Wow Jim Rogers just does not give up does he?

"I’m not buying shares if that’s what you mean. Not at all," Rogers told "Squawk Box Asia."

"The bottom will probably come later this year, next year, who knows when," he added.

No Jim you are not buying stocks. What did you buy?

"I have an enormous amount of cash and I’ve been using it to buy more Japanese yen, more Swiss Francs, more agricultural products… there’s a liquidation phase going on, where everything is being liquidated. They’re selling everything in sight."

Hmm, the Yen has been doing ok for you. Not great, but ok. Swiss franc Ooops not so good since it has been going nowhere. Agriculture? Nope not so well either.

I wish Jim would be a bit more like Dennis Garman. At times Dennis Gartman is bearish and at times he is bullish. And he will tell you straight which way is which. Dennis in one of his video interviews offers very interesting advice: How to Profit If You are Wrong.

Make a bad market decision? Dennis Gartman of The Gartman Letter tells Victor Adair admitting it is the first step towards a solution.

I completely agree here. You have got to be able to admit that you are wrong. And if I am wrong I will admit it. Apple comes to mind…  For a long time I disliked Apple, but then I switched camps! And I admitted it. I still like Apple! They are doing the right things and you simply cannot argue with that.

I completely disagree with Jim’s following assertion:

Governments have not solved the essential problems that caused the crisis but instead they "flooded the world with money," according to Rogers. Trying to solve the problem of too much consumption and too much debt with more consumption "defies belief" and will not work, he said.

I know Jim’s solution is to let everything burn down, but let’s remember one thing here capitalism is not supposed to have everything collapse since the invisible hand should have taken care of things before this point.

But here is where George Soros has it right. There are moments of froth to the upside and downside. And both are dangerous. We had a moment the upside and now we experienced a moment to the downside.

And the governments were correct in flooding the world with money because while I have doubted Keynes before, I certainly did not doubt him this time. And ironically it was Keynes that solved the Great Depression.

Where I think Jim gets it completely wrong is that the world banks are not flooding with too much consumption because there is deflation going on. Think about it, you eat too much, eat too much, get a heart attack. Then instead of moderation you stop eating and become anorexic. The government is only giving food to the anorexic economy. When things collapsed people completely pulled in their horns. They stopped buying EVERYTHING! This is not good, and the government has to step in and move things along.

No I think things are ok now…