Jim Rogers vs. The Bailout Boys

Since the week-end buzz is all about Fannie and Freddie
"Buy their stock then!"

Liberty, once it takes root, is a plant of rapid growth.
Ron Paul Rocketman
http://www.youtube.com/wa...

Put Jim Rogers in charge of the Treasury, and allow competing currencies to squeeze out the Fed.

Gustav approaches Gulf Coast, Koreans deny LEH talks

- Hurricane Gustav remains a Category 3 storm as it approaches Gulf Coast, but AccuWeather said it seems unlikely that the storm will reach Category 4. Oil traders sold the Nymex crude contract after the Louisiana governor said that the storm may not be as bad as predicted, which pushed down EUR/USD. The U.S. Minerals Management Service said Sunday 1.25 million of 1.3 million barrels per day of oil production (96.3%) and 6.1 billion of 7.4 billion cubic feet per day of gas production (82.3%) had been shut in anticipation of Gustav, up from 76.8% of oil and 37.2% of gas Saturday. Nymex crude oil gained +0.97% between 18:00 EDT and 23:43 EDT, last trading at $116.58/bbl (session high around $117.30/bbl).

- The U.K. Telegraph newspaper reported over the weekend that Lehman's talks with Korea Development Bank have intensified over a $6.0B capital raise, but South Korean officials said that they haven't heard anything about renewed talks between the parties.

- Forex: EUR/USD dipped lower on reports that hurricane Gustav might not be as powerful as once feared, triggering stops below 1.4640. The EUR remains under pressure, with the Wall Street Journal reporting that the ECB is mulling tighter lending standards amid concerns it has become a dumping ground for troubled securities. EUR/JPY selling also dragged on EUR/USD, with EUR/JPY triggering stops below 158.60. Next support for EUR/JPY seen at 158.32 (bottom of the weekly cloud), while EUR/USD support is seen at 1. 4570. With oil prices pulling back ahead of Gustav, AUD/USD looked heavy, with support seen at last Wednesday's low at 0.8530.

- Traders dumped the GBP Chancellor Darling said over the weekend that Britain is facing its worst economic crisis in 60 years, and traders point out that GBP/USD support seems limited now that the pair has broken below key support at 1.8090. In a related development, the Bank of England said on Sunday it had no plans to extend a six-month scheme designed to ease strains in the mortgage market (the window for participation in the scheme closes in the week of Oct. 20), while the U.K.'S Royal Institute of Chartered Surveyors called for "decisive action" to help the U.K. housing market.

- Australia's exports continue to drag on economic growth: (AU Q2 CURRENT ACCOUNT BALANCE: -12.77B V -11.65B expected, -19.84B prior revised from -19.49B) In a move that surprised many economists, the Aussie statistics bureau said Australia's net exports could be expected to detract 0.1 percentage points from Q2 GDP. Before the release of today's data, economists on average expected that exports made a positive contribution of 0.2 percentage point in Q2.

- Australian manufacturing hit by falling demand, rising costs: (AU AUG AIG PERFORMANCE OF MANUFACTURING INDEX: 47.0 V 46.9 prior, a reading below 50 denotes contraction) Australian manufacturing activity contracted for a third straight month in August, caught between falling demand and higher input costs. Production and employment fell again in August, though at a slightly slower rate than in July. New orders fell for a fourth consecutive month, putting pressure on future production.

- Australia's inflation remains stubbornly high during August: (AU AUG TD SECURITIES INFLATION MOM: 0.1% V 0.4% prior; YOY: 4.2% V 4.6% prior) "Inflation remains stubbornly high with the monthly gauge being a shock once account is taken of the obvious fall in petrol prices," said Joshua Williamson, a senior economist at TD Securities. "Inflation pressures remain elevated despite the clear slowing in the economy," he added.

- Chinese manufacturing slows down in August as Olympics shut down factories: (CH AUG CLSA MANUFACTURING INDEX: 49.2 V 53.3 prior, a reading below 50 denotes contraction) "Data from CLSA showed a deterioration in Chinese manufacturing operating conditions in August as the Olympic Games disrupted production, order books and deliveries," they said. "The net result was a solid fall in output that was the strongest in the survey history."

- Japanese consumers under pressure as wages fail to keep up with inflation: (JP JULY LABOR CASH EARNINGS YOY: 0.3% V 0. 3% expected, +0.4% prior) Japanese wage growth continue to lag behind inflation. An index measuring real wages fell 2.5% in July from a year earlier after a revised 1.9% drop in June. That marked the fourth straight month of decrease.

- Equities: At 23:37 EDT Japan's Nikkei is -1. 46%, the S&P/ASX200 is -0.66%, South Korea's KOSPI is -3.02%, Hong Kong's Hang Seng index is -1.72%, and the Shanghai composite index is -2.62%. Technology stocks listed in Asia generally traded lower, tracking the declines of their U.S. peers after DELL's disappointing profit report. With the U.S. tax refund effect on spending now more or less over, some investors think the worst is yet to come for the U.S. consumer and Asian exporters. Traders said the Nikkei had been primed for selling after last week's gains, with the market ignoring the government's economic package.

- Gold tracks Gustav: Gold gained +0.13% between 18:00 EDT and 23:39 EDT, last trading at $836.30/oz. Traders say they are keeping an eye on $845/oz resistance.

"Committed To The Eradication Of Poverty Among Patriots"

"Those Who Strive For Excellence Refuse To Fear Mediocrity; They Eradicate It."

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Those poor statist analysts trying to do battle with Jim Rogers and losing every time. It's refreshing to see a talking head in the news who is actually telling it like it is. I just loved those pseud-Socialist solutions that the commentators were trying to push on him. One guy even mentioned that idiot Keynes! Astounding.

http://www.chrismartenson...

Especially the last one when Jim Rogers is asked about the presidential candidates. He says the only candidate that has a clue about the economy and how to fix it and the only one he is supporting is Ron Paul. Let's see, a solitary billionaire banker who does not owe anyone a thing comes out supporting Dr. Paul. Is Jim Rogers is only one who is awake or the only one with enough guts to tell it like it is? Where are all the others?
Thanks JoeDanger.

Always a pleasure to watch this man speak the simple, honest truth.

Thanks, for posting this. I can't stop laughing. Those idiots trying to take on Rodgers. That made my day. Man, I wish I could talk like him. "If Fannie may is so great I think you should buy the stock". That shut the idiot up.
Peace

I just had to repost to allow these important interviews to be seen by others!. Thank you for the original post, Joe!

If Ron Paul is miraculously elected President, Jim Rogers should be put in charge of the SEC.

Thanks for posting. Many of us look forward to Jim's TV appearances, and I missed this one. Keep up the good work!

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Don't waste time with frauds Obama, McCain, Nader or Barr - join the Campaign For Liberty! http://www.campaignforlib... The Constitution is more important than voting for the evil of 4 lessers

When will real topics affecting Americans be brought up as issues to discuss during this campaign season? Only those DPers who seek knowledge benefit from these types of interviews. I always send links to others I feel may start to listen to this message, but I'm frustrated as to why we can't reach more people before it's too late. I know it's a slow-moving Revolution, and I'm proud to be part of it, but I want it now!

I just LOVE watching this intelligent, independent, and VERY successful "maverick" make these young brainwashed guys look like the idiots they are. He is a Ron Paul supporter and has made his living doing exactly the RIGHT things economically. Always brightens my day to watch him!