Jim Rogers: “I Suspect They’ll Take The Pension Plans Next; I For One Am Worried, And I’m Taking Preparations”

I was able to reconnect for an interview with legendary Quantum Fund manager and commodities bull, Jim Rogers. This was an especially groundbreaking interview, as Jim shared thoughts on what governments around the world will be taking next, and what he’s doing right now to protect his personal bank accounts following the Cyprus collapse.

Speaking towards the frightening implications of the Cyprus banking collapse, Jim said that, “It’s been condoned [now] by the IMF, the European union, and everybody else in sight; that a government in need, can take assets. We all knew they could tax us…but this is the first time that I’m aware of, that they’ve gone in and taken bank accounts. They took gold from people in the U.S. in the 1930′s…but I’ve never heard of them taking bank accounts. [Now] they’re doing it. So be careful [because], now they can take your bank account under this precedent.“

When asked if bank account confiscation will be going worldwide, Jim said, ”Well, it’s now in their bag of tricks, but yes, they can do anything they want too now. I for one am worried and I’m taking preparations. Who knows if I’m right or not, but I’d rather be safe than sorry as all of those people who had money in Cyprus have learned. They thought they had a normal bank account…but now it’s been [taken] with the sanctions of many governments and institutions.”

Jim also urged that, “If people have money in any account, anywhere in the world…cut it down to under the guaranteed amount. They might take that too someday when things get desperate, because the precedent has been set, but that’s where I would start if I had money in the bank anywhere in the world.”

With respect to which assets governments will likely be coming for next, Jim said, ”401k plans, IRA’s, and pensions plans which the government knows about [may be next]…They’re rationale would be, ‘Well most people haven’t been doing well in their IRAs and pension plans for the past several years, so we’re going to help you. We’re going to take your pension plan and give you government bonds so that you have a guaranteed return.”

Jim further added that, ”That’s how they’ll rationalize taking our money. They know where all the pension plans are because we have to report it, so they’re easily accessible by governments. They know where they are, what they are, and they’ll be able to snatch them away. Who knows what they’ll do, but they’ll certainly find some way to take our money when things get worse, they always have.”

As a final chilling comment to end the interview, Jim noted that, “Anything they know about—they might easily take.”
This was another powerful interview, conducted with an absolute legend of our time. It is required listening for serious investors and market students.

Read More: http://bullmarketthinking.com/jim-rogers-i-suspect-theyll-take-the-pension-plans-next-i-for-one-am-worried-and-im-taking-preparations/

Fiat Currencies Lose Ground to Metals

As part of its ongoing “Race to Debase” competition, GoldSilver.com tracked how gold & silver performed against 164 fiat currencies in 2012. Approximately 94% of the fiat currencies lost purchasing power to gold and 96% lost purchasing power to silver.

The median loss of purchasing power against gold was 7% and against silver it was 8.3%.  The best performers against gold were the Hungarian forint and Polish zloty, each gaining less than 5%.  Among the 34 fiat currencies that logged double-digit losses against gold was the Iranian real, down 17.5%, and the Japanese yen, down 19.4%.

News & Views

MarketWatch/Reuters:  Gold ends lower, logs first loss in three sessions; Gold down 1.2 pct as Fed minutes show doubts on QE, silver off 1.8%

USA Gold/Zero Hedge:  Fed split about when to halt QE3

BullionVault/Dan Norcini:  Gold, silver slip as fiscal cliff euphoria recedes; Commodity index back to where it started the year:

Seeking Alpha:  Gold will trend higher in 2013; More good news for silver

GoldSeek:  The case for Dow 20,000 and $2500 gold

Bullion Street:  Turkey imports 120.78 tons of gold in 2012; China’s silver transition to continue

Mineweb:  Dec 2012 American Eagle silver coins sales 3rd highest in history

KWN:  James Turk – A Black Swan event, global monetary reset & chaos; Robert Fitzwilson – Gold & the frightening picture of our financial abyss

Jim Sinclair:  The global derivative graveyard problem

Zero Hedge:   The 96 charts that have to be seen to be believed for 2013; Two magazine covers to commemorate the end of the 112th Congress

Nouriel Roubini/Peter Schiff:  U.S. has been let down by its leadership; Congress avoids the cliff by selling us down the river

Washington Examiner/Spiegel:  How corporate tax credits got in the ‘cliff’ deal; Today’s American politics a ‘tiresome farce

Bull Market Thinking/NY Times:  Ground vibrations in the gold & silver market; A Swiss region where the gold comes in solid and liquid forms

This entry was posted on Thursday, January 3rd, 2013 at 11:07 pm and is filed under China, Federal Reserve, General Economy, Gold, Monetary Policy, Short Sellers, Silver, U.S. Congress, Wall Street. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.