Soros Fund Co-Founder Jim Rogers on China and Global Investment


MATT MILSOM: My name is Matt Milsom. I’m here on behalf of Real Vision to interview
Mr. Jim Rogers. Welcome, Jim. Thanks for having us. JIM ROGERS: I am delighted to be here. MATT MILSOM: We’re hoping to hear your views
today on the economic situation in Asia, and the situation between China and the States
in the trade war, what’s going on in Hong Kon and maybe in a few thoughts on the macro
world in general at the end, if it’s possible. JIM ROGERS: Well, my advice is why don’t you
watch Real Vision? You can get the answers to all those questions,
and you and I can go drink beer. Why are you asking about all of that? MATT MILSOM: That Hong Kong situation in Hong
Kong, how you see it developing from here? JIM ROGERS: Well, I don’t pay that much attention
because I think it’s all going to blow over eventually. China seems to be handling it very well. It’s already smarter than most people, most
governments, handle things like that. The best result is probably going to be that
people should buy Shenzhen or Singapore, because money, some money will certainly leave Hong
Kong. Shenzhen has a huge industry of its own. They’re a gigantic technology city, as you
know and it’s very easy to get out of Hong Kong and go to Shenzhen. Secondly, people are going to be worried about
the future of Hong Kong, rightly or wrongly, and Singapore is a logical destination, the
logical alternative. Even if it doesn’t leave, in the future, people,
when they think about Asia, they’re not going to think about Hong Kong, most of them, so
they’re going to come to Singapore, Shenzhen or just buying some other place. I think the future of Hong Kong is continued
decline. The only reason Hong Kong became Hong Kong
was because of 1949, in Mao Zi time. Now, you don’t need Hong Kong anymore. Shanghai was the largest financial center
between New York and London before the before the war, Second World War and China’s opening
up so we don’t need Hong Kong anymore. It’s going to continue to decline. MATT MILSOM: You would expect the peg to go
at some point, therefore, in that– JIM ROGERS: I certainly would. When the renminbi, the Chinese currency, is
convertible, yes, I would expect the Hong Kong dollar to disappear. Who needs it at that point? It’s an extra expense. It’s an extra problem. It’s an extra everything. Right now, the renminbi is not convertible,
not fully convertible so they’re going to keep the Hong Kong dollar. No, I would expect it to disappear, not just
to drop the peg to the US dollar, it’s going to disappear. MATT MILSOM: Completely? JIM ROGERS: Yeah. Why? Who needs some extra expense and extra hassle. MATT MILSOM: In terms of the size of the actual
country borders, it wouldn’t be that much of it, it wouldn’t be a big ticket relative
to the actual currency of the Mainland? JIM ROGERS: I don’t know, it would not be. They would barely notice it. That’s it. Shanghai used to be the financial center and
it will be again. Certainly, will not be Hong Kong. MATT MILSOM: You think the currency is now
being weaponized in terms of renminbi and how it’s been moved above 7. Over time, it got a bit of a rally at the
moment of pre-October 1 st — JIM ROGERS: Any country, which has hundreds of billions
of dollars of sanctions or tariffs imposed on it, the currency is going to go down, period,
full stop. It’s not just the Chinese, the Chinese are
apparently letting it go down and not trying to control it. Anybody who has that x chopped on it is going
to be affected, because it theoretically is going to hurt your trade balance of trade
very seriously when you have those tariffs imposed. Maybe China’s saying, “Okay, we’ll let it
go, we’re not going to stop it.” To try to stop a currency declining when you’ve
had hundreds of billions of dollars of tariffs hitting you, you have to be affected. To try to stop that decline would cost gigantic
amounts of money. I’m talking basic economics, I’m not talking
about China, US, anything, I’m talking about basic economics. MATT MILSOM: You think that weakens over time,
without a doubt? JIM ROGERS: Weakens over time. As long as those tariffs are imposed, certainly,
it’s going to weaken the currency or any currency over time. MATT MILSOM: I guess the 25-year plan being
to take away the dominance of the dollar. JIM ROGERS: There are already lots of people
trying to do something about the dominance of the dollar. As you know, if the US gets upset with you,
they slap you. They just stop you using the US dollar, or
they stop you trading the US dollar, which many people say, “Wait a minute, this is supposed
to be the international currency. That’s not an international currency if it
can be stopped by one nation.” The US is now the largest debtor nation in
the history of the world. No country in history has ever been this highly
and debt. The US dollar has got very serious fundamental
problems, and emotional and psychological problems, political problems, I guess we should
call them. People are already– the Chinese, the Russians,
and the Brazilians and other people are coming up with an alternative currency and an alternative
banking system to the IMF and up to the World Bank, and to the clearing system. There’s already a movement afoot to eliminate
the dominance of the US dollar. The fundamentals are certainly against it,
just as they were against the Pound Sterling, once upon a time and other currencies. Now, you have political and psychological
forces trying to do change that. It was going to happen. I own a lot of US dollars, but my expectation,
my plan is, it’s going to get overpriced in the next term or might even turn into a bubble. At which point, I’m going to sell my US dollars,
because that’s going to be the end of the real dominance of the US dollar. MATT MILSOM: That could be a 10-year. JIM ROGERS: No, I don’t think it’ll be 10
years. It could be 10 years, it could be 30 years,
who knows? I’m not very good at market timing but I would
expect it to be in the next period of turmoil, which will be coming in the next two or three
years. MATT MILSOM: Recently, China struck the oil
deal with Iran, doesn’t seem to be making a lot of headlines but it strikes me as a
big story given they’re able to pay in their currency at a massive discount as possible. JIM ROGERS: It’s part of what I just told
you about, that people are already trying to do something about the previous serious
dominance of the US dollar. You already have two big countries, Iran’s
got 80 million people or something and China’s got 1,000,000,003. They are already eliminating the US dollar,
which would have been unheard of 20 years ago. Even with those two countries, it would have
been unheard off 20 years ago, but now it’s happening. Russia and China are starting doing the same
sorts of things, which would have been impossible. It wouldn’t have even known how 20 years ago,
but now they’re figuring it out and they’re doing it. MATT MILSOM: I guess one belt, one road is
all a part of that plan. JIM ROGERS: Yes. I’m not sure that they– my view, they’re
probably independent. The elimination of the dominance of the US
dollar is Path A, one belt, one road is Path B, but they happen to work together. Yes. MATT MILSOM: $17 trillion now of negative
yielding debt. JIM ROGERS: Never happened in world history,
Matt. It’s absurd. It’s a bunch of misguided bureaucrats and
academics who don’t know what they’re doing. They’re hoping this has never happened in
world history. Never in world history has this happened and
it’s going to be a gigantic disaster for all of us. MATT MILSOM: How does it end? JIM ROGERS: Badly. No, bankruptcies. There are many states and cities, not just
in America. Germany, Germany’s got cities that are in
trouble. Forget, we haven’t even talked about Spain
yet or Italy or some of the other places. No, many places are going to have serious
problems. Once interest rates go back to normal, it’s
going to cause a lot of, lot of bankruptcies and problems around the world. MATT MILSOM: I just don’t see how they can. JIM ROGERS: They cannot, no, they cannot. It is physically, economically, any word you
want to use, impossible. MATT MILSOM: For rates normalize? JIM ROGERS: Yes. Well, they can normalize but somebody’s got
to pay a serious price. We’re not going to sit around here with negative
interest rates over the next 30 years. It never happened. The reason it cannot happen, anything can
happen, but it’s not going to happen. MATT MILSOM: All of those numbers, that’s
all outside the States, pretty much? JIM ROGERS: Well, you say outside the States,
it’s hard for everything to be outside the States with $17 trillion US. The States is involved, whether we like it
or not, because everybody’s involved– Germany, Japan, these are big, big economies we’re
talking about. America cannot escape the effects. MATT MILSOM: Let’s say we’ve got a quiet period
ahead of us. I would have thought given the 75th anniversary
of the PRC. JIM ROGERS: We do have a quiet period ahead
of us? MATT MILSOM: In the next three weeks. JIM ROGERS: Three weeks, oh, maybe three days. Okay. Maybe three weeks. MATT MILSOM: Up to October, the Golden Week,
let’s say, first of October. I think beyond that, the potential for the
proper weaponization of the currency and the actual renminbi to properly move starts to
rear its ugly head. JIM ROGERS: Well, you’re exactly right, but
that’s probably– that’s more Washington, DC. Washington is the one who keeps banging away
at this. MATT MILSOM: You think they’re right to? JIM ROGERS: I think they’re right to? MATT MILSOM: Yeah. JIM ROGERS: Well, first of all, I’ve never
known a trade war to be right. I’ve never known anybody who wants a trade
war, I’ve never known a trade war to be good for anybody, anytime in history. Now, Mr. Trump knows he’s smarter than history. He doesn’t have to worry about that, because
he’s smarter than history but history would indicate that he’s not right. It is going to be a problem one way or the
other. We’ve always found ways to sort out problems
like this. I cannot find it. I’m sure there must be. Anybody complaining that the Chinese have
stolen their intellectual property, Congress had a hearing recently, they couldn’t find
anybody, couldn’t find it to verify. MATT MILSOM: Who was willing to say it? JIM ROGERS: Or who was willing to say it. Yeah, maybe that’s it. Maybe they’re saying they’ve been stolen but
they didn’t want to tell Mr. Trump, they didn’t want to help him. Be that as it may, yes, Chinese companies
come to America, American companies go to China, they start doing business in those
countries. They have to take their production methods. If you’re General Motors and you start producing
somewhere else, you’re not going to leave your production methods back in America, you
have to take them with you. Is that stealing or is that just a normal
course of business? There are people who are in favor of trade
war who’s saying that the Chinese are thieves for intellectual property, and I’m sure they
are. I’m sure there are some, but not worth this. When America took over from the UK, the Americas
destroyed the UK shoe industry, the UK tailoring apparel industry, totally destroyed it. You think we weren’t taking their knowledge,
or in today’s services, that we were stealing their intellectual property? We were, but that’s the way the world works. MATT MILSOM: That’s competition. JIM ROGERS: That’s competition. Yes, that’s movement of capital. That’s movement of people. That’s the way the world has always worked,
and always will. MATT MILSOM: Let’s say we’re in a world of
eight or nine to the dollar in terms of renminbi. I’m assuming we’re thinking massive deflation,
bankruptcies galore in north Asia, competitive admonitions– JIM ROGERS: Bankruptcies galore
in the world if that happens. China has said, Beijing has said, they’re
going to let people go bankrupt. It’s not like America. Well, we never let anybody go bankrupt. London, we prop up everybody. Tokyo, oh my God, we prop up everybody but
China, communist, that they are, so we’re going to let people go bankrupt. If they fail, too bad. That’s how capitalism works. I don’t know if they mean it. I don’t know if when it happens, if they’ll
really let people go bankrupt. They’ve started, some are going bankrupt. You’re going to see it. When it happens in China, it’s going to shock
a lot of people, including me, I just told you it’s coming. It’s a lot of other countries and companies
are also going to have serious, serious problems with that thing. It’s going to make China much more competitive
to the rest of the world. That’s going to have big effects on a lot
of places, including the debt markets, where a lot of debts are written in US dollars. MATT MILSOM: Given the amount of indebtedness
in China, per se, as a multiple GDP, you’d think that they’d have to create massive inflationary
wave post that deflation in order to float away the debt, eventually. JIM ROGERS: It’s not just China, the US is
the largest debtor nation in the history of the world, the UK is mindboggling how deep
in debt as a percentage of GDP the UK is or many countries. You get out the statistics and you cannot
conceive that anybody could get that deep in debt. Japan, Japan’s got staggering internal debts. We all do. It’s not just China. Sure, you’re going to have bankruptcies in
China. I’ll remind you that America became the most
successful country in the 20th century, but along the way, we had 15 depressions, massacres
in the streets, very long rule of law, this horrible civil war. Yet, we still became the most successful country
in the 20th century. China’s going to have a lot of problems, but
I’m teaching my children Chinese. I’m not teaching them in Danish. MATT MILSOM: Where do you see the Sing dollar
going through all this? JIM ROGERS: Well, the Sing dollar, like all
currencies, is going to go down against the US dollar, because the US dollar is going
to go much higher. Singapore doesn’t like to talk about its debt
but Singapore has debt, too. The IMF says that the Singapore debt is over
100% of GDP. There is serious debt here. Now Singapore would say yeah, but we got a
lot of asset, too. They do. There’s no question about that. Once interest rates start going higher, normally,
your debts get worse and your assets don’t get better so the Sing dollar is going to
suffer too, but it’s mainly because the US dollar is going to be so strong in the term
that people look for a safe haven. People would think the US dollar is a safe
haven, it’s not. The fundamentals are horrible. Nobody in his right mind would buy the US
dollar, but I own a lot out. I’m not in my right mind. I’m assuming that the rest of the world is
not in its mind either, and they’re all going to buy it for [indiscernible] reasons. MATT MILSOM: Where do you go when that dollar
blowoff happens? JIM ROGERS: You want to know how to get rich
in 30 seconds? My plan, probably, the renminbi may be convertible
by the end, the Chinese say it will, who knows? If it is, it will be down a lot because people
would be dumping it. We presume to get out. My dollars will be high, the renminbi will
be low and I will go from US dollars to renminbi and/or gold also often goes down when the
US dollar gets very, very strong and financial markets are in turmoil. I’ll sell some of my dollars and buy renminbi,
sell my dollars and buy gold. It’s very easy to get rich. We just did it in a few words. MATT MILSOM: 40 seconds. It’s a good plan. Gold is still– you were not a gold bug, but
you’ve always been there. JIM ROGERS: No, I own gold, I’ve own gold
for a long time. I first bought my gold in 1971. It was illegal for Americans to buy gold in
1971, but I did. I went up to Canada, I went to Switzerland,
to Canada and bought a little bit of gold. Listen, it’s tiny. I didn’t have any money at those days, but
even the tiniest little money I had, I bought a little gold. I’ve never sold any gold since 1971. I’ve continued to buy it over the years. Not a lot in recent years, I started buying
more this summer, because I could see what was happening, but no, I still own plenty
of gold and silver. MATT MILSOM: I guess the fact that it doesn’t
yield much or anything doesn’t bother anyone now. JIM ROGERS: Bonds don’t yield anything either. Most things don’t yield anything these days. MATT MILSOM: The yen, it’s still seen as a
safe haven? JIM ROGERS: It is seen as the safe haven. Not by me, but it is. It’s like the US dollar. The US dollar is not a safe haven but people
think it is and that’s the status of the yen as well. To my shock, I have had two number one best
sellers in Japan this year. It’s a mistake, but I have and both of them
talk about– the second one is called, “A Warning to Japan,” and I talked about this
place is going to be a disaster. If I were 10 years old, I would emigrate or
I’d get a AK47 and start learning how to defend myself. Death is going up every day, staggering death
every day, the population have been declining since 2010. This is not a good scene, not a good scene
for the future but many people think just like they think about US dollar, they want
to be there. I don’t, but I am in the US dollar. MATT MILSOM: In terms of equity markets, per
se, in particular–? JIM ROGERS: It’s hard for me to find places
to buy now. I don’t own any US stocks. It’s near an all-time high. If I buy anything, it’s Russia. Buying a Russian stock as we speak. Nothing in China but I always looking in China. These markets are down. I prefer to buy low and sell high or trying
to buy low and sell high. It’s difficult for me to find anything. Venezuela is illegal for me. I’m an American citizen. I’d like to buy in Venezuela, but I don’t
want to go to jail. I’d rather be poor out of jail, than rich
in jail so I’m not buying that. I cannot buy a North Korea, I would love to
buy a North Korea but I’m a citizen of the land of the free. We’re not very free in the land of the free
so it’s hard to find things for me these days. I’ve bought a few shares of Zimbabwe recently. That’s another disaster, but it’s still legal. I think it’s still illegal for me to buy shares
in Zimbabwe, but it’s hard to find a place. MATT MILSOM: I just wonder whether this argument
of there being no alternative with that amount of debt that’s yielding negative, does it
drive an equity market into an insane blowoff top? JIM ROGERS: That’s why I don’t have big shorts
at the moment because that may very well happen, especially if the US dollar becomes more and
more attractive to people psychologically? Yes, it could very well happen. MATT MILSOM: You see negative rates in the
States, perhaps? JIM ROGERS: I see perhaps, yes, I certainly
perhaps see them. Those guys don’t know what they were doing. When Bernanke was there, he said the US Central
Bank, Federal Reserve, can buy anything it wants. We can buy gold mines, we can buy businesses,
we can buy shares, we can buy bonds, so they haven’t even started doing it with shares
yet. Japanese Central Bank everyday prints money
and buys ETFs. US hasn’t gotten there yet but Bernanke said
there’s no reason we cannot. MATT MILSOM: I just think they shouldn’t be
ultra vires, they shouldn’t be allowed to trade equities. JIM ROGERS: You’ve got a sound sense of history
and a sound sense of economics. That’s a problem in 2019-2020, people like
you and me. Nobody wants to listen to people who are sound. MATT MILSOM: Well, I guess the States is not
doing it yet, but Switzerland, as you say, Bank of Japan. JIM ROGERS: Switzerland, when I was a kid–
MATT MILSOM: They weren’t even buying Swiss equities, they’re just buying Apple. JIM ROGERS: No. The Swiss National bank, which when I was
a kid, owning Swiss Francs made me feel so safe and secure. Now, the Swiss currency is backed by Apple,
it’s backed by Google, Microsoft, Facebook. The Swiss Central Bank is backed– the Swiss
Franc– with Facebook. MATT MILSOM: Not a lot of people know. The BOJ and the SMB, they’re listed. They’re listed stocks so you can see the fact
that they’ve long American tech sector because the S&P price is going up. What are you doing with it? JIM ROGERS: They are very reluctant to talk
about it. They don’t like to reveal how much they’ve
done. No, no. Somebody there is a bit embarrassed. I’m not the only one embarrassed, somebody
in Switzerland is embarrassed about what’s happened. MATT MILSOM: How are they allowed to do it? I just don’t get it. JIM ROGERS: Well, Bernanke says weaken it. He says, “America Central Bank, you do it.” I don’t think there’s any prohibitions, nobody
thought to write them down 50 years ago, 100 years ago, that oh, by the way, you cannot
buy Apple, you cannot back your currency with Google. MATT MILSOM: With another currency stock,
if you’re buying Swiss stock, maybe. JIM ROGERS: As far as I know, there’s nothing
in anybody’s charter which says you cannot buy anything. Bernanke said we can buy anything. We, the Central Bank in America. MATT MILSOM: I just don’t see it happening
in the UK, for example. Maybe I’m a snob. JIM ROGERS: What? MATT MILSOM: I can see them giving out money,
but not buying stocks. JIM ROGERS: There’s not much difference, but
okay. Maybe the UK, yes, it is one of the older
and historically, one of the sounder central banks. Maybe they remember, but there’s such gigantic
debts there. If Scotland leaves, well, Scotland’s got the
oil. Scotland’s not going to say, “Okay, you can
keep the oil. We’re going to leave and join the EU, but
you keep the oil.” When Scotland goes, it’s already mindboggling. If they don’t have the oil, I don’t have anything
to sell anyway, at the English language. There’s one more competition for that. They don’t have triumph motorcycles anymore. MATT MILSOM: Tourism. That’s all they’ve got. JIM ROGERS: Yeah. Well, they’ve got tourism, sure, but in the
end, the town will go down a lot and that will make it cheaper for tourists. That’s not going to save them. MATT MILSOM: What does it take for the central
bankers to realize that negative rates are a bad thing? JIM ROGERS: Catastrophe. The only way it’s going to happen is catastrophe. MATT MILSOM: That means initially, I guess
the European banking system and Europe, the euro– JIM ROGERS: Lots of bankruptcy, maybe
even central banks go bankrupt. These things have happened before. It’s not outlandish for a nation to go bankrupt,
or banks to go bankrupt or even central banks. There’s nowhere. Even 30 years ago, you, even though you’re
knowledgeable and educated, you probably could not have named many central bankers. Most people in the world had no idea that
there were central banks, much less who they were. Now, everybody knows. Every everybody even knows Ben Bernanke and
he’s not even there anymore. Everybody knows the names of these people,
because they’ve become godlike. Everybody assumes that Alan Greenspan knew
everything. A guy wrote a book about Alan Greenspan called,
“Maestro.” Oh, my God, and he was an educated reporter
who wrote that book as though Greenspan knew what he was doing. Greenspan didn’t have a clue. Greenspan is more than ruining the world. Well, not more than most people, well, more
than most people. He did his share. MATT MILSOM: If you’re in a competitive situation
in your currency, how can you not let your rates drop? Even though you want to, it takes somebody
to stand up and say, “I’m going to have a positive interest rate. It’s going to be better for my banking system.” The rest of the world, is your currency is
just going to go bananas, which is what he says. JIM ROGERS: History shows that governments
have gone bananas many times and done unbelievably foolish things. Histories replete with bureaucracies and politicians
and governments, have done absolutely absurd things. You think it can’t happen again? Of course, it’s going to happen again. MATT MILSOM: You’d rather see Sterling out
of– you think Brexit is a sensible thing for the UK? JIM ROGERS: Well, I’m not a voter in the UK
but what they should have done was vote to abolish Brussels. Brussels is the problem, the EU is not the
problem. The euro is not the problem. The problem is and was Brussels. I used to speak with Nigel, the guy who did
all this, and I said, “Nigel, no, no, no, vote to abolish Brussels,” but diplomacy. He couldn’t do that. The British couldn’t say, “Okay, we’re going
to have a European wide referendum and abolish Brussels.” That’s the problem. By the way, as you probably know, Brussels
is now starting to lose its power in the EU, because more and more politicians and lunatics
are saying Brussels is the problem. They’re starting to lose power, relatively. What Europe should, England should stay in
now and say, “Okay, we’re going to stay in, and we’re going to help control Brussels,
because there’s a lot of people in Europe now who are saying we got to do something
about Brussels.” That’s the problem. It’s not the EU, it’s not the currency. It’s those unelected, absurd bureaucrats who
don’t know what they’re doing, but they tell you what to do, and you have to do it because
you’re a citizen. MATT MILSOM: Do you see– I know there’s a
lot of promotion of Ray Dalio’s thoughts around the parallels of now to the ’30s rhyming a
little bit with previous history, do you see a similar situation? JIM ROGERS: Well, I don’t know what Ray said
but if anybody who can read history knows that there are many, many similarities now,
oh, my gosh, countries becoming bankrupt or becoming deeply in debt, countries being protectionists,
countries starting to close off– this has all happened before. It certainly happened in the ’30s. You know the rest of the story, you know what
happened there, but Mr. Trump is smarter than history so we don’t have to worry. Mr. Trump knows he can handle history and
none of us should worry, because he’s smarter than history. Even though people say trade wars are bad,
and often lead to shooting wars, don’t worry, I’m smarter than history. MATT MILSOM: He does seem to be able to just
move to the next person once he’s had– go at somebody then it slackened off, just goes
to next target is going to be Europe, once he’s done with China, even though nothing’s
actually resolved. JIM ROGERS: The problem, Matt, is that when
things get bad, so far the American economy has held up well because of a lot of money
printing, out of government spending, cut taxes, everything possible to hold up the
American economy has held it up. When things get bad in America as they will,
Mr. Trump is not going to say, “It’s my fault. I got it wrong.” Donald Trump is going to say those evil Germans,
those Koreans, those Canadians, and he’s going to come back hard with more and more whatever
you want to call it. The situation, we’re going to have the worst
bear market in my lifetime. I can tell I’m older than you, so it’s going
to be the worst in your lifetime, too. What I suggest you do is watch Real Vision,
and you’ll get educated, and you will see how bad things are. Then you’ll get there. Most people will turn on the internet or turn
on the TV, say, “Wow, look at this. Things are great.” Mr. Trump tells you every day, if you watch
American TV, he will explain you things are really, really very good. You don’t worry. Maybe you need somebody crying wolf, maybe
you need somebody saying, “Wait a minute, guys, wait a minute. Look at this.” Maybe Real Vision is the last vision for all
of us. MATT MILSOM: You think he gets back in? JIM ROGERS: Get back into what? MATT MILSOM: Trump 2020? JIM ROGERS: I got to respect you, what I think
it’s– I know it’s very hard to dislodge a sitting president in America for many, many
reasons. I would suspect that’s the same to this time. Now, we got rid of Coolidge, and Hoover. We got rid of Hoover because the market collapsed
but we don’t have much time for that because the election is only, what, 13-14 months away
now. If the market really collapses in the next
13 or 14 months, then I would change my view, but there are enough things he can do, which
is why it’s hard to get rid of sitting presidents. They’ll prop things up long enough to get
through the election. I would, if I were betting and I’m not a betting
man, but if I were, I would bet that Trump will be reelected. MATT MILSOM: A lot of speculation that he
might actually start to swerve the Fed and play the currency markets himself for the
Treasury. JIM ROGERS: What, Trump will start buying
what? US dollars or renminbi? What’s he going to buy? MATT MILSOM: He’s going to be selling dollars. JIM ROGERS: He could do that. Yes, and he might. He cannot force the Fed to do it. No, but he could, he could browbeat him. He can certainly force the Treasury to do
that, to sell US dollars. First of all, I’m not sure the market would
put up with it, it would for a while, obviously, it would for a while, but eventually, the
market, as I said to you before, I mentioned the market’s going to say to these guys, “We’re
not going to play this game anymore. This is an absurd, ludicrous game. It’s never happened before. We know it’s not going to work. We’re not going to play anymore.” Okay, maybe we’ll try. I don’t think it’s enough. Maybe it’s enough to save the election, I
said to you before. It’s so difficult to dislodge a sitting president. There are lots of things he can do. If he needs votes in that state, he spends
a lot of money in that state. His opponent cannot do that, the opponent
can say look, what a terrible person he is. He’s spending money in your state. The people say, thank you, thank you spend
more money in my state. We’ll vote for you. MATT MILSOM: He can almost play the Fed to
his own fiddle, I guess at the same time. He can blame them if it goes– JIM ROGERS:
He certainly can blame them, whether he can persuade them. He seems to be persuading them now is another
question, but sure. That’s what I mean, if he goes in there and
threatens them, or does x or does y, sure he can. That’s the problem when you’re the president,
or the advantage when you’re the president. MATT MILSOM: I see Powell’s having a bit more
backup by myself. I just think he’s his own guy. Really, he’s not a PhD Economics. He’s a– JIM ROGERS: That’s the best news. I believe PhDs, which is bad news. We’ll see. MATT MILSOM: I could see that arising a bigger
conflict there, you think between Powell and– JIM ROGERS: No, I can see a huge conflict
and that’s going to– the Federal Reserve, its debt went up by five, six times in 10
years. If I had said to you 20 years ago, a major
central bank in the world is going to increase the debt on its balance sheet by 500% in 10
years, you’re going to say, “Get out of here. We’re not going to talk to you anymore. You’re not even smart enough to talk on TV. What are you talking about?” It’s inconceivable that it could have happened,
but it’s happened. Sure, they have a problem, too. How far can they go? How far can any of us go? MATT MILSOM: It surprised me the volatility’s
so cheapened right now. JIM ROGERS: The debt worldwide is the highest
in world history. Interest rates are the lowest in world history. In 2008, we had a big debt problem. China, which had a lot of money saves for
a rainy day, started spending the money and helped save the world, but even China now
has debt. China can’t save the world anymore. The central bank came riding in with its printing
presses, helped save the world. That’s getting late for all the printing presses
in the world. It’s getting late in the day. MATT MILSOM: Is the rate of change as well
as a debt in China that’s extraordinary just– JIM ROGERS: Oh, no, I know. To repeat, ports in China has said we’ll let
them go bankrupt. I don’t think they will. Not that they’re lying, I think they believe
that they’re going to let people go bankrupt but they haven’t had this problem in decades. They’re bureaucrats and they’re academics,
haven’t felt the pressure of people calling up saying, “You must save Chinese civilization. This is Chinese history, our image our integrity.” No, they haven’t had that gigantic pressure
from everybody in the country, they’re saying, “Save Chinese civilization.” What they really mean it save me. They haven’t had that yet. MATT MILSOM: Xi as a link leader seems to
be much more of a Maoist than ever before, to me. JIM ROGERS: I’m not sure Maoist, but they’re
certainly closing off in that sense. Yes. Deng Xiaoping started opening up and Deng
Xiaoping said you open the windows, you’re going to get some flies, but you’re going
to get fresh air and sunshine, and the fresh air and the sunshine are worth the flies. He seems to be saying we don’t want flies
and the last 40 years, much of the progress has been 18-year-olds in a garage doing crazy
things on the computer. Alibaba, Microsoft, the names go on, and on
and on. These were just kids doing wild, crazy things
on the internet, which was open and free to nearly everybody. You start closing these things off, and it’s
going to slow progress, it’s going to slow things now, whether we like it, history is
always showing that. You close off and you go into decline. It does seem to be happening not just in China,
even in the US, but it does seem to be happening more and more, so maybe we’re in for the dark
ages again. MATT MILSOM: I don’t know. It’s almost that you think about where you’re
going to head or what currency you need to get into, where you’re going to be safe. Do you know what I mean? You start thinking about– JIM ROGERS: That’s
not what I mean. I don’t have a job. I can’t figure out a way to save myself. MATT MILSOM: You made the move to Asia on
the back of those thoughts, I guess that that’s going to be a Pacific centuries. JIM ROGERS: Well, I moved here you because
I know that the 20th century is Asia, 21st century is Asia. I wanted my children to know Asia and to speak
Mandarin. That’s the best preparation I can give them
for the 21st century. That’s why I’m here. Of course, Asia is continuing to develop and
boom and head of the rest of the world. There is some debt in Asia, but nothing like
in the West. Most of the Western countries are really broke,
especially when you pull into pension plans. Europe’s got gigantic pension, US too, gigantic
pension obligations, which they’ll never able to [indiscernible]. MATT MILSOM: Yeah. Demographically, where does that end up? JIM ROGERS: It’s already starting to ruin
a lot of people. Asia has probably– will have problems but
nothing like some that are rising in the West. I can’t bear for my kids. MATT MILSOM: The world of agricultural investment
view is still a– JIM ROGERS: Yeah, agriculture has been a disaster for 35 years or so. The average age of farmers in America is 58. More people in America study public relations
and study agriculture. The highest rate of suicide in the UK is agriculture. Of Japan, the average age of farmers is 68. Nobody becomes a farmer, you go to Japan now,
there’re huge stretches of land, they’re just empty. They can’t find anybody to farm them. Farmers have died, the kids have gone to Osaka. There’s nobody to farm that land. If you want to be a former, go to Japan. You can get a lot of land cheap. That’s true. Australia, Canada, all of these countries
have very, very aged old farmers, men and women. It’s millions of Indian farmers have committed
suicide, as I’m sure you know. No, no, agriculture is a disaster. The Chinese have a word, you know the Chinese
word weiji? It means disaster and opportunity are the
same and they are. If you can survive the disaster, you’re going
to make a lot of money with the opportunity. MATT MILSOM: I guess the commodity complex
per se, are softer on their knees-ish for the last five years. They’re actually doing okay in the States. JIM ROGERS: Yeah, yeah. Things like sugar, sugar is down over 80%
in the last 40 years, what do you notice down 80% in the last 40 years? My IQ. Other than that, there’s not much that has
declined, that deteriorated like some of the agricultural products. MATT MILSOM: Difficult bet to make given the
climate change, too? JIM ROGERS: Well, yeah, climate change is
taking place, is taking place for thousands of years. Go back and look at trees, and soil layers
and iceberg layer, we see that climate change has always been taking place one way or the
other, and it seems to be happening again. Of course, that’s going to be great for some
farmers, disastrous for other farmers. The key is to be the farmer that it’s great
for, not to be a farmer that gets wiped out because of climate change. The Sahara Desert, which is the size of the
continent with 48 states, used to be a huge agricultural area. Pigs, cows, wheat, corn, everything, huge,
huge. We had climate change. We had ecological change, you know the rest
of that story. If you were a farmer in Algeria 2000 years
ago, you probably didn’t do very well. You should have moved to Iowa 2000 years ago. MATT MILSOM: Would it be too much to ask your
asset allocation now? JIM ROGERS: You can ask, I don’t know. I don’t sit around. I don’t have a committee met. I don’t have anybody to answer to. I know I can still pay my bills. I do own some gold and silver. I do own a lot of US dollars, I’ve told you
about. I’m short some junk bonds, short the ETF,
Russia, China. I don’t own a lot of shares anywhere right
now. The Japanese market, I sold out of. I used to own a lot of Japanese shares, sold
out completely. MATT MILSOM: Why was that? JIM ROGERS: I bought them so well. It’s not often I get it right so I’m going
to brag for a minute. The Japanese market was very, very cheap and
I started by and then the tsunami. Remember the tsunami? Everything collapsed, I bought a little, gone
up a lot, it tripled since then. I could see wasabi and the toll got stronger
and stronger and stronger. They’d already printed lots of money. The central bank said we’ll print as much
as we have to. That’s what they said. They said it out loud. Not some crazy guy saying it. I said what else can happen? What else can go right? They’ve spent a lot of money on infrastructure. They bought a lot of securities, so I sold
out. So far, I’m right, but don’t worry, I make
plenty of mistakes. MATT MILSOM: I guess, it changed your beast,
don’t even trade anymore, eh, because there’s no float? JIM ROGERS: Nothing to trade, why would you
buy them? Who’s going to buy them, except a central
bank? MATT MILSOM: They have to keep going? JIM ROGERS: I told you I have. I’m going to Japan tomorrow, there’s been
a best seller saying, “A Warning to Japan.” If they keep going– MATT MILSOM: That’s a
book? JIM ROGERS: Yeah. MATT MILSOM: Sorry, I didn’t know that. JIM ROGERS: No, it’s the number one bestseller. MATT MILSOM: Congratulations. JIM ROGERS: I’m shocked. I’ve made two number one bestsellers. MATT MILSOM: What was the other one? JIM ROGERS: I forget that, it was some Japanese. It was something like, “A Warning to Japan.” MATT MILSOM: But this is a specific for that
market, or they were– JIM ROGERS: Two books in Japanese. They were translated, my English was translated
into Japanese. Two books in 2019 have been number one bestsellers
by me. This is a shock. How could this happen? I’m more surprised than anybody. They called me up, that smarty say you got
to come to Tokyo. I said why? He said your books have won bestseller. I forgot about the book. The book resulted from some reporters coming
here and interviewing me like you. We’re out for several hours. I said we’re going to publish this. Okay, go ahead. I don’t care. Forgot about it. MATT MILSOM: You got a book tour now? JIM ROGERS: Yeah, I’m leaving tomorrow. I’m going tomorrow for a book tour in various
cities of Japan, promoting, “A Warning to Japan.” MATT MILSOM: What was the essence of that? Was that demographics or that– JIM ROGERS:
If you’re 10 years old, you better get out. If you’re 10 years old, you better get an
AK47 and learn how to use it. These are not– it’s simple. I say to them, they will say, of course, he’s
a foreigner. Don’t worry. The Japanese don’t like foreigners, and so
they will just say, he’s a– whenever they say they don’t like somebody, they say he’s
a foreigner so you don’t have to listen to him. I say to them, yeah, okay, I’m a foreigner,
but this is arithmetic. It’s addition, the debt goes up every day. That’s simple addition and it’s subtraction,
the population goes down every day. Central bank has been printing huge amounts
of money. This is just simple addition and subtract. Forget that I’m foreigner and for some reason,
both of them became number one bestsellers. I guess it’s because nobody in Japan ever
says things like this. I don’t know why I became, but listen, I’m
shocked. MATT MILSOM: Do you have any views on Softbank? JIM ROGERS: So far, they’ve made a lot of
money but I don’t know enough to say much more than that. I read that problems are developing, but I
have no knowledge, enough knowledge to say anything other than that. MATT MILSOM: I guess WeWork is the speculation
for those issues there, for the float. JIM ROGERS: WeWork is not their only asset
at Softbank. What I read about WeWork, WeWork may be one
of those things. You remember in 1999? I think it was called pets.com or something. It was one of those things that was when people
talk about the end of the bull market or the signal, or the sign that it was over, that
may be WeWork now. They were printed out in 1999. That’s the one that people often bring up,
I was not sure. I wish I had but they bring that one up. Now, if you look at the current bull market,
maybe someday in 10 years, we’re all going to look back and say, “They rang that bell. That bell was called WeWork. That was the sign that we were coming to the
end.” It’s always something that people look back
on that it may be WeWork. MATT MILSOM: The amount of questioning that
browned the IPO pricing makes you think that the greater fool game may have just come to
a grinding halt. JIM ROGERS: I’ve never read the Prospectus
but I’ve read a lot in the papers about the story, the company, that IPO, the CEO, etc. Just I’m sure you have too. I read it and I say this is 1929, this is
1999. This has all happened before. MATT MILSOM: They have nines in them. JIM ROGERS: Yeah. See, 1899– well, anyway, you read, I read
this stuff and I’d say oh, yeah, this has happened before. I remember reading about things like this
in previous bull markets, previous bubbles. MATT MILSOM: What brings you to an investment
then? Is there a sector or there is an idea or somebody
pitches to you? JIM ROGERS: No, it’s usually– the nature
of who I am, I’m always looking or I’m always listening. If I stumble on something, I’m not out looking
like I used to, but if I stumbled on something, I often do homework and then I’m in this Russian
stock that I’m buying, I stumbled on it. The more homework I do, the more I buy. I continue but it’s usually I will stumble
on something. MATT MILSOM: Public, is it a public stock? JIM ROGERS: Yeah, it’s a public company. MATT MILSOM: Sector? Which sector would have been? JIM ROGERS: You’re a very good reporter, but
I’m not going to tell you because if I told you, you would know exactly what I’m buying. MATT MILSOM: Okay. I’m sure it wouldn’t be that easy to spot. JIM ROGERS: There are plenty of disasters
in Russia. Everybody hates Russia now, so Russia’s on
my list. Anyway, I will probably buy Russian government
bonds and rubles again soon. I own Russian government bonds in rubles. The yield is very, very high. The ruble is hated. The Russians are hated, et cetera. MATT MILSOM: Any other markets that are particularly
hated that you fancy? JIM ROGERS: Well, I told you Venezuela but
you and I cannot do it. I cannot do anything in Venezuela. Zimbabwe, I bought a few shares of Zimbabwe,
some of the North Korea but that’s illegal, too. I’m looking, but part of the problem is there
are few markets that are hated so much. I mean I am buying Russia, it’s still hated. Most markets, even Germany. Look at Germany hit peak, what, two years
ago. Been going out since but it’s not cheap. It’s not hated. Germany still a very large and [indiscernible]
economy. No, I don’t see many now that jumps off the
page to me and says, oh my God, you got to buy this disaster. I would love to find something like that,
but I’m too lazy. MATT MILSOM: I’m thinking there’s probably
a good places to stop. JIM ROGERS: I’m too lazy. Very good places to stop buying, I commend
laziness to all of you. Watch Real Vision and get lazier and lazier,
and lazier. MATT MILSOM: Jim, thanks for having us and
thanks very much for coming on. JIM ROGERS: My delight, my pleasure.

Paul Whisler

100 Comments

  1. Get Real Vision Premium for only $1 for 30 days here: https://rvtv.io/2OsdX9h
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  2. I've been a huge fan of Jim for a long time. I've read four of his books. After seeing Kyle Bass interview Steve Bannon though, reading Stealth War, and watching ADV China… I think Jim has lost the plot on this one.

  3. If one wants to see a perfect specimen of the parasites that are destroying the world at the moment, one has to go no further than old Jim here. Surpassed only by his mentor, George.
    They would sell their mothers, daughters and everyone else on planet Earth for a buck.

  4. The fact he is a co-founder of a SOROS fund says it all. Jim Rogers is NOT to be trusted in regards to his political/geopolitical rhetoric. Jim Rogers is counting on the Central Banking System to remain in tact during a Trump presidency. However, he is SADLY mistaken. Trump, just like Andrew Jackson, WILL RID IS ALL OF THE CENTRAL BANKING SYSTEM in the U.S. WHY should citizens of the U.S. permit a PRIVATE institution (Federal Reserve) CREATE MONEY OUT OF THIN AIR to loan to the U.S. government and banks WITH INTEREST ATTACHED and charge us interest on that money THEY CREATED OUT OF THIN AIR. WHY can't the U.S. Treasury create money out of thin air AT NO INTEREST to ease the burden of servicing debt? BOTTOM LINE: The Central Banking System IS THE CAUSE of the financial, political and geopolitical situation the world is currently in and Trump aims to rid the world of the Central Banking System. The Central Banking System is who funds the Deep State. They are the Head of the Snake. If we don't cut off the head (Central Banks) of the snake, all of us will become serfs (slaves).

  5. "I'm buying rmb as a dollar hedge and teaching my kids chinese" for somebody who is so confident in future Chinese success he glosses over a lot( housing market, Xinjiang and Hong Kong to name a few.) And offers no insight in terms of recipes for Chiang's future success. Also he harps on Brussels yet heaps praise on China when you get to old you fail to appreciate irony at all?

    Next time he comes on, somebody has to get him to layout how China becomes the next mega ultra state. The Americans have been offering national and trade security services for free, what can China afford to offer the world for free?

  6. It may be that after the fall of the CCP China will be rebuilt as the new America, but my main issue with that is that they're not part of the global elite bankers club. My prediction is that once these elite are done enjoying the fruits of the CCPs slaves, they're gonna let them go.

  7. China has been keeping its currency artificially low to give them an advantage on exports. If anything the Chinese current must be artificially high to create a more diverse economy that is not just export manufacturing based,but also consumer based so the people of China can benefit.

  8. I used to respect Jim Rogers because I thought he was objective…oh how the times have changed.

  9. He lives in Singapore with his family. So you’re getting a very biased option. He sounds like he’d sell his mother for a buck. Subversive to everything but money. Thx.

  10. Great interview. Always interesting to hear, to Mr Rogers. Thank you, for this!!

  11. Wasn't long ago when Jim was a member of the 'I believe in the rise of China'. club. Changed his tune. This guy is a mental and physical wreck. His physical condition and appearance have fallen off a cliff. Someone should tell him not to ever get married.

  12. “It’s never happened therefore it’s not gonna happen.” Hey old timer hardening of the brain arteries have set in. It wasn’t that long ago mankind thought it impossible to get to the moon. You’ve outlived your usefulness old timer. Go graze on the grass with the money you made with George Soros and let creative visionaries create wealth for all.

  13. 80% US dollar went to China through HongKong because China isn’t a free flow money system which Chinese gov controls all. This guy is too out dated from the other side of world.

  14. Interesting comments on Mr. Rogers being a shill and or "boomer." If by Boomer you mean old enough to have lived through the last time the global currency stewardship baton was passed, then yes I fully agree. In regards to being a shill, I expect this has to do with your psychological and emotional reticence to accept that the turns of history exist outside of your ability to educate yourself in such a way that would expand your event horizon to include the view as expressed by Mr. Rogers. Lot's of folks thinking history is a fable or myth and has no real bearing on their own personal day to day lives. And 95 out of 100 years they would be correct. Things are changing.

  15. LOL. Jim Rogers the prominent Democrat shows just how much he is willing to sell out the US, or basic human decency for a pile of RMB, and a free coke. Shame they didn't ask about the Xinjiang region/Tibet/Falon Gong, but I guess that would be too hard hitting for Real Vision and might make him hide from you guys. What a coward.

  16. Clean up your own room before you talk as if you’re giving advice that’s “gonna save the world.” You’re so antiquated you’re obsolete. When you speak in English you speak CCP mafia Mandarin.

  17. The 30s did not happen due to "closing the economy". It happened because Jim's predecessors plundered the world with their speculation. As he is doing his whole life himself.

  18. Farmers in Europe quite being farmer because of Government regulations while for farmland in Japan and Canada they can't find farmers. Amazing.

  19. Can't stay the entire interview after hearing the words "Chinese government handles the situation in HK quite well".
    Such a friendly "hugging panda" elite.

  20. Globalists like there globes. He has one that's bigger than he is. Even the carpet is a world map. It's time to disengage with China.

  21. It's really hard to agree on this topic i don't like the idea about it but if you think about it how long you think anything can keep up at this rate, changes will happen Dinosaur era extinct and Human era came, the era changes, power shifting, through out the history u guys still remember The roman wow what a kingdom they have all those great minded human but what happen to the kingdom hmm the point is its still count as changes, When exactly this changes will happen and what is the cause who know, But even The Sol will explode someday anything can happen, so this guy basically just say so u got 2 choices either accept it or prepare for it, life is just a big question mark who know what will truly happen to humanity to earth to universe only time will tell.

  22. No individual country as large as China or US will ever crash alone again. You’d better pray this guy is wrong because if one goes they all go.

  23. I'm confused by all the dismissing comments. In my lifetime following this man he has made a couple dozen macroeconomic calls correctly. I have jumped on a number of them to the tune of tens of thousands. Please don't misconstrue on the fly statements into extrapolation of him hating or loving some government. He's telling you outlooks and trends and tells you to do your own research.

  24. No one in history has ever been successful letting others products come in untaxed while they other taxes everything 100% and 200%
    And also charge White people double for everything when visiting

  25. Remember, this guy made his fortune as a contrary investor. If this comment section is overwhelmingly against him, you know where to place your winning bet.

  26. Como on man!!! Seriously? This guy lost all credibility when he said that the Chinese are not stealing intellectual property!

  27. From all the comments, never knew a hedge fund manager is required to be a political activist. Learn something new everyday.

  28. Not just China but the Eurozone has been trying to supplant the USD for about 20 years now with nothing to show for it. Someone should try answering that question first before prognosticating on the death of the USD.

  29. Didn't Trump have a big meeting with all the tech executives in the US when he first got into office and they said IP theft was the there biggest concern. China has a unique ability to be punitive towards companies. Coming to congress to single yourself out could be very risky to investments in China.

    Btw the IP theft isn't production methods a lot of it is in the tech sector, software, hardware design.

  30. Anyone notice all the globes in the room, looks like some globalists are real literal about things.

  31. Long live CCP fathers qualifications protections value for China 🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏

    Fights the terrorists attackers warmongers thugs 👹👹👹👹👹👹👹👹👹👹👹👹👹👹👹👹👹👹👹👹👹

  32. You cannot compare the change of the US taking over after the UK to China and the US. The UK and the US are basically the same people. The US was founded by Englishmen and its law was based on English law. The perspective is the same and the rule of law is the same. The Chinese still have a totalitarian government that has no limits to its power. Its harvesting people's organs for christ's sake. Who will feel comfortable knowing they can have and exercise the same freedoms as well as have the ability to exercise their rights legally in a court of law against anyone including the state. The world will never trust china enough the way it currently is. When a china company goes bankrupt how does a us investor get his money? Will it be done and decided by an independent judiciary? No. Does China have an independent judiciary? No.

  33. IP is a side issue. if you can protect your trade secrets do what you can to protect them. if your competition steal them get angry but it doesn't help pretending you wouldn't do and don't do the same.

  34. Imagine hating yourself so much. This guy and Soros WORK to undermine Europe then say "I told you so." They're evil

  35. Such happy fellow, but why no negative interest rates for thirty years, bc it never happened ? @ 8:33
    Just before that, what never happened was a Central Bank in USA.
    And before that : no IRS in USA, guaranteed by the Constitution. But it happened.

  36. People in the comment section seem more concerned about this guy then the record debt he is describing and warning them about.

  37. Who is this guy? China has much more debt than the USA! Deutsche bank is on its way into Chapter 7 or 11 and the EU will implode, China will be in deep recession because it’s Effort to be a service and consumer nation instead of a manufacturing nation will not succeed and the US Dollar will continue on its way. This man just got out of bed and does not know what is going on…Thousands of companies in China are in Chaper 7, China has trillions is bad loans but keep lending money to try and prop up their manufacturing companies…China is on the verge of civil strife and it could be that their current leadership and its party will be soon out of power. So, this man really towing the Soro political line with an underlying effort to undermine Trump in this interview.

    I heard that he was just a figure head in the Soro empire and all money they say he made for Soro was probably because of the people under him. Just listen to him…nonsense flowing from his mouth.

  38. Yes, he is…because history cannot repeat itself. Those idiots that run their life and business according to history will eventually fail. This interview is a political interview, nothing more. Children learning Mandarin is worthless…most China company sales staff speak English…it’s funny, this idiot thinks Mandarin is necessary, China and other Asian countries think English is necessary, so, English remains the world language. China will never be a world power, so, If this idiot’s children cannot speak proper English but proficient in Mandarin, who know what will happen to them.

  39. I can see a lot of haters leaving comments here about Jim. I just wanna say come on get yourself a CFA or any proper financial credential before BS on the objects you have absolutely no knowledge about. The host should also take Marco 101 before asking the laughable questions.

  40. Shanghai replacing Hong Kong as world financial hub? With corruption and total absence of rule of law?

  41. Jim I know you are promoting the collapse of dollar, we're all okay with it, but don't go too far with the rise of Russia and China. It's complete chaos ahead. All down.

  42. I hate people that say we don't want to go to war. Communism is total war and we will surely be exterminated if we don't fight.

  43. Something important but totally ignored by Jim Roger. HK has a few unique features: 1) common law and 2) follow international accounting standing, 3) Free trade zone with zero tariffs agreed by many major nations, 4) free flow of information, and full access to the Internet, and 5) free flow of capital with no capital control, and 6) The local currency, HKD is an international currency pledged to USD, to stabilized currency risk, 7) Close to China and 1 country 2 system. International business trust those features to conduct business. Those can't be replaced quickly. SG has 1st 6 items checked, but their capital market, equity and bond are only 25% of that of HK. Mainly because majority of HK capital markets are dominated by mainland Chinese companies. SZ and SH is far from getting close to HK in terms of international financial centers. However, they are still major domestic capital markets within China. Empirical data show, in 2018 more than 70% of foreign investment into China were through HK.

  44. his book and he said that the Communist Party "offered incentives" for having only one child, like not being subject to a forced abortion is a great incentive I guess, but still.

  45. I like Jim Rogers, and I miss hearing from or reading him like we used to. However, he has rich man's disease. He sees himself as above the world, not a part of it. He's never seen a trade war that made things better. I haven't, either. However, I've also never seen a point in history where a trade war is The War because there never was a time that trade was so important that it could really be weaponized or when citizens of the great powers were less likely to support a military war with the lives of their own children. If this continues to be the case, then the only way to effectively combat the CCP is through trade.
    Another symptom of his disease is his apparent treatment of the CCP as just some Mr Market free hand who behaves like a Western market or government. When he moves his own daughter to China or Hong Kong, I'll believe he really believes that. Yeah, yeah, when WW2 ended and the USA twisted all sorts of compromises out of Great Britain, that's just how it works, no now that that is happening to the United States at the hand of China, it's okay. That's just how the world works if you want to do business in China. Well, no it's not. It has never had to be that way — unless you are rich and you don't really care about the citizens of your country.
    If you want to find out what he really believes, find out where his daughter lives — no not her address — the country and what kind of school she attends. Probably different from the ones he attended as a child. I could be wrong, but I bet I'm not.

  46. China owes much more debt than US. Rogers keep thinking China represents all Chinese; 99% are against this criminal gang who is ruling China, an illegitimate regime.

  47. Rogers believes Shanghai can replace HK, no city can replace it ever. RMB will never be a reserve currency; a big fraud, China print more RMB than ever. China is ruining herself by trying to beat HK to total submission.

  48. @22:42 Yes they do. They have Triumph motorcycles. Triumph is the engine supplier to the Moto2 series. C'mon man.

  49. Jim Rogers thinks he's on the winning side of history because he wants to be the one to gut American Finance for his crony buddies. No pushback by Real Vision. Embarrassing.

  50. communist….sold out America. Him and Soros …….sell outsthrough this guy in Jail……sell out piece of sh..

  51. Mr Rogers should be regarded as a globalist who is pro Communist China. He is partner to George Soros who is now banned from 6 countries for his attempts to depose democratically elected governments. He is not the friend of a small investor or someone who is patriotic to any country. He is not a U.S. patriot for sure.

  52. China and Russia aren’t using the USD out of some form of philanthropy out of the goodness of their hearts. They’re using it because the RMB and the Russian Rouble are play money, not freely convertible. Unless the PRC opens up its current account the use of the RMB/CNY will remain mostlyused in barter trades.

  53. Norway is currently the only western nation that does not operate every year at a deficit and has no national debt. Its Sovereign Wealth Fund is the largest cache of cash for a nation other than the Saudi fund and they often surpass one another for the first place position. Norway's population is also very small at 5.2 million. Unfortunately, the Norwegian fund has decreased its holding in gold and assets that are best for an economic catastrophe and has holdings that will do down in such an environment.

  54. This guy is teaching his kids to speak Chinese? When the atheist, ultra-racist, Communist Chinese flex militarily against the west and begin to colonize outside of their country, then the only future for a white or black man that they no longer need is to get gutted and hung upside down to bleed out on a tree.

  55. Few things to correct
    12:00 China doesn't allow bankruptcies, they have biggest bad debt in all countries, they keep things afloat.

  56. Jim rogers is nuts to say hk dont matter. He may be in singapore but its full of people that moved from hk they probably gonna harass him and his family now. My friend streams from singapore shes deathly afraid to say anything bad about chinese gov or hk and shes chinese. Hopefully Jim will be ok but thats suicide saying hk dont matter haha. Hes forgetting how culture is different in asian countries from america. He most of not seen on best gore of old asian guy lit on fire by young hk people.Them people are dangerous right now.

  57. I guarantee you if this guy has ever been to China it was on a govt sponsored tour and he knows absolutely NOTHING on how it all works there. I lived in China for years and years…this guy is a buffoon.

  58. Rogers typical globalist with no home, no principles or virtue and only loyal to money. It would be a shame if the communist chinese confiscate all his wealth and put his daughters in work camps.

  59. Jim Rogers is just china-man at heart. He is a traitor as far as the US is concerned.

  60. Jim Rogers is in trouble! Look at all of that worry he is carrying in his face! He had better get out of that Country before he all of a sudden disappears! China is already showing its true color… and will do so more without disguise each and every day their economy continues to plummet! Jesus, Lord of our Savior… We pray for the safe keeping of all of God's children… but we are worried for the innocent people in Asia and especially in China… Please guard over them and their family to keep them safe and out of harms way!

  61. Yes, Trump is smarter than history, Jim and Soros are proof of that. Several of their government puppets worked for them, Trump has exposed their B.S.!

  62. What a bunch of snowflakes in here… Can't handle someone holding a balanced opinion on China.

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