLD , FXI , EWT

Jim Rogers and George Soros founded the Quantum Fund. During the following 10 years the fund gained 4200% while the S&P advanced about 47% (963.99/800.36).[1] It was one of the first truly international funds.

Jim Rogers on CNBC 05 May 08:

 

Jim Rogers: 'Abolish the Fed'

"Asked what he would do if he were in Bernanke's shoes, Rogers, who slammed the Fed for pouring liquidity in the system and accepting mortgage-backed securities as guarantees, said: "I would abolish the Federal Reserve and I would resign."

If this happened, "we don't have anybody printing money, we don't have inflation in the land, we don't have a collapsing U.S. dollar," he told "Squawk Box Europe."

 

1. http://en.wikipedia.org/wiki/Jim_Rogers 

2. http://www.cnbc.com/id/23588079/ 

13 Comments – Post Your Own

#1) On May 09, 2008 at 9:33 AM, AnomaLee (28.68) wrote:

Sorry, but Maria Bartiromo is like Katie Couric... She's annoying and CNBC shoves her in your face like a homeless guy with a styrofoam cup asking for change... Forunately, CNBC usually gets rid of their anchors after the collapse of every bubble and they report actual news events only when we're in bull markets.

I love the question halfway through...
"There isn't enough supply. Why?"

I got sick of watching them ask "Is there a bubble in commodities?" every single day

Is CNBC really supposed to be a news source? 

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#2) On May 09, 2008 at 9:52 AM, abitare (35.09) wrote:

AnomaLee,

I understand your thinking. I am somewhat aligned. Like any source of propaganda, as long as you understand what is going on you can find some wisdom and truth in CNBC. But most of it is cheerleading, BS and propaganda.

I use CNBC to spot liars. CEO that come on CNBC, many times are in trouble. I think it is a great tool to find troubled CEOs, BS companies and hype. My CRM underperform came after seeing the CEO on MadMoney and then looking at the insider selling.

The more a company is shilled on CNBC the more I look into underperforming it. 

Also one of my most lucrative trades came off Fast Money, when one of the Meat heads talked about the problems at ETrade. I dug into it, it turns out the Meat Head was right. I make $8k in one day from Fast Money Meathead, who is wrong more often then right.

On the otherside: CROXs, I was short them to early. When KFine said "LONG CROX", I guessed from her wayward look, something was a miss, CROX was CROXed cut by 35% in a day. 

Case in Point Aug 2006 - Spot the liar, Spot the genius

 

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#3) On May 09, 2008 at 10:05 AM, abitare (35.09) wrote:

Sorry, I should have said "Spot the: cheerleader, fool/liar, truth teller

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#4) On May 09, 2008 at 10:50 AM, HooDaHeckNose (94.54) wrote:

WOW! Schiffer was scary prescient. Why wasn't I paying attention?

Where do I sign up for whatever Peter Schiffer is  doing right now. I would model my investments on whatever he says.

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#5) On May 09, 2008 at 11:13 AM, abitare (35.09) wrote:

HooDaHeckNose,

Schiff is a avid Ron Paul supporter, that is how I knew I was clue in to him being a truth teller, amongst a "den of thieves" in Wallstreet. Now has a very crowded following. Use his website:

http://www.europac.net/ 

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#6) On May 09, 2008 at 11:15 AM, abitare (35.09) wrote:

CORRECTION: 

HooDaHeckNose,

Schiff is a Ron Paul supporter, that is how I was clued in to him being a truth teller, amongst the "den of thieves" on Wallstreet. Now has a very crowded following. Use his website:

http://www.europac.net/

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#7) On May 09, 2008 at 2:42 PM, FourthAxis (< 20) wrote:

"Like any source of propaganda, as long as you understand what is going on you can find some wisdom and truth"

 DING DING DING - WE HAVE A WINNER!

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#8) On May 09, 2008 at 6:12 PM, HooDaHeckNose (94.54) wrote:

This is what comes from not watching TV! I just spent a while on YouTube watching Peter Schiff (NOT Schiffer, you moron) videos.

I'm ready to bail on all of my domestic investments and increase my foreign and commodity holdings.

Am I really thinking about buying gold??  The haven of all the "end of the world" psychos? I think I am!

Thanks for bringing this to my attention, fascinating.

 

John 

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#9) On May 09, 2008 at 11:03 PM, VIIIMials (28.42) wrote:

Wow.... what an awesome clip. thanks! 

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#10) On May 09, 2008 at 11:10 PM, abitare (35.09) wrote:

HooDaHeckNose,

Be careful this is five years into this traded, it is known and it is very,very crowded. Long gold, commodities and oil and short the US dollar is the most crowded trade in the world.  It works, it has been working and will LIKELY continue to work. However, if the FED says we are "raising interest rates", even a little this trade will take a huge hit.

Long term this trade will likely continue to move up as the FED and the government love inflation.

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#11) On May 09, 2008 at 11:11 PM, abitare (35.09) wrote:

VIIIMials,

Np 

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#12) On May 09, 2008 at 11:33 PM, lquadland10 (< 20) wrote:

i am finally getting the talk. FALL of the Dollar, Rise of OIL and GOLD beginning of AMEROQuestion everything? Still need proof NWOFixed elections?Did Ron Paul Win New Hampshire?Who's Advising Your Candidate? (You better know...)ILLUMINATI special closed session of 14.03.2008 exclusive What is true and what is not.

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#13) On May 10, 2008 at 2:27 PM, abitare (35.09) wrote:

lq, I will take a look, that is a lot of videos.

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