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“Street Smarts” author Jim Rogers on the government debt’s impact on the U.S. economy’s outlook.
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My guest -- retired at the age of 37 he co founded with a fellow with -- George Soros is the name right.
Pretty successful fought the Quantum fund he says the age of -- Wall Street.
-- finance industry drove 25% of this country's growth is now over tomorrow's economy says will be driven by food and energy.
Good stuff.
Good to have you with us -- -- writers people who make real things you know miners lumberjacks farmers you know eight and how -- you have you.
Sort all that out with that all these folks telling me it's all about a knowledge economy and we -- be highly sophisticated -- here.
Even watching too much television there yeah -- -- if that's your problem now.
Yes we've had long periods when the financial types weren't charged followed by long periods when -- reduces the real goods were in charge.
We're back to the real goods you know we produced 200000.
MBAs every year.
In 1958 we produced 5000 VA.
You're you're you're driving your drawing an exact corollary regard to apply -- BA some people I know -- does have some -- I will absolutely be you know more people study.
Public relations since -- agriculture in America.
We have no farmers coming.
It's the place that we have been no competition you should become a farmer.
Well I am -- far.
Still LaBeouf part and it's errors like you are worked long and hard to get away from the farm and -- mean.
And my wife took -- -- back -- -- Thursday.
Tell us tell us what you think.
Will be the direction I know your your partial through into Asia you move your family there for two to Singapore's.
You'd still fillets are removed.
I had a very very much so I mean have the largest creditor nations in the world who are China Korea Japan Taiwan Hong Kong Singapore.
I don't like saying if you know the largest debtor nation in the world is yeah.
They're the largest debtor nation in the history of the world is he think I like things I'm an American not pay taxes here just like you do.
This is not good.
And the reality is there's 11 expression that you -- -- there were looked right now to be a debtor nation perpetuity because we seem incapable of correcting.
The consequences.
Will be dire indeed.
The debt has gone up in the last five years more than the entire history of the republic and it in the next five years of who knows how much it's gonna -- Well one good thing is -- can't go on forever.
It is going to be a disaster that you think the United States is in decline do you think we can resurrect ourselves from our.
President aren't we.
And actually re re discover and revitalize ourselves can we yes we'll wait.
Photo Washington you see what they're doing and -- the debt is gonna go through the -- again.
And they're not doing anything about it except -- this and for at least thirty years they've been talking about we're going to solve the debt problem.
And for thirty years is gone higher and higher and I.
And business right now holding three trillion dollars American business -- three trillion dollars.
Offshore if you will but on their books and and ready to to invest if only they had clarity if only they have a clear vision and there was so much regulation that taxes were so -- Have you ever -- a time when American business leaders were so.
Puny and we.
When would you bring land back into the country with with the what's going on in Washington.
Would you wanna keep -- abroad where you don't have to pay high taxes so why did these little darlings keep supporting people who enabled this kind of weakness why don't they.
What you -- what -- business leaders actually stood up and represented themselves.
Instead of going to the you know very.
If -- chamber of commerce said if they're supporting.
These -- -- people in Washington who are doing this sort of thing and obviously that represents was no question.
Hence which is what we need we need some guys who are impossible it is worth real vision.
Our Jim Rogers this is the -- Buy it it is street smarts by my friend Jim Rogers week in Dorset absolutely.
And enthusiastically.
Please -- -- thanks for being with us tonight --
