Jim Rogers: Depositors Globally Should ‘Run for the Hills’

Jim Rogers: Depositors Globally Should ‘Run for the Hills’

Friday, 29 Mar 2013 08:35 AM

By Dan Weil

The losses imposed on Cyprus bank depositors by the European Union, European Central Bank (ECB) and International Monetary Fund (IMF) bailout should be a warning shot to bank depositors around the world, says investment legend Jim Rogers, chairman of Rogers Holdings. “What more do you need to know? Please, you better hurry, you better run for the hills. I’m doing it anyway,” Rogers tells CNBC. “I want to make sure that I don’t get trapped. Think of all the poor souls that just thought they had a simple bank account. Now they find out that they are making a ‘contribution’ to the stability of Cyprus. The gall of these politicians.”

Rogers’ idea is that the risk of a confiscation of bank deposits now exists anyplace on the globe. “I, for one, am making sure I don’t have too much money in any one specific bank account anywhere in the world, because now there is a precedent,” he says. The IMF and European Union have told Cyprus, “loot the bank accounts,’” Rogers adds. “So you can be sure that other countries when problems come, are going to say, ‘well, it’s condoned by the EU, it’s condoned by the IMF, so let’s do it too.’” As for what is a good investment right now, Rogers said he owns Swiss francs and some other long-term European investments, but has been investing in Russia and Japan recently, not the United States. “I’m certainly not investing in the U.S., because the U.S. is making all-time highs based on money printing,” he explains. “If you give me a trillion dollars, I’ll show you a good time too and a lot of people are having a good time. I’m somewhat skeptical because I know it’s going to end badly.”

The Cyprus crisis could ultimately affect the United States by infecting broader Europe, David Sterman, senior market analyst at StreetAuthority.com, tells Newsmax TV in an exclusive interview. “The real threat to the U.S. is concern that things like Cyprus start to impact bigger and bigger dominoes in Europe, whether it’s Italy or Spain, and messes up all the financing mechanisms we’re desperately trying to arrange to keep things moving forward there,” he explains. “So it’s really what Cyprus means for Europe and what Europe means for the U.S.”

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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