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Jim Rogers: We Are Due for a Recession

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    Rogers Holdings Chairman Jim Rogers on the outlook for the economy.

  • Duration 4:46
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Pilot thought from the US falling today despite news.

At a bail -- package respect.

Legendary investor Jim -- joining us to explain what all this means for the US and the world economy dressed in his tropical -- -- for a very good reason -- just -- off the -- from the -- pregnant traffic from Singapore says first of -- last time you -- here we're talking about about euros and I brought -- in -- fact that at that time your -- and -- you don't have euros and -- -- I don't know I -- know I had management -- sell them for.

For what did you trade the -- for.

Oh US dollars -- -- -- myself.

-- got out of euros I don't own any euros anymore nicer on further sell -- short -- well fed -- probably will publish its short of I have no shorts in the Euro right now.

I moved mainly into the US dollar I listen you have -- -- terribly flawed currency is just less -- in the Euro and a drop off.

To read -- told -- today you know when music going long on Greek real estate but at the same time they do -- elections coming up as those brands.

The political situation in Germany is a little risque right now -- filling -- about -- are you worried about it -- do you -- US investors should just kind of let -- go by the.

He should be eastern new word of cut everything right now Charlotte Europe's -- -- -- you know we're due for a recession next year we've had recessions every four to six years since the beginning of the republic.

Next year's four to six years 2007 and eight was worse in 2002 because the debt with so much higher you wait for the next time.

The debt has gone through the roof 2013 is going to be a mess you should be very worried if.

Session in the US -- recessions yeah.

Yes cash -- -- -- wait wait wait wait a lighter sit might of you know nothing similar had that I don't have -- every four -- six years that the begin republic.

What is so -- -- about it would be normal in the abnormal.

What I thought -- was an unusual about it we never recovered from the last what I mean we never really recovered even Ben Bernanke says you can't call this Recovery -- that's what's than usual about that's what's really discouraging about it.

That we had a lost decade.

The Japanese -- two lost decades because they kept making mistakes we're making the same mistakes.

I don't what's his legacy sake we're making we refuse to let people go bankrupt we kept bailing out everybody in sight and -- ruining the class of people who save and invest.

-- right now all the people who did it right David save them money did my six houses.

-- why we just talked to fixed income investor and we were we were askew when we're gonna have interest rates above inflation rates which is the wait why should be correct exactly think of all the people who you know who get it right -- getting wiped out right now this isn't saying what's happening in the United States well.

And the thinking was during the big great recession if you well was that emerging markets for -- safer place to go but last traded emerging market and I know -- you cover -- you look at that market very closely.

Especially China the Chinese market it was a disappointment at 2011 -- filling that -- -- short emerging markets.

All I own can Chinese stocks.

But other emerging markets I'm short I'm not terribly optimistic about.

What's happening out there they got over exploited.

I mean I don't -- stocks minuet many place in the -- mainly short stocks.

Listen I don't see good things happening.

Can I don't like -- -- it's normal to have setbacks along the way and sometimes in history you've had long periods when nothing happened.

Again those gaps between the recessions were hopefully you grow enough and you -- enough in enough companies go bankrupt and learn from their mistakes that the overall economy -- healthier after recession that's why the bailouts there are so unhealthy for our society.

I have -- not letting it was the way it's supposed to is supposed do you have a far as -- -- clean up the underbrush the deadwood and you start over.

We've had a far as far but they don't let anybody environment and by the way is is Europe a bigger concerning your mind in the slowdown in China.

OEM customers the -- Because China's.

The largest creditor nation in the world China has its they've saved a lot of money for a rainy day when it starts raining in China they got something to do about it.

Here we don't have any reserves and in Europe they got huge debts none none of.

Europe is a much much bigger economy -- China.

But China is in much better sure it doesn't mean China won't suffer.

I'm not given up gem I'm not given up your -- -- commodities calls Goldman Sachs says commodities are gonna go up 29% over the next twelve months what do you say.

And must be wrong.

If we can't believe I'm agree -- Goldman Sachs.

I I'm long commodities and long currencies.

In short stocks into specific commodities mainly I own -- -- but I -- news long agriculture -- have more bullish from -- who you like MO BB ETF.

I don't know I don't know you or Rogers index.

Myself I've found something that Jim Rogers life.

-- -- just -- -- point that held I want a lot of stuff I like.

A lot of stuff you like your children I like my Angela sinopec have college Sarah by the Singapore like the US dollar -- -- now they are now.

But -- in a moment Jim Rogers great to see that likely turn --

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