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JIM ROGERS: The Government Is Lying About Inflation ....
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JIM ROGERS: The Government Is Lying About Inflation ....

  #1 (permalink)
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JIM ROGERS: The Government Is Lying About Inflation ....

Business Insider recently spoke with commodities guru Jim Rogers about oil prices, gold, and the global economy. He also shared with us what life is like in Singapore.

This is the first of our multi-part interview with Rogers. Here, he offers his thoughts on commodities and the global economy.
---


What is feeding into oil prices at the moment?
Iran obviously, is one thing, but another is in the U.S. itís the infrastructure problem. We have oil but itís in the wrong places. On the east coast, they use imported oil, and imported oil is higher because of Iran. And it comes from Europe. North Sea production is in decline. There are supply-demand reasons that oil prices are high in many parts of the world. And known reserves of oil are in decline worldwide.

And the IEA is going around telling people that known reserves are in a steady decline and weíre going to have a huge problem in a decade or two, a gigantic problem, unless somebody finds a lot of oil very quickly. So underneath the supply-demand, shorter term it's infrastructure and Iran probably.

At what level do you think oil prices will break the back of the American recovery?

We are going to have a slowdown. Such is the staggering debt that America has, it has caused more and more of a drag on our economy. I would also point out to you that every four to six years weíve had an economic slowdown in the U.S., since the beginning of time, so by 2012, 2013, 2014, we are well overdue for an economic slowdown for whatever reason. Whether itís caused by high oil or what, weíre going to have a slowdown in the foreseeable future.

How do you see oil prices impacting consumers in emerging markets, especially in Asia, when many of them are struggling to rein in inflation and drive growth?

Everybody is paying higher prices for oil and that obviously impacts consumption everywhere and its not just oil, its food and everything else thatís going up.

Thereís inflation everywhere, the U.S. lies about it, I mean the U.S. government lies about inflation but thereís inflation everywhere. I mean I donít know if you go shopping, but if you do, you know prices are up. The government says theyíre not, I donít know where they shop. Everybody elseís prices are up.

If you could own / invest in just one commodity which would it be?
I guess it would have to be one of the agricultural commodities, it would depend on which is down the most but it would be agriculture I can tell you that.

You said earlier this year that if gold moved towards $1,600 you would be interested in buying more. Are you looking at gold now?

Iím certainly watching, if it goes below $1,600 Iím sure Iíll buy more. If it goes to $1,200 I hope Iím smart enough to buy a lot more. Gold has been up 11 years in a row now, which is extremely unusual for any asset. So it would not surprise me if gold doesnít have, continue to have a nice correction in 2012, if it does, if it does, I hope Iím smart enough to buy a lot more.

Iím not selling. Iím not selling. I have not sold and will not sell until the bubble comes. There will be a bubble in gold some day but thatís ten years, I donít know several years from now. I hope Iím smart enough to sell when the bubble comes.


Read more: JIM ROGERS: The Government Is Lying About Inflation And It's Crushing The Consumer

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