CNBC Jim Rogers: 'Abolish the Fed'

[bsdaddict]

If you've been looking for an eloquent explanation why the USD is going to continue to lose value, here it is. Jim Rogers was on CNBC this morning, and to say he has a view contrary to everyone who has been praising the Fed as the savior of Wall Street is a HUGE understatement. When asked what he would do if he were chairman of the Fed, he said, "I would abolish the Federal Reserve and I would resign."

Check out the video below for more great quotes like, "No country in the world has ever succeeded by debasing its currency. That's what this man [Bernanke] is trying to do. He's trying to debase the currency as a way to revive America. It has never worked in the long term or the medium term."

http://video.google.com/videoplay?docid=-6046520409389956642

http://www.cnbc.com/id/23588079 (article here, couldn't get the video in this one to play, hence the google link...)

[Thruster]

On one hand he says "debasing" the dollar is bad but goes on to say he's long Swiss Franc and Yuan. Sounds like he's long bonds and is all for higher rates. He's not at all concerned about the street impact of inflation. He seems to be banking on it big time.

[bsdaddict]

On one hand he says "debasing" the dollar is bad but goes on to say he's long Swiss Franc and Yuan. Sounds like he's long bonds and is all for higher rates. He's not at all concerned about the street impact of inflation. He seems to be banking on it big time.

the fact that he's positioned himself to profit doesn't mean he's not concerned about inflation's impact.  His whole interview he was talking about how bad inflation, bailouts, etc., were...  wasn't till they asked him to switch gears and give some investment advice that he got into how he'll profit.

[lasersailor184]

While I agree that there should be no bailouts, a low valued dollar is good for the economy.  It encourages foreign investors to either invest in the dollar itself, driving up the value, or use the favorable exchange rate to invest in growing companies.  The opposite is true when the dollar is really strong.


While it is not very stable, it does benefit a lot of people.

[john9001]

he is just another speculator trying to "game the game".

the purpose of the fed is to prevent a run on the banks like what happened in the depression.

i could explain in more detail but i'm too lazy.

[Lumpy]

Trust Lasersailor to point out the silver lining of debasing; it is good that you're getting poorer, then you get to work more! 

[Shamus]

Jim Rogers has been spot on for years.

It's the old main street vs wall street argument, I see the 70's returning.

The weakening dollar can not help but kick up inflation, especially in a country so dependent on imports.

Will manufacturing return due to the weak dollar? , in theory it should, but only time will tell and a lot of inflation pain will be experienced in the mean time.

shamus   

[FrodeMk3]

Jim Rogers has been spot on for years.

It's the old main street vs wall street argument, I see the 70's returning.

The weakening dollar can not help but kick up inflation, especially in a country so dependent on imports.

Will manufacturing return due to the weak dollar? , in theory it should, but only time will tell and a lot of inflation pain will be experienced in the mean time.

shamus   

If that happens' Shamus, the dollar will be weaker and more over-inflated than the Peso. By that time, it will be too late for returning industry to save the American economy.

[Shamus]

If that happens' Shamus, the dollar will be weaker and more over-inflated than the Peso. By that time, it will be too late for returning industry to save the American economy.

I cant say that you are wrong, wish I could.

shamus

[FrodeMk3]

Me too. The Economy's starting to feel the effect's of this inflationary trend, One which i'm afraid is only gonna get worse.

[bsdaddict]

on the bright side...  no ter'rist attacks since 9/11!!!!   

[Shamus]

A rather odd punt...

I would think most are whistling thru the graveyard

shamus

[DREDIOCK]

While it is not very stable, it does benefit a lot of people.

Yea.
typically those that have alot of money already right? LOL

[lasersailor184]

Corporations are evil!  They ruin the world!  Money is evil!  We should all give up our worldly possessions! 




Get a grip dred.  Grow up some time.


Someone who would immensely benefit from having a weak dollar is someone who has a small but growing company.  Which, unless I'm wrong, is what you have.

[MORAY37]

While I agree that there should be no bailouts, a low valued dollar is good for the economy.  It encourages foreign investors to either invest in the dollar itself, driving up the value, or use the favorable exchange rate to invest in growing companies.  The opposite is true when the dollar is really strong.


While it is not very stable, it does benefit a lot of people.

Except in this case... everyone is putting their money in the Euro, as it is showing long term stability.  That, and the rest of the world really could care, right now, what happens to us.