Does Jim Rogers Really Want to Abolish the Fed?

If you like to listen to Jim Rogers, he certainly makes some interesting arguments here.  He warns that the Federal Reserve will go bankrupt; but hopes it will be gone before the country is.

 

Just in case that doesn't get your attention, Rogers cautions that until the Fed is abolished traders and investors should not to listen to Fed Chair Ben Bernanke.

 

Nonetheless, Rogers seems to believe Ben Bernanke will end quantitative easing, as planned.

 

"(Bernanke) says he's going to stop QE2 ... I take him at his word since he's said it so many times," explains Rogers. That might be the nicest thing Rogers said about either Bernanke or the Fed during the whole interview.

 

Is it posturing, or does Rogers really believe the polemic? Judge for yourself in this video.

 

According to YF:

Rogers dismisses Dr. Ben as "just an Ivy League professor" who has never been right. According to Rogers, Bernanke has been out of ideas since arriving in Washington -- and that's a good thing, because what the Fed and Bernanke have done so far has sent us down a path that the economy might never recover from.

 

The stimulus from two rounds of quantitative easing are only the most recent and public, and have been likened to giving a drunk more booze to avoid a hangover, according to Rogers and many trading economic-types.

 

At this point, rather than just a hangover, the economic patient is headed for the morgue. Rather than a severe recession or even depression, we've been putting off feeling the pain, stashing a few trillion of bad debt here or there, and hoping it goes away. It won't, in Rogers' view.

Related articles

• Art Cashin: Here's The One Reason Bernanke Might Do QE3 (businessinsider.com)
• Can the Fed and Economists Forecast the Future? (pragcap.com)
• Dollar Bear Jim Rogers Say He's Buying Greenback: Tom Keene (businessweek.com)