Jim Rogers: Get Worried About 2013
Jim Rogers says the U.S. has gone through a recession every four-to-six years since the beginning of our Republic. The year 2013 is bound to be another bad year as it falls five years after the epic market collapse of 2008 and also happens to be the year after a major election year.
Additionally, Rogers asserts that Europe will completely fall apart after the German election next year and the euro is unlikely to survive. That's when he says we “should all be very, very worried.”
The United States should be especially concerned since we have not properly recovered from 2008-2009. Every time we face an economic slowdown, the situation becomes worse than the previous slowdown because our debt skyrockets each time.
With $16 trillion in debt and counting, it won't be a pretty picture come 2013 and 2014...
Soaring food prices, failing fiat currencies, violent strikes and riots will all contribute to the coming global crisis of 2013.
It is plausible to suspect that people will in Western nations will withdraw and try to get out – including politicians – after the euro collapses and the world realizes they can't keep printing more paper money to solve the fiscal dilemmas.
With the American election less than two months away, Rogers says he's virtually indifferent to both presidential candidates, although he believes raising taxes will only worsen the recession here at home. The only solution to this problem is to “cut spending with a chainsaw”: cutting spending as well as cutting taxes.
Known as one of the original bulls on Asia, Rogers continues in his economic discussion to highlight his views on China. He says China is slowing down, “by design, on purpose” and that he wishes they were running our central banks.
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