Jim Rogers: Duck and Cover, Your Cash is NOT Safe
by Dominique de Kevelioc de Bailleul
Jul 12, 2012
As another sign that American institutions have degenerated toward banana-republic class, what was once considered safe and risk-free, cash balances held at brokerage firms as well as many other institutions, are no longer safe, according to legendary investor Jim Rogers of Rogers Holdings.
With the latest scandal involving $215 million of missing customer funds at Chicago-based privately-held futures trading firm Peregrine Financial Group Inc. (PFGBest) a distinct trend has emerged that will most likely reveal in the months and years to come that the entire financial system is riddled with fraud, the level of which, could be so pervasive and systemic as to provide for the proverbial ‘black swan’ bank run of the collapse of the global financial system—despite central banker efforts to prop asset prices up with sanctioned counterfeit money.
“No such thing as safe when you talk about it,” Rogers told OilPrice.com in response to a question regarding investing during times of crisis. “Even if you put your money in cash, if you put your money in the wrong cash, you lose a lot of money. As the people in Iceland have found out, as the people in Europe on the Euro have found out. So, no such thing as safe.”
The 69-year-old Rogers has gone on record on more than a dozen occasions that he sees terrible times for the U.S. economy and markets after the November elections, with the years 2013 and 2014 drastically changing the mood among Americans from one of hope to one of panic and despair.
“The problem is: I expect to see serious economic problems in 2013 and 2014 in the U.S,” Rogers said. “If and when that happens, we’re going to see a final panic in the markets and the economy and everything will have a crescendo and a selling climax.”