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Archive for January, 2011

The central bank?  Abolish the central bank.  Who needs a central bank?  – Jim Rogers

A few years ago when I finally decided to get serious and learn about investing and economics, I had no trouble finding outlets that offered information and advice.  But there was a problem with the supposed helpful hints and trenchant analysis put forth in the mainstream financial media:  it was a perfect cacophony of contradictory nonsense. To wit:  Destroying perfectly good automobiles is good for the economy, but saving money by driving a clunker is un-American.  If consumers go on a spending spree and max out their credit cards, this is good for the economy.  If consumers act responsibly and pay down their debts, it’s the end of the world as we know it.  A strong dollar is bad for America, but devaluing the dollar and thus the cash savings of the American people is good policy. Capitalism is what makes America great.  We must have socialistic bailouts of GM and Wall Street to save capitalism.  Gold and Silver are in a bubble, but municipal bonds issued by nearly bankrupt governments are a great buy.  The nation’s current financial crisis came about because people couldn’t pay their mortgage debt.  In order to solve our current financial crisis, the nation must go further into debt.  When investment bankers make large profits due to their financial acumen, they deserve to earn large bonuses.  When investment bankers suffer massive losses due to their financial incompetence, they deserve to earn large bonuses.  The worst financial scandals in American history have come during the period of greatest government regulation.  If it weren’t for government regulation, the country would be rife with financial fraud. 

I could go on, but I think I’ve made my point:  searching for financial wisdom in the mainstream press is a lot like snipe hunt.  This should come as no surprise, for the minds of those who opine in the financial press are largely governed by the foolish ideas of this world.  That’s what makes it so refreshing to hear someone who speaks clearly with insight and understanding on the subject of investing.  And one of the best at brining clarity to financial matters is Jim Rogers.  I first came to admire his work during the fall of 2008.  At a time when it was all but impossible to find anyone who had anything intelligent to say about the collapse of the equities markets, Jim Rogers was on CNBC and any other outlet that would have him preaching the simple, understandable, ethical gospel of capitalism.  That is not to say that Jim Rogers is a Christian.  I don’t know what he thinks of Christ.  He is, I believe, and Austrian as touching economics.  And while Austrian economics is not Christian economics, the main tenants of Austrian economics are consistent with the Bible.  In addition to being sound in his thinking, Rogers is one of the clearest speakers on investing and economics I have heard.  It’s amazing, but you actually can listen to and understand a Jim Rogers interview without having a graduate degree in finance.

Here’s a blog dedicated to Rogers quotes.  Also, be sure to check out the following Jim Rogers interview.

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And we know that all things work together for good to those who love God, to those who are the called according to [His] purpose.  – Romans 8:28

“Pitt fires Haywood day after his arrest,” shouted the headline in the Cincinnati Enquirer.  This was a reference to former Miami University (Ohio) head football coach Mike Haywood, who just three weeks ago was on top of the world.  Haywood, after coaching Miami to a Mid-American Conference football championship and a bowl berth, left the school to take a higher profile position in the Big East Conference as coach at the University of Pittsburgh.  The story continued,

Football coach Mike Haywood on Saturday was fired by the University of Pittsburgh, which said he couldn’t continue in a job he held just 2 1/2 weeks because of his arrest on a domestic violence charge. 

Haywood was released Saturday from St. Joseph County Jail in Indiana on $1,000 cash bond, said an officer at the jail who declined to giver her name, after the charge was upgraded from a misdemeanor to felony domestic battery in the presence of a minor.

My point in citing this story is not to beat up on Mike Haywood.  I don’t know much about him, and I have only a limited understanding of the events surrounding the alleged domestic violence incident that resulted in his arrest and firing.  It appears that a sexual sin may have played a role in this turn of events, since his arrest came, “Friday after a custody issue developed with a woman with whom he has a child,” but the story doesn’t elaborate.  Haywood may be guilty as charged.  He may be innocent.  But while there’s much I don’t know about his situation, what I can say for sure is that Mike Haywood has suffered a devastating personal setback.  He’s gone from football championship, to big-time college head coach, to arrested, to unemployed all in less time than it takes for Amazon to fulfill an online book order. That’s a crushing blow for any man.

Game over.

(more…)

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