Bigger Financial Shocks to Come…

Full article here. Oooh, what a bummer for a Tuesday. The nuclear winter we may face is financial and not martial.

“The U.S. financial crisis has cut so deep â?? and the government has taken on so much debt in misguided attempts to bail out such companies as Fannie Mae ( FNM ) and Freddie Mac ( FRE ) â?? that even larger financial shocks are still to come, global investing guru Jim Rogers said in an exclusive interview with Money Morning .

Indeed, the U.S. financial debacle is now so ingrained â?? and a so-called â??Super Crashâ? so likely â?? that most Americans alive today won’t be around by the time the last of this credit-market mess is finally cleared away â?? if it ever is, Rogers said.

The end of this crisis â??is a long way away,â? Rogers said. â??In fact, it may not be in our lifetimes.â?

During a 40-minute interview during a wealth-management conference in this West Coast Canadian city last month, Rogers also said that:

  • U.S. Federal Reserve Chairman Ben S. Bernanke should â??resignâ? for the bailout deals he’s handed out as he’s tried to battle this credit crisis.
  • That the U.S. national debt â?? the roughly $5 trillion held by the publicâ?? essentially doubled in the course of a single weekend because of the Fed-led credit crisis bailout deals.
  • That U.S. consumers and investors can expect much-higher interest rates â?? noting that if the Fed doesn’t raise borrowing costs, market forces will make that happen.
  • And that the average American has no idea just how bad this financial crisis is going to get.

â??The next shock is going to be bigger and bigger, still,â? Rogers said. â??The shocks keep getting bigger because we keep propping things up â?¦ [and] bailing everyone out.â?

Rogers first made a name for himself with The Quantum Fund, a hedge fund that’s often described as the first real global investment fund, which he and partner George Soros founded in 1970. Over the next decade, Quantum gained 4,200%, while the Standard & Poor’s 500 Index climbed about 50%.

It was after Rogers “retired” in 1980 that the investing masses got to see him in action. Rogers traveled the world (several times), and penned such bestsellers as “Investment Biker” and the recently released ” A Bull in China .” And he made some historic market calls: Rogers predicted China’s meteoric growth a good decade before it became apparent and he subsequently foretold of the powerful updraft in global commodities prices that’s fueled a year-long bull market in the agriculture, energy and mining sectors…”

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