Jim Rogers has told the Financial Times he wants more banks taken out back and shot, or left to die on the side of the road like Lehman, which was the only thing the government has ever done right. Who will step up to the plate?
We need some more Lehmans so we can get out of this. Over the past 20 years Messrs Greenspan and Bernanke introduced crony capitalism to the West which is leading to a lost decade[s]. Market fundamentals are that failures should collapse and be replaced by creative new forces rather than being propped up as zombies. Financial institutions have been failing for centuries and the world has survived. Had the central bank allowed the failure of Long Term Capital Management to run its course, Lehman, Bear Stearns, et al would still be here.
Everyone would have lost so much capital and fired so many incompetents that the madness of serial bubbles (dotcoms, housing, consumption etc) would never have occurred. Consider the alternative had they propped up the bankrupt Lehman. There would be even more of the same insanity in our central banks and governments than we have now. The idea that a problem of too much debt and too much consumption can be solved by more gigantic debt and consumption is ludicrous.Would that governments stop interfering with fundamental principles and let the market clean out mistakes! Marx is singing in his grave there in London as the US government now controls the auto, mortgage, insurance, banking, et al industries and he has not fired a shot. Letting Lehman fail was perhaps the only thing governments have done right during this whole drama.
Lessons To Learnt [FT via BI]
I will step up to the plate!
This just doens’t feel like a Jim Rogers’ piece without finishing with something like:
‘…so buy commodities and Soros is hung like BM, btw, Singapore rules and America drools.’
@2 i was pressed for time.
fuck you cock
Jim’s best years are behind him. Time to go gently into that good night.
I love the smell of rotting banks in the morning.
He looks so regal in that picture.
I would rather molest a collie.
Dennis Kneale
coming right up!!!
-KL
He wasn’t so nonchalant when Refco was flushing his newly minted commodities pools into a Dennis Kneale glory hole.
great tag Bess
I’m afraid this guy doesn’t know what Marxism is.
Groucho
Gay bow tie and pathetic comb-over. Child molester for sure…..
Jim Rogers got his ass handed to him last year. Yet for many his word is still gospel.