BIG TIME economist on CNBC LIVE - says "Abolish the Fed"! This is GOOD!

Couple things....

1. Jim Rogers is a "professional investor" not an economist. He also could be considered a CTA (commodity trading adviser).

2. He's been saying this stuff for years. Too bad nobody listens....

3. Lastly, this is quite old--he's got more recent videos that are always great for a good laugh--he really gives it to the MSM.

Jim Rogers for Secretary of the Treaasury!

At 3 minutes, 10 seconds into the video:

Interviewer: I take issue with one statement you are making because the Fed's move isn't really adding any cash into the market, it's adding Treasuries, which has a very different effect. But I will ask you this: What would be the first two things you would do if you were in Mr. Bernanke's seat tomorrow morning?

Rogers: I would abolish the Fed and I would resign. Step one is abolish the Fed and step two is resign.

Three cheers for Jim Rogers! I want to abolish the Fed too.

However, Mr. Rogers did not directly address the point that "the Fed's move isn't really adding any cash into the market."

This is the principle point of my paper, Is the collapse of the dollar inevitable? www.axiomaticeconomics.co...

The Fed's polluting their portfolio by buying crap does not cause inflation any more than buying T-Bills does; any purchase made with cash created out of thin air causes inflation. What buying crap does is make withdrawing cash from the economy more difficult in the event that inflation should ever threaten to become hyperinflation.

Causing inflation and setting up a situation in which hyperinflation is difficult to check are not the same thing. This is a rather fine point, but one which many economists (including, I suspect, Jim Rogers) overlook.

The good thing is that sooner or later, more and more people will come around to "our" way of thinking, circumstance will force many people to think much differently than they currently do in this country. You ain't seen nothing yet!

“Men do not willingly read unpalatable truths of themselves. The people like those best who fool them most by pandering to their vices and flattering their foibles”—Admiral Raphael Semmes.

at the interviewers faces

they have no idea what he is saying.... no comprendo..

How bail out is to help foreign bankers. US investors wiped out.

http://www.iht.com/articl...

ahhh come on guys we need George Soros! JZ NEFF WORSHIPS at his feet! he is the only one who is the know it all economist!

as for me and my home, we shall worship the LORD

Same with Martin Weiss, although he does mention him from time to time. Probably against policy.

Jim Rogers has been saying this for a long time. Not a new stance for him, but it's always nice to see him getting his opinion out there.

I caught this interview live, when I use to watch CNBC/msm Thanks thou for the video.

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