Investor Jim Rogers: Obama is "delusional"

February 13, 2013

Writer

Jim Rogers is one of the most successful investors in American history, and now, thanks to America's not so "business friendly" policies, runs his operation in Singapore. This morning on radio, Jim joined to radio program to give Glenn his reactions to the plan for the economy Obama laid out in last night's SOTU address. Did Obama convince Rogers to relocate back to the U.S.?

Transcript of the interview is below:

GLENN: Well, welcome to Hour Number 3. You're about to hear some truth. If you ‑‑ if you don't want to hear the truth, you know, I don't know. Watch, you know, watch ‑‑ go turn on CNN. If you want the truth here on what you're about to enter and the truth about our economy, you're about to hear it from one of the smartest guys. Been around and successful for a very long time, Jim Rogers. He's the author of a new book called Street Smarts: Adventures on the Road and in the Markets. Paul Krugman says Jim Rogers makes my head hurt. So please, Jim, keep it up. The ‑‑

ROGERS: You know, one reason I did the book was so I could put that on the cover, I make Paul Krugman's head hurt. I wanted the world to know.

GLENN: I just love that. I love that. Okay.

ROGERS: Glenn, is this television? There I am.

GLENN: Yeah, that's television.

ROGERS: Let me put on my tie for God sakes.

GLENN: You don't need to wear a tie, Jim. No need to wear it.

ROGERS: I thought it was radio.

GLENN: It is radio. It is radio and television.

ROGERS: Okay. Go ahead. Carry on. I'm sorry.

GLENN: You don't need to wear a tie.

ROGERS: I know I don't. I'm trying to bring a little class to this group.

GLENN: It's impossible. So Jim, you're going to be on television with me tonight at 5:00 and we're going to kind of go over, you know, the ideas that really quite honestly the president and many in the GOP are just going right along with. And we just had Rand Paul on who, you know, he's ‑‑ he's got I think a plan that would actually, might work at this point. Are we past the point of no return?

ROGERS: Yes, because the debt is physically impossible to pay off. We are the largest debtor nation in the history of the world, in the history of the world. Not just the largest debtor nation in the world, but in world history. And if you take in the off‑balance sheet, Glenn, it's physically impossible to pay it off. If everybody paid 100% of their earnings as taxes, we still couldn't pay it off.

GLENN: I actually, I talked to some banker friends of mine who are, you know, strangely, you know, like, "You know, hey, what we can do," and they don't notice the slide that they are in, you know. I talked to them for ten years and they ‑‑ and it's always, "Well, that's not going to happen." "Yes, it is." "No, it's not going to happen. They would never do that. And they just keep sliding down. The last conversation I had with one of them is they said, "Glenn, it's not so bad. And listen to this. It's not so bad." How do you believe it's not so bad? We still have the national parks.

ROGERS: So we're going to sell the ‑‑

GLENN: Sell the national parks.

ROGERS: You know what we could do? Second sell Santa ‑‑ we could sell the North Pole, too. We could occupy the North Pole, sell the North Pole.

GLENN: It's crazy talk. It's crazy talk.

ROGERS: I know. It's insane.

GLENN: Okay. So wait a minute. So how does this, how does this go from here? What are the road signs that we should look at? And, you know, people like you, you know, you can get on your plane and you can go to Singapore. I can't go to Singapore. And most people can't go to Singapore. And quite honestly if America goes away, I don't know how lucky you are in Singapore. You know, who's policing anything in the world or providing stability except dictators?

ROGERS: Well, there are people in the world who don't think that America's doing a good job of policing the world right now.

GLENN: No. We suck at it. We suck at it.

ROGERS: If that's your idea, you've got problems.

GLENN: Right, right. But at least there is some stability. You know, there's still some question on who wins, who fails here, at least in the minds of the average person, the average bad guy. There's still some ‑‑ you know, I think they know we're at the edge and just a little push will push us over and then the world changes.

ROGERS: Of course the world changes. The world changed when the U.K. ‑‑ you know, after the first world war, the U.K. was the richest, most powerful country in the world. There was no Number 2. They were bankrupt three generations later. One generation there was economic chaos because it was corroded from within. We're on the same path. There's no way we can pay ‑‑ you know, Glenn, right now interest rates are 0%. In America, the Central Bank is destroying the people who save and invest. You know all the people you know who save their money, who didn't get six houses, who didn't have ‑‑ make no down payments on their property, et cetera, they are being destroyed now. That whole class of people who saved and invested and did things right.

GLENN: So Jim, what do they do? I mean, because you're talking to ‑‑ I mean, you're right now eight million people and they're listening, and out of that eight million people 1%, 2%, we probably have 5% of this audience is in a class where they can actually, you know, they can maneuver and they've got a lot of money. Most people are living right at the edge. What does the person do who has saved their whole life? You know, I just read something that said if you are a saver, you lose. So really the best thing to do is just pile up debt. I'm like, okay, that doesn't sound good either.

ROGERS: That's not good for a society. They are save ‑‑ what they are doing, they are bailing out the people who did it the wrong way. The people who did save, you're right, they are being destroyed. All of those people are getting zero on their earnings to bail away, Glenn, to bail out the people who did it wrong.

GLENN: So let's take my parents. My in‑laws just retired. He still has his small business. He's an insurance agent. They have saved their whole life. She's got pension, they have got 401(k). What are they supposed to do with it? What do they do?

ROGERS: Well, Mr. Obama last night said everything is great.

GLENN: They don't believe him and neither do I, neither do you.

ROGERS: Don't your in‑laws know what Mr. Obama said?

GLENN: I know.

ROGERS: He said that everything is great and the middle class is on the way back and everything is fine now. I mean, the man is delusional. I was really afraid when I saw that. The only reason I watched it, I wouldn't watch that stuff except I was coming here to be with you.

GLENN: Oh, I didn't watch it. So you ‑‑ thanks for watching it for me.

ROGERS: I don't watch it either. I don't waste my time.

GLENN: I know what he's going to say and I know what the response is going to be.

ROGERS: But it's delusional. It's frightening. I don't live in the U.S. anymore. It was fright ‑‑ I'm still a taxpayer. So I have to know something about what's going on. But he was totally ‑‑ I don't know if he believed it or if he was just lying.

GLENN: I don't really care at this point. I mean, he's either ‑‑ he's either the best liar or he is completely delusional. I don't know which it is, but it doesn't matter.

ROGERS: There's a whole crowd of good liars.

GLENN: Right.

ROGERS: Up there in Washington. So ‑‑

GLENN: Right. But again, let me go back to the question: What does the average person do to be able to survive, Jim?

ROGERS: Well, that's an extremely good question and everybody in America right now is, at least the people who saved for the future, are facing that question right now. The only thing I can urge them to do is, like your in‑law, in‑laws, put their money back into their own business. That's at least what they know. Don't go putting your money into some hot tips you hear from a guy on radio or TV. Certainly don't listen to the government telling you what to do. Just stay with what you know. These are very perilous times. The government is not on your side if you're saving and investing.

GLENN: Okay. So the idea, when you say invest in your business, I've tried to explain, and you'll probably be able to explain this better than I can. I've tried to explain that I think the stock market is going to continue to go up because it's meaningless, and it's paper. And the cheaper the money is, et cetera, et cetera, that paper will go up and up and up. And so you'll read this and say two things: One, we're getting better because look at the stock market. We have this delusion of that that means something. But as that money is going up in your 401(k) and you're seeing, well, I'm making more, the value of when you turn that paper in is going down. So yes, it might be worth $1,000, but your buying power, once you turn that money in, your buying power is maybe $800.

ROGERS: Glenn, everybody listening to this knows that prices are going up. Go to the grocery store. Education, entertainment, anything, price ‑‑ healthcare, oh, my gosh. Prices are going up. The government says they're not going up. But you make a very good point. You could say you have $20,000, but the $20,000 is worth less and less and less because they're debasing the currency. It's an active policy in Washington. The head of the Central Bank, head of the Federal Reserve in America is dedicated policy to debase the currency. This is not good for you, me, or anybody in America except for some ‑‑ a few people in Washington and a few people on Wall Street.

GLENN: I've been urging people to become as self‑reliant as they possibly can, to take care of their ‑‑ make sure that they understand how fragile the food, the supply lines are, to understand that farming is going to become extraordinarily important again, to know that any way you can get off the grid and not be dependent on power from somebody else is very important. Anything you can do to make yourself free, independent as possible.

ROGERS: Well, you are doing a good deed for many people if they listen to you because there are going to be many breakdowns like that. We're going to have serious food shortages, not just in America but in the world coming up. And by the way, as an aside, farming's going to be one of the great professions of the next 10, 20, 30 years. You should become a farmer.

GLENN: I am. I am.

ROGERS: You have?

GLENN: Oh, I am. I have a ‑‑ I have cattle and a farm out West and I have cattle here as well.

ROGERS: I will tell you I ‑‑ when I speak to universities and students, I tell them all they should be studying agriculture. They don't want to do it. They all want to get MBAs. But it's a terrible mistake. They should be studying agriculture.

GLENN: Nobody ‑‑ and you said this to me a couple of years ago and it really sat with me. I've thought about it. In fact, I quoted you just the other day in a group of friends, that farming, nobody is studying it. And nobody wants to do that job. And it's not just here. It's around the entire world. And so farming has become a lost art.

ROGERS: The average age of farmers in America is 58. In Japan it's 66. In Canada it's the oldest in recorded history. In Australia it's 58. In ten years those guys will be 68 if they're still alive. Somebody's got to go into the fields. More people in America study public relations than study agriculture. We don't have any farmers coming up.

GLENN: Even if you do study, you know, farming or whatever, I don't even know what they would call it now, but it becomes about environmental studies. It's not even about how to grow things. It's how to get man out of touching the Earth.

ROGERS: That's true too, but some of the courses, if you go down to Texas A&M, I'm sure they show you how to ‑‑

GLENN: No, no, Texas ‑‑ no, Texas A&M, they will ‑‑ you know, here in Texas they'll, you know, they'll teach you something.

ROGERS: I suspect at Auburn they teach you to plow. You know, and to plant and to fertilize. There are some schools left that teach you the proper thing but not many because there are only 10,000 students, 10,000 study agriculture, 200,000 get MBAs. That's the graduate degrees.

GLENN: So if you want ‑‑ if you were ‑‑ if you had a 15‑year‑old and they were planning their future, you would say to them what?

ROGERS: I would tell her to go into the fields and if she likes the fields or he likes the fields to become a farmer. Because that's going ‑‑ the farmers are going to be driving the Lamborghinis. The farmers are going to be rich. We don't have any farmers. What more do you need to know? There's no competition. You know, and stockbroking and finance, there are lots of competition. 200,000 MBAs every year, Glenn, every year. Nobody ‑‑

GLENN: What makes you believe that farmers would be able to keep their land? I mean, if things break down, this government ‑‑ I mean, you watched him last night. He's already saying, you know, you don't do the environmental study, I'm going to do it for you. I'll just, executive order. I mean, he's going around the Constitution. He's going around everything. So makes you think that farmers would be able to keep their land?

ROGERS: Well, it's certainly not the land of the free that it used to be, you know. There's no more habeas corpus. They don't have to have a search warrant anymore to go into your house or to your bank account or ‑‑

GLENN: It's crazy.

ROGERS: ‑‑ anything. I know, it's just startling.

GLENN: When did you see this coming, Jim?

ROGERS: Well, I've seen it coming. You've seen it coming for a while, I've seen it coming, but I'm stunned at how rapidly it's happened. I guess ‑‑

GLENN: Were you stunned by ‑‑ because you're watching it from (loss of audio) you know, maybe I'll get away because I'll be driving the Lamborghini along with the farmers.

Woke ideology trumps medicine in America's top 5 medical schools

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Progressive ideology has infected our most prestigious medical schools and is seeping into our medical system.

As Glenn covered in his latest TV special, "diversity, equity and inclusion" (DEI), and leftist rhetoric have overtaken science and medicine as the focus of medical schools across the nation. The next generation of doctors and nurses is being force-fed DEI and "anti-racist" nonsense at the expense of slipping standards. This has led to a decline in people's trust in the medical industry and for good reason. Woke ideology has already been the driving force behind at least one medical malpractice case, and more are undoubtedly on the way.

All of this is being spearheaded by universities, which have integrated DEI practices into the fabric of their programs. Our top medical schools now require students and staff to participate in mandatory DEI and "anti-racist" classes and training and are adjusting the standards to reflect this new shift in focus. Here are 5 statements from the top American medical schools that show that medicine is no longer their primary focus:

Harvard Medical School

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Taken from the Harvard University "Unconscious bias" resource page:

“As members of HMS, we each have a responsibility to create an inclusive community that values all individuals. Barriers to inclusion may include assumptions we make about others that guide our interactions. Recognizing our Unconscious Bias is a critical step in developing a culture of equity and inclusion within HMS and in our partnerships with other communities.”

The Johns Hopkins University School of Medicine

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Pulled from the JHM Office of Diversity, Inclusion and Health Equity blog:

“One-hour live, virtual unconscious bias training ... [w]ill be required at all Johns Hopkins Health System (JHHS) entities for managers and above; hospital nurse leaders; credentialed providers (such as physician assistants and nurse practitioners); and for school of medicine faculty and trainees (including residents, fellows, medical and graduate students, and research postdocs), as well as those at a manager level or above.”

Stanford University School of Medicine

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Found on the Stanford Medicine Commission on Justice and Equity page:

“The Commission on Justice and Equity—composed of external and internal leaders, experts, and advocates—represents an institution-wide, collaborative effort to dismantle systemic racism and discrimination within our own community and beyond.”

Perelman School of Medicine at the University of Pennsylvania

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Taken from the Penn Medicine Commitment to Inclusion, Equity, and Antiracism site:

“We openly acknowledge the role of structural forces of oppression as primary drivers of the disparate health outcomes. We believe that working to reverse the underrepresentation of historically excluded groups is critical in achieving equitable health outcomes. While this is an ongoing journey for our program, here are some of the tangible steps we have taken to achieve an inclusive culture”

Columbia University Vagelos College of Physicians and Surgeons

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Pulled from the Vagelos College of Physicians and Surgeons Diversity, Equity, Inclusivity, Justice, and Anti-Racism page:

"Courses are being revised to be more inclusive and informed by the key principle of race as a social construct and a social determinant of health. We are training faculty that Anti-Racism is not an add-on to a course. Anti-Racism is a pedagogy - a manner of teaching, designing courses, and measuring learning outcomes. We make sure that the classroom environment is inclusive by holding space for respectful conversation and ensuring that we address any “classroom ruptures”– a disorienting dilemma or situation when a bias or microaggression that may occur, providing real time opportunities for professional development, learning, and growth. Racist actions and remarks are never tolerated at Columbia University and will be dealt with following established protocols."

Critical theory destroys truth and justice

Editor's note: This article was originally published on TheBlaze.com.

Critical theory once stood out as the absurd progressive notion that it is. Now, its maxims are becoming an integral part of ordinary political discourse. The more you repeat a lie, the more you will believe it, and this is the very dangerous place in which we find ourselves today.

Take this critical theory maxim as an example: If we desire justice, we must sometimes champion what may appear superficially as injustice. It's a necessary evil, if you will, the necessity of “controlled injustice.”

By using truth through fabrication and controlled injustice for justice, we’ll save the republic. We’ll be acting in a noble way.

This definition of justice is defined by the “oppressed,” not the “oppressor.” It is the greatest happiness for the greatest number. To achieve this justice, however, we need to endorse acts on occasion that, while seemingly unjust, serve a higher purpose. It will ensure the stability and the unity of our republic, and this may manifest in ways that seem contradictory to our values. But these are the necessary shadows to cast light on “true justice.”

And isn’t that what we are all after, anyway?

Here’s another critical theory maxim: Sometimes we find the truth through fabrication. Our pursuit of truth sometimes requires a strategic use of falsehoods. The truth is a construct that has been shaped and tailored to promote the well-being of the collective.

We sometimes need to accept and propagate lies designed by "the system” — not the old system, but the system that we’re now using to replace the old to get more justice through injustice and more truth through fabrication.

We’re engaging in a higher form of honesty. When we fabricate, it’s for the right reason. We are reaching up to the heavens fighting for a higher sort of honesty. To fortify the truth, we occasionally must weave a tapestry of lies. Each thread, essential for the greater picture, will ultimately define our understanding and ensure our unity under this infallible wisdom.

The election is coming up. Does this maxim sound familiar? Many think it is imperative that we secure our republic through election control to maintain our republic. Sometimes, we might need to take actions that by traditional standards might be questionable.

The act of securing elections requires cheating. It's not mere deception. It is a noble act of safeguarding our way of life. We're on the verge of losing this democracy, and without deception, we will lose it.

To ensure it doesn't fall into the hands of those we know will destroy it, we may have to make a few fabrications. We're fabricating stories to be able to control or secure the republic through our elections. By using truth through fabrication and controlled injustice for justice, we'll save the republic. Therefore, we'll be acting in a noble way. Stealing an election from those who wish to harm our society is truly an act of valor and an essential measure to protect our values and ensure the continuation of our just society.

If we desire justice, we must sometimes champion what may appear superficially as injustice.

I know it's a paradox of honor through dishonor. But in this context, by embracing the dishonor, we achieve the highest form of honor, ensuring the stability and the continuation of our great republic.

Let this be heard, far and wide, as a great call to patriotic action. As we advance, let each of us, citizens of this great and honorable republic, consider these principles. Not as abstract or paradoxical but as practical guides to daily life. Embrace the necessity of controlled injustice, the utility of lies, the duty to secure our electoral process, and the honor and apparent dishonor. These are not merely strategies for survival. They are prerequisites for our prosperity.

We all have to remember that justice is what our leaders define, that truth is what our party tells us. Our republic stands strong on the values of injustice for justice, honor through dishonor, and the fabrication of truths. To deviate from this path is to jeopardize the very fabric of our society. Strength through unity; unity through strength.

We've heard this nonsense for so long. But now, this nonsense is becoming an instituted reality, and we are entering perilous times. Don't be fooled by the narratives you will hear during the march to November. Never let someone convince you that the ends justify the means, that a little bit of injustice is needed to achieve a broader, collective vision of justice, that truth sometimes requires fabricated lies and narratives. If we do, justice will cease to be justice, truth will cease to be truth, and our republic will be lost.

Top 5 MOST EVIL taxes the government extorts from you

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"In this world nothing is certain but death and taxes." -Ben Franklin

The injustice of taxation has been a core issue for Americans since the very beginning of our country, and it's a problem we have yet to resolve. This belief was recently reignited in many Americans earlier this month on tax day when the numbers were crunched and it was discovered that the government was somehow owed even more hard-earned money. As Glenn recently discussed on his show, it's getting to be impossible for most Americans to afford to live comfortably, inflation is rising, and our politicians keep getting richer.

The taxpayer's burden is heavier than ever.

The government is not above some real low blows either. While taxes are a necessary evil, some taxes stretch the definition of "necessary" and emphasize the "evil." Here are the top five most despicable taxes that are designed to line the IRS coffers at your expense:

Income Tax

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"It would be a hard government that should tax its people one-tenth part of their income." -Ben Franklin

On February 24th, 2024 we hit a very unfortunate milestone, the 101st anniversary of the 16th Amendment, which authorized federal income tax. Where does the government get the right to steal directly out of your paycheck?

Death Taxes

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"Now my advice for those who die, Declare the pennies on your eyes" -George Harrison

Not even in death can you escape the cold pursuit of the tax collector. It's not good enough that you have to pay taxes on everything you buy and every penny you make your entire life. Now the feds want a nice slice, based on the entire value of your estate, that can be as much as 40 percent. Then the state government gets to stick their slimy fingers all over whatever remains before your family is left with the crumbs. It's practically grave-robbery.

Payroll

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"The power to tax is the power to destroy." -John Marshall

What's that? The nice chunk of your paycheck the government nabs before you can even get it to the bank wasn't enough? What if the government taxed your employer just for paying you? In essence, you make less than what your agreed pay rate is and it costs your employer more! Absolutely abominable.

Social Security

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"We don't have a trillion-dollar debt because we haven't taxed enough; we have a trillion-dollar debt because we spend too much." -Ronald Reagan

Everyone knows the collapse of Social Security is imminent. It has limped along for years, only sustained by a torrent of tax dollars and the desperate actions of politicians. For decades, people have unwillingly forked over money into the system they will never see again.

FICA

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"What at first was plunder assumed the softer name of revenue." -Thomas Paine

FICA is the payroll equivalent of Social Security. Your employer has to match however much you pay. It means it costs your employer even more to pay you—again, you'll NEVER see that money. At this point, are you even working for yourself, or are you just here to generate money for the government to frivolously throw away?

5 DISTURBING ways World War III will be different from previous wars

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Has World War III begun?

Over the weekend, Iran launched an unprecedented attack against Israel involving over 300 missiles and drones. This marked the first direct attack on Israel originating from Iranian territory. Fortunately, according to an Israel Defense Forces spokesperson Rear Admiral Daniel Hagari, 99 percent of missiles and drones were successfully neutralized by Israeli defense systems. Iran claimed that the operation against Israel had concluded and that no further offensive was planned, although the possibility of another attack is still present.

This has left many people, including Glenn, wondering the same thing: did we just witness the start of World War III?

Glenn recently had a World War II Air Force Veteran as a guest on his TV special, who told stories of the horrors he and his brothers-in-arms faced in the skies over war-torn Europe. This was a timely reminder of the terrors of war and a warning that our future, if it leads to another world war, is a dark one.

But, if Glenn's coverage of the Iranian attack revealed one thing, it's that World War III will look nothing like the world wars of the twentieth century. Long gone are the days of John "Lucky" Luckadoo and his "Bloody Hundredth" bravely flying their B-17s into battle. Over the weekend, we saw hundreds of autonomous drones and missiles clashing with extreme speed and precision over several different fronts (including space) simultaneously. This ain't your grandfather's war.

From EMP strikes to cyber attacks, here are FIVE ways the face of war has changed:

EMP attacks

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The entire modern world, on every level, is completely dependent on electricity. From your home refrigerator to international trade, the world would come to a grinding halt without power. And as Glenn has pointed out, it wouldn't even be that hard to pull off. All it would take is 3 strategically placed, high-altitude nuclear detonations and the entire continental U.S. would be without power for months if not years. This would cause mass panic across the country, which would be devastating enough on its own, but the chaos could be a perfect opportunity for a U.S. land invasion.

Nuclear strikes

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Nuclear war is nothing new. Many of us grew up during the Cold War, built fallout shelters, and learned to duck and cover. But times have changed. The Berlin Wall fell and so did the preparedness of the average American to weather a nuclear attack. As technology has advanced, more of our adversaries than ever have U.S. cities within their crosshairs, and as Glenn has pointed out, these adversaries are not exactly shy about that fact. Unfortunately, the possibility of an atomic apocalypse is as real as ever.

Immigration warfare

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The strategy of strangling an opposing nation's economy to gain the upper hand is a wartime tactic as old as time. That's why the Border Crisis is so alarming. What better way to damage an opponent's economy than by overburdening it with millions of undocumented immigrants? As Glenn has covered, these immigrants are not making the trek unaided. There is a wide selection of organizations that facilitate this growing disaster. These organizations are receiving backing from around the globe, such as the WEF, the UN, and U.S. Democrats! Americans are already feeling the effects of the border crisis. Imagine how this tactic could be exploited in war.

Cyber shutdowns

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Cyber attacks will be a major tactic in future wars. We've already experienced relatively minor cyber strikes from Russia, China, and North Korea, and it is a very real possibility that one of our adversaries inflicts a larger attack with devastating consequences on the United States. In fact, the WEF has already predicted a "catastrophic" cyber attack is imminent, and Glenn suggests that it is time to start preparing ourselves. A cyber attack could be every bit as devastating as an EMP, and in a world run by computers, nothing is safe.

Biological assault

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Don't trust the "experts." That was the takeaway many of us had from the pandemic, but something less talked about is the revelation that China has manufactured viruses that are capable of spreading across the globe. We now know that the lab leak hypothesis is true and that the Wuhan lab manufactured the virus that infected the entire world. That was only ONE virus from ONE lab. Imagine what else the enemies of America might be cooking up.