Mr. Rogers is independently wealthy as a result of his investment successes. He lives outside this country, presumably with dual or non-US citizenship. As a result, he is free to speak his mind about our situation without fear and often does. Here are some of his observations from the interview:
There is going to be more social unrest worldwide including the US. More governments will fall. More countries will fail.
… we are getting closer and closer to the point where someone in Europe is going to have to take some losses, whether it’s the banks or the countries, but somebody has to acknowledge that they are bankrupt. The thing that the world needs is for somebody to acknowledge reality and start taking haircuts.
We are still bankrupt and the situation is getting worse, not better. Now, usually when you have this kind of situation it usually leads to social unrest and more political backlash, I suspect it will this time too.
Why are we supporting the guy in Yemen and not the guy in Libya? I can see absolutely no intellectual, philosophical, or even political justification for what we are doing.
[Pakistan has] nuclear weapons; they have a lot of people who don’t like the US, and they have a lot of people who don’t like India. Pakistan is one of the ten largest countries in the world population wise, and it’s in a very strategic area, I hope it’s not going to happen; I hope they’re not going to destabilize further, but this is how big wars start. People aren’t worried, and then all of a sudden, everybody’s in over their head.
Everybody knows the US is becoming weaker and weaker geo-politically and militarily. If Venezuela and Colombia went to war tomorrow, there’s nothing the US could do. We’re over-extended in every way. I think our real position is even weaker than it appears.
Eventually gold will be a couple of thousand dollars an ounce, and probably much higher, as currencies become more debased, who knows how high. Silver will definitely reach new highs. As I have said, the US dollar is in serious trouble, and will be debased a great deal in the future, and eventually will be problematical itself.
People don’t go into the streets if the price of copper makes new highs but when the price of rice and wheat and sugar go through the roof, everybody knows it instantly at the same time and everybody is unhappy instantly, and at the same time.
The people that revolt are the people that have been led to think that things are going to get better and then their expectations are not met, and that’s when they go to the streets.
The situation continues to be bleak, in the US especially. The politicians continue to dole out staggering amounts of money and the people who receive that money think they’re better off. But the overall situation is worse. America’s debt continues to skyrocket; the money train continues at a high rate, leading to more inflation and higher prices, and to eventually to more currency turmoil and eventually higher interest rates.
The idea that the solution for too much debt and consumption is more debt and more consumption is ludicrous. It’s embarrassing.
… you can never be 100% sure of anything, but I will go on record as saying, I’m a 100% sure in saying Mr. Bernanke is wrong again.
[View of Next Ten Years:] There will be many different governments and many different political parties and unfortunately more destruction from civil wars and outright wars. The world will still be in a state of turmoil and perhaps it will be much worse.
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