“People in China don’t have paper
money,” Rogers said. “They buy a cup of coffee, put their phone on the
sensor, and it’s paid for. They look at me funny when I say I have cash
and want to pay. They say, ‘We don’t want to take cash. Cash is not
efficient.’ My children will never go to a bank, post office, or maybe
even to a doctor when they’re adults. The computer and the Internet are
going to change money as we know it.”
Stansberry and Rogers didn’t hold back
in predicting a global economic collapse in the near future given
insurmountable consumer debt levels.
“The next financial problem will be the
worst in my lifetime because there’s so much debt,” Rogers said. “The
debt is much higher than in 2008. America is the largest debtor nation
in the world. Japan has staggering debt. They have a declining
population and debt that’s going through the roof. If I were a
10-year-old Japanese, I’d get myself an AK-47, and I’d leave.”
“I have not seen nor spoken to [Quantum
Fund co-founder] George Soros in 37 years,” Rogers said. “You might as
well ask me about my first wife. I don’t know what he’s up to.
Occasionally, I read about him in the press. I’ve been a little bit
better with money than I have with women. I got a good woman now, but
I’ve certainly made plenty of mistakes.”
Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%.
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