This article was originally published on March 22, 2009 on the author's blog.
Here's an informative, in-depth interview with Jim Rogers recorded in the last month - running time ~28 minutes.
Rogers reiterates his disgust with the recent government economic interventions, especially in London and Washington DC. He believes we are making the same mistakes that were made in the 1930s, which led to the Great Depression, and in Japan in the 1990s, which led to Japan's "lost decade" of economic growth.
Some quick hits:
- Rogers is bearish on the UK economy and the Pound Sterling, as he doesn't see what can fill the economic holes of the depletion of oil in the North Sea and London's imploding finance industry
- Countries are starting to question whether they should lend money to the UK and US already
- Capitalism and free markets did not fail - they weren't allowed to work by Central Banks, which wouldn't let people fail (starting with the bailout of Long Term Capital Management)
- Farming will be one of the best industries in the world for the next decade or two
- Debasing your own currency has never led to prosperity
- We're seeing a gradual shift away from the US Dollar as the world's reserve currency, just as there was a slow move away from the Pound Sterling 50-80 years ago
- Printing money has never, ever worked