Wednesday, March 12, 2008

Jim Rogers Slams the Fed

Jim Rogers is one of the most succesful investors of all time. He was partners with Soros back in the day but left because he thought he was smarter than Soros - and he probably still is. He was interviewed on CNBC Europe today and had some harsh words for the Fed:

Federal Reserve Chairman Ben Bernanke should resign and the Fed should be abolished as a way to boost the falling dollar and speed up the recovery of the U.S. economy, investor Jim Rogers, CEO of Rogers Holdings, told CNBC Europe Wednesday.

Asked what he would do if he were in Bernanke's shoes, Rogers, who slammed the Fed for pouring liquidity in the system and accepting mortgage-backed securities as guarantees, said: "I would abolish the Federal Reserve and I would resign."

If this happened, "we don't have anybody printing money, we don't have inflation in the land, we don't have a collapsing U.S. dollar," he told "Squawk Box Europe."

He also gave some investment advice:

He said he had a short position on all investment banks and is buying agricultural commodities such as cotton, wheat, coffee and sugar and was also buying the Chinese yuan and the Japanese yen.

"Buy agriculture. Agriculture is one of the few places where you're going to make a fortune in the next years," Rogers said.

If he's right at least my commodity positions will make some money.

1 comment:

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