Tuesday, October 16, 2012
Jim Rogers Blasts Bernanke, Fed ... Again
Seeming to have a calling in the area, billionaire commodity expert Jim Rogers continues to go on attack against the Federal Reserve and Ben Bernanke when given the chance, as he sees the practices of both as extremely detrimental to the economy.
He has continuously been an opponent of the policies of the Federal Reserve, not just under Bernanke, but since its inception 1913. He sees the printing of money out of thin air as an economic evil, and he's of course right, when you consider the U.S. dollar has lost over 95 percent of its value since the Fed was created.
As for Bernanke, he considers him as one of the worst of the Fed Chairman there have been, saying he understands nothing about economics, and the Chairman of the Fed has become a political position, and not one that is based upon the needed understand of economics in order to understand what is needed to be done.
Rogers said this of Bernanke: "Mr. Bernanke does not understand anything about currency. He does not understand finance. He does not understand economics. All he understands is money printing; that's the man's whole intellectual career."
Of course the Fed should be shut down, but as long as it's not, it's best that those that at least have a basic understanding of economics and the consequences of printing money from nothing. If not, they will drive the United States in default, which it is already on the road to.
"Unfortunately, most of the heads of the Federal Reserve in United States history have not understood what's going on," added Rogers, "It's a political appointee, and whoever can brown-nose the best gets the job."
With over $220 trillion in unfunded liabilities, and the Federal Reserve being used as a national piggy bank by politicians in order to make promises that will get them re-elected in the short term, it's already past the point of no return, and it's only a matter of when, not if, the U.S. government defaults.
With the printing presses ramped up around the world in major economies, Rogers recommends that investors continue to invest and hold onto gold, even though when the turbulent times come many will wrongly throw their money at the U.S. dollar as a perceived place of safety.