jim rogers, stephen roach, and d dick bove. first let's hear from jim rogers.he had some harsh words for the ratings agencies when i asked him whether the u.s. could lose its aaa credit rating. >> first of all, in the real world, it has moved. anybody who knows about economics knows that the u.s. is no longer a aaa credit. now, yes, moody's and standard & poor's didn't seem to know that but moody's and standard & poor said they were a aaa until they went bankrupt. >> the question is where should investors put their money? >> i think you'll make more money in other commodities like silver or rice or natural gas, some of the things that are down. certainly you've got to own real assets because all over the world central banks are printing money and whenever they print it. real assets are the way to protect yourself. >> okay. so jim rogers believes the u.s. has lost its aaa rating already. guess what? he's not alone. morgan stanley's stephen roach agreed. >> there's already been a downgrade. one of the ratings agencies, it's beside the point. i think most serious

jim rogers there are the man charged with carrying out friday's twin tower norway is due to make his first appearance in court to explain his actions thirty two year old adages behring breivik has admitted responsibility for a bomb attack in the capital at a massacre at a youth camp however he's denied any criminal guilt for the terror that claimed at least ninety three lives breivik said he wanted to start a revolution for the food liberal immigration policies and the spread of islam the bar at our little targeted buildings connected to norway's governing labor party and the youth camp on two island was also run by either a norwegian lawyer faces up to twenty one years in jail for the atrocities described as gruesome but necessary investigative journalist tony gasline told r.t. the case highlights and new brand of terrorism. anders breivik thought he was some kind of teutonic knights from medieval times because he's echoing the kind of crusader attitude that it's a very strange version of christianity that he. is he says he's a christian i don't think he is maybe the same kind of st

economic and political talks well for more on what's going on i'm joined live by investing author jim rogers who is in singapore jim good to have you here in the program now clinton's visit to asia comes as the u.s. is struggling to deal with its own national debt so we're going out of issues will be dominating the talks during this visit. well you know mrs clinton's is a bit of a bottom america's the largest debtor nation in the history of the world and she's going to speak to the to the creditor she's going to try to demand things from them with the chinese now no they don't have to pay too much attention to america she's going to as the them to continue to to finance america and then china is going to say you america have to do something about your debt situation because we don't like what's going on so she will be on the defensive and rightly so so as a likely scenario for developments in the united states i mean as now the republicans and democrats in the u.s. have until next week to strike a deal out of us will be any bill to pay its bills so is the defining a real possibility in that

well for more on this we're now joined by author investor and health founder of the quantum fine jim rogers live from singapore mr rogers thank you very much for being here with us and the program well as we know this isn't the first time budget talks have sound lot but differences have always been overcome why is moving taking now to review the u.s. training here in the u.s. a stream of a good question the u.s. rating should have been downgraded years ago you know i don't know why they're just now getting around to it but we know that the rating agencies don't have much of the clue about anything they got everything wrong and so everything wrong. i don't know why they don't understand what's going on. what and what in delaying on debt payments be more disastrous for both sides and losing our few political points. i am sure that this is they're not going to close down the united states government this is political posturing and nothing more something will happen they will announce some kind of deal it will look good on paper and maybe they will even be good for six months or so but six mont

solution to america's debt well that's according to investor and co-founder of the quantum find jim rogers. you know and the state's already has been downgraded in the world markets every i'm not the only person who knows that the united states is the largest debtor nation in the history of the world look at the value of the u.s. dollar is down fairly significantly over the past few years they have to increase again ceiling for the moment there's no question about the out there choice so for the future is they've got to take an axe you know they've got to take a chainsaw to government spending and do something about it they're not going to do that they might announce they're going to do it for this to get the budget ceiling passed put aside going to have any effect everybody sees that washington is not going to solve this problem and more and more people are looking for something to replace the u.s. dollar and at the same time the eurozone debt crisis now focuses on italy where the senate has approved tough austerity measures the package is set to receive final approval in the country's lo

billion dollars and before it expired on june thirtieth this spike criticism that it hasn't worked jim rogers came onto our show and he told me this they will stop to eat too because they've said so many times they have to but then when things start getting worse again you're going to see them come back with q e three they may not call it that they may discuss it they may call it cupcakes who knows what they'll call it but it's coming back a bold prediction he said it is coming back and lo and behold today federal reserve chairman ben bernanke he told congress that a new stimulus program is in the works and they are thinking of another round of monetary easing on the one hand the possibility that the recent economic weakness to be proved more persistent than expected and it deflation risk might reemerge implying a need for additional policy support. even with the federal funds rate close to zero we have a number of ways in which we could ease financial conditions further so stay tuned you heard it here first and investor jim rogers predicted it here first we'll continue to follow it and see w

what they're hired to do legislate well see answer the question that i posed to legendary investor jim rogers take a listen to what he had to say. may i suggest you stop watching i know you have to report something because you're on t.v. but it's a charade it's the spanish the scale they're not going to do anything serious they going to go announce something the day before the day but the day after and they're going to say everything is ok but in six months from now or year from now america's going to be in worse shape than it is now they're going to continue to spin and drive assad deeper into we've been doing this for forty years this is not going to go anywhere that jim to just bolster your point of fact we saw white house officials on thursday evening calling all the top bankers essentially saying guys don't worry there's not going to an actual default even if the debt tackett cap isn't raised so that begs the question what's the point what's the point of the charade what's the point of the you know working people i mean i'm glad i got something to cover here as a journalist but come on.

truth about economic issues so let's hear from someone who has a boat load and boat loads of it jim rogers is the co-founder of the quantum fund he's also the author of a gift to my children a father's lessons for life and investing now earlier i had a chance to chat with him about all the crazy frenzy here in washington take a look at what he had to say. may i suggest you stop watching i know you have to record something because you're on t.v. but it's is a charade it's a space a scam they're not going to do anything serious they're going to announce something you the day before the day but that day after and they're going to say everything is ok but in six months from now a year from now america is going to be in worse shape than it is now they're going to continue to spin and drive us all deeper into debt we've been doing this for forty years it's not going to go anywhere now came to just bolster your point in fact we saw white house officials on thursday evening calling all the top bankers essentially saying guys don't worry there's not going to be an actual default even if that cap ca

joined by dennis gartman in virginia he is editor of the carbon letter in singapore out we go to jim rogers he's an author and financial commentator and in washington we go to sherry's ide raymond she's professor of international business finance and international affairs at the george washington university all right folks this is across time then you can jump in anytime you want there are different points of view here like to hear me and then it's if i go to you first i i ask the question now before we go to there you the facts of that are out of hand with the euro i posed the question is it a dysfunctional currency what do you think about that. i've always thought it was a dysfunctional currency i thought quite honestly that the only reason the only rationale for the euro to begin with was always to do something on the part of the northern european countries to tie the great german giants down with as many bureaucrats.

joined by dennis gartman in virginia he is editor of the government letter in singapore out we go to jim rogers he's an author and financial commentator and in washington we go to sherry's i'd raymond she is professor of international business finance and international affairs at the george washington university all right folks this is crossfire going you can jump in anytime you want there are different points of view here like to hear it did.

a solution to america's debt that's according to investor co-founder of the quantum fund named jim rogers u.s. rating should have been downgraded years ago you know i don't know why they're just now getting around to it but we know that the rating agencies don't have much of a clue about anything moody's is trying to save itself why didn't they tell you great portugal three years ago five years ago or greece you know they're just getting around to reality it's like the sub prime mortgages they didn't downgrade anybody until it was already over they had many people that were going bankrupt right it is aaa something will happen they will announce some kind of deal it will look good on paper and maybe they will even be good for six months or so they have to increase in ten ceiling for the moment there's no question about that their choice though for the future is they've got to take an axe you know they've got to take a chain saw to government spending and do something about it they're not going to do that they say they're going to say they're going to do it and probably should be very worri

federal reserve system it is the new york fed and jim rogers has pointed this out several times indirectly over the last few weeks he is asked over and over are you shorting french banks are you shorting german banks are you shorting banks. he says no there is one bank alone one major bank i am shorting while pilot buying silver by the way i'm shorting one bank and the reason he's shorting out bank is it alone of all of the major banks in the world is still at its all time high that tells you where the power is who still standing well j.p. morgan they just reported their quarterly numbers they came in with their earnings i think they were a little above expectations were way above expectation because all of their liabilities sit on the balance sheet of the federal reserve bank in washington j.p. morgan doesn't any of its own liabilities it runs up liabilities and then it gives them to the people of america the citizens to deal with they keep the profits the said owns the liabilities oh does this sound like enron with their special purpose entities account seven hundred of them they just pa

washington won't be able to pay its bills next motion scheduled for nations today investors and also jim rogers benny's will witness a last minute agreement which points change anything. they're not going to do anything serious they've got to go now it's something you know the day before that they are with it day after and they're going to say everything is ok but in six months from now a year from now america is going to be in worse shape than it is now they're going to continue to. drive us all deeper into debt. we've been doing this for forty years this is not going to go anywhere and trying to get publicity put themselves there posturing that's what politicians do the studies show that people are good politicians so the people who are good at playground grammar school all of these guys are a playground yet again only it's what i money and it's driving america deeper and if america is now the largest debtor nation in the history of the world this cannot go on forever yes eventuality the creditors are going to say listen no more dads the end of the line you think their problems are bad now yo

affect the provision of medical care and social security in the years ahead bester in the author jim rogers says the political games are driving the country into a deep recession. they're not going to do anything serious they're going to announce something the day before the day ah but the day after and they're going to say everything is ok but in six months from now a year from now america is going to be in worse shape than it is now they're going to continue to spin and drive us all deeper into debt we've been doing this for forty years it's not going to go anywhere but stock in shea's it out you know that does your leverage is near its all time high what kind of crisis is that when the financial markets are all fat and happy and most people well i mean yes there are people that are better despondent and suffering right now but that's not a crisis america's the largest debtor nation in the history of the world it's just getting worse. when covering low standards in high finance auntie's economic gurus like skies from stacey habits make their own fuel cost about where the u.s. financial te

threatened to downgrade the united states prize to aaa rating even if the budget is approved investor jim rogers says it's unlikely to solve america's debt problem. you know and the states already has been downgraded the world markets every i'm not the only person who knows it united states is the largest debtor nation in the. you know the world look at the value of the u.s. dollar is down fairly significantly over the past few years they have to increase a good ceiling for the well there's no question about that their choice for the future is they've got to take an axe you know they've got to take a change so to government spending and do something about it they're not going to do that they might announce they're going to do it for it is to get the budget ceiling passed or decide going to have any effect everybody sees that washington is not going to solve this problem and more and more people are looking for something to replace the u.s. . a moment of destiny is also approaching for the eurozone a struggling to contain sovereign debt crisis italy became of the latest european country to approv