Despite President Trump threatening to “totally destroy North Korea,” devastating hurricanes, monstrous earthquakes hitting Mexico and uncertainty with the Federal Reserve unwinding its massive balance sheet, famed investor Jim Rogers says the worst is yet to come.
“This was not the end of the world because the market is still making all-time highs,” the investor and best-selling author said in a new interview.
But the current bull market – which is the second longest running – will end badly, according to Rogers, warning that the next financial meltdown is going to be the worst yet.
As for the timeline? The famed investor said the crash is coming sooner than we think.
“I would expect it to start this year or the next…and it’s going to be the worst in your lifetime and my lifetime,” he told me back in July.
The sole survivors will be investors that know what they are doing. “And the way to protect yourself is to invest in what you know,” he said.
Rogers added that he plans not to be around twenty-somethings when the crash does come. “I have been around a long time and when things go bad, 26-year-olds don’t have enough experience.”
In Other News:
Thursday, Sep 28, 2017
President Trump on Wednesday announced his intention to cut tax rates for businesses and the wealthy and raise the lowest individual tax rate in a speech in Indianapolis. The plan — which proposes shrinking the seven tax brackets down to three at 12 percent, 25 percent, and 35 percent — is being promoted as a win for the middle class because it will also double the standard deduction for all taxpayers. Additionally, the tax reform plan cuts business taxes: “We need Washington to promote American jobs instead of obstructing them,” Trump said. Analysts, however, fret that if “economic growth projected by Republicans fails to materialize,” then the massive cuts could “balloon the federal deficit and debt,” Reuters writes. Source: Reuters
The U.S. economy recorded its fastest expansion pace in two years this spring, growing at a 3.1 percent annual rate in the second quarter, The Associated Press reports. “We’re focused on growth,” Treasury Secretary Steven Mnuchin told Fox Business. “We think the 3 percent GDP is a very moderate aspiration and we can do higher than that.” The revised numbers for the economy’s output of goods and services between April and June slightly exceeds the 3 percent estimate made a month ago, and shows improvement since the 1.2 percent rate in the January-March period. “Economists believe growth has slowed again to around 2 percent in the current quarter,” AP writes, but the economy could get a boost in early 2018 due to rebuilding stemming from hurricane damage.
Wednesday, Sep 27, 2017
Russia announces it has completed the destruction of all of its chemical weapons under the terms of the Chemical Weapons Convention. (New York Times)
The government of Iraqi Kurdistan announces that they won the referendum by over 92% of the vote. (The Independent)
Iraq’s prime minister has demanded the Kurdistan Regional Government “cancel” the outcome of the referendum on independence that it held on Monday. (BBC)
California moves its 2020 presidential primary to March 3, making it fifth in the nominating process after Iowa, New Hampshire, Nevada, and South Carolina. The 2016 primary was held on June 7. (Reuters)
Tuesday, Sep 26, 2017
The king of Saudi Arabia issues a decree allowing women to be issued driving licenses by June 2018. Saudi Arabia is the world’s last sovereign state that does not allow women to drive. (The Guardian)
Turkey’s president has said Iraqi Kurds could go hungry as a result of the punitive measures it is considering after Monday’s independence referendum. (BBC)
Russian President Vladimir Putin dismisses Nizhny Novgorod Oblast governor Valery Shantsev from his post, the second governor to lose his job in a week after Putin dismissed Samara Oblast governor Nikolay Merkushkin the day before. The dismissals come amid speculation that governors of several federal subjects will resign in anticipation of presidential elections in 2018. (Radio Free Europe/Radio Liberty)
Africa’s Great Green Wall is successfully reversing desertification. (BBC)
Monday, Sep 25, 2017
The first ever female United States Marine Corps Infantry officer graduates. (NPR)
Russian police arrest a couple from the southern Krasnodar region that has allegedly murdered as many as 30 people since 1999 and consumed parts of the human bodies. (International Business Times)
The Prime Minister of Japan Shinzō Abe calls a snap election with the election to be held on October 22. (Reuters)
Sunday, Sep 24, 2017
Mortar fire from ISIL militants near the city of Deir ez-Zor, according to the Russian Defence Ministry. Asapov has been described as one of the senior Russian military advisers in Syria. (Al Arabiya)
Iranian forces launch a military exercise near the border of Iraqi Kurdistan, hours before a Kurdish vote on independence from Iraq. Turkey is also conducting a military exercise in the region. (CNBC)
The Iraqi government discourages foreign countries from importing crude oil directly from its Iraqi Kurdistan region. (Reuters)
Exit polls indicate Merkel has won a fourth term in power, and that Alternative for Germany will enter the Bundestag for the first time as the third largest party. (BBC)
Amid criticism of U.S. national anthem protests by U.S. President Donald Trump, some National Football League players and teams react to the controversy by kneeling, linking arms, or skipping game performances of the national anthem. (ESPN)
City officials in Dubai, United Arab Emirates, announce that residents will receive incentives for swapping their petrol engine vehicles for electric ones, including a free Salik tag, and an exemption from RTA registration and renewal vehicle fees. (Khaleej Times)
Saturday, Sep 23, 2017
Iran successfully tests the Khorramshahr missile. (AFP via Yahoo! News)
Friday, Sep 22, 2017
Transport for London announces that it will not issue Uber a new private hire license. (BBC)
A new study shows that Neanderthal brains developed more slowly than those of modern humans, contradicting previous studies. (BBC)
Late Thursday, North Korean leader Kim Jong Un responded to President Trump’s threat on Tuesday to “totally destroy North Korea” with a very rare personal statement saying Trump’s “unprecedented rude nonsense” has “convinced me, rather than frightening or stopping me, that the path I chose is correct.” The colorful statement ends with Kim threatening to “tame the mentally deranged U.S. dotard with fire,” and hours later, North Korean Foreign Minister Ri Yong Ho told reporters that Pyongyang might test a hydrogen bomb in the Pacific as a retaliatory action. On Friday morning, Trump responded, tweeting: “Kim Jong Un of North Korea, who is obviously a madman who doesn’t mind starving or killing his people, will be tested like never before!” Source: BBC News
Facebook will give Congress copies of the more than 3,000 ads purchased through Russian accounts during the 2016 election, Facebook general counsel Colin Stretch announced Thursday in a blog post. “We believe the public deserves a full accounting of what happened in the 2016 election, and we’ve concluded that sharing the ads we’ve discovered … can help,” Stretch wrote. Though Facebook gave the ads to Special Counsel Robert Mueller, the social networking site took back ads shown to congressional investigators before they could be thoroughly examined, citing privacy concerns. The move sparked complaints from government officials and the public. In a Facebook Live event after the announcement, Facebook CEO Mark Zuckerberg vowed to “make sure that Facebook is a force for good ahead in democracy.” Source: BuzzFeed News
A new study shows that Neanderthal brains developed more slowly than modern humans, contradicting previous studies. (BBC)
Thursday, Sep 21, 2017
Russian and Syrian warplanes carry out airstrikes in southern Idlib, killing three civilians and wounding others. (Iraqi News)
Google strikes a $1.1bn (£822m) deal with Taiwan’s HTC to expand its smartphone business. (BBC)
China’s credit rating has been downgraded by Standard & Poor’s (S&P) because of worries over the rapid build up of debt in the country. (BBC)
Rescuers are focusing on 10 collapsed buildings where people may still be alive. Mexico City Mayor Miguel Ángel Mancera reports the death toll is now at least 273, with 50 people still missing. (Reuters)
Facebook agrees to disclose ads that ran in the U.S. in 2016 from accounts associated with a Russian entity known as the Internet Research Agency to United States Congressional investigators. Earlier, this information was provided to Special Counsel Robert Mueller. (CBS News)