It’s looking to be a legendary election year, with recent polling putting incumbent Barack Obama behind his Republican rivals. If the current commander-in-chief can clench re-election, however, the result could be rough for the rest of America.
Discussing the damage a second Obama term could have on America, legendary investor Jim Roger tells CNBS that the economically oblivious incumbent could crush whatever is left of the faltering US financial system. The first Obama term has suggested that the president has no problem letting the Federal Reserve print a plethora of money America doesn’t have. As if the consequences haven’t been colossal already, Rogers says another four years of Obama could very well ruin America by the time a second term is in full swing.
"This year’s fine. Worry about 2013.Be panicked about 2014.This year, a lot of good news is coming out,” Rogers tells CNBS’s The Kudlow Report.
Rogers goes on to warn that Obama is currently polling strong enough to make a second term a real reality; in regards to whether or not that would be good news for Americans, Rogers says that , if you ask him, it absolutely is not.
“I would tell you that Obama is going to win. I don’t want him to win. It’s not good for America,” adds Rogers.
Rogers adds, “It’s hard to defeat a sitting president and he’s spending a lot of money.” A presidential tracking poll released on Monday by Rasmussen Reports suggests that a two-person race between either Barack Obama and Mitt Romney or Ron Paul could be a close one for Obama – with the latest results suggesting he could even lose to either candidate – but with unemployment figures finally starting to stabilize, Obama may momentarily be winning back Americans. The pumping of money into the economy might be a short-term solution, suggests Rogers, but there will be trouble down the road.
Speaking to RT last year, Rogers said that bickering in Washington, regardless of under Obama’s watch or not, would be detrimental to the future of the dollar. “We are all going to continue to get deeper and deeper into debt,” Rogers predicted in July as Congress came close to making a move to solve the debt-ceiling dilemma. “You think that problems are bad now, you wait until we don’t have any more credit,” added Rogers, who predicted social unrest as interest rates and inflation skyrocket.
“Prepare for another lost decade or more,” cautioned Rogers.
Speaking from the campaign trail on Tuesday night, presidential hopeful and Texas Congressman Ron Paul attacked Obama for letting the Federal Reserve continue to authorize the creation of money America can’t afford. Speaking only a few miles from downtown Washington, Paul told supporters he was considering crossing the Potomac on Wednesday to ask Fed Chairman Ben Bernanke to explain his reasoning, as the central bank head was expected to appear Wednesday before the House Financial Services Committee.
Jim Rogers has taught finance at Columbia University’s business school and is a media commentator worldwide. He is the author of Adventure Capitalist, Investment Biker, Hot Commodities, A Gift to My Children, and A Bull in China. See his website.