Paul Joseph Watson
Thursday, March 20, 2008
Top investor Jim Rogers has publicly called for Federal Reserve chaiman Ben Barnanke to resign, blaming him for destroying the dollar and bailing out his friends on Wall Street at the cost of the American taxpayer, in the latest savage attack on the Fed amidst the latest round of economic turmoil.
"I think the Fed should be abolished, we’d all be better off without the Fed….in my view their day is done," said Rogers during an appearance on CNBC yesterday.
Rogers pointed out that concerns over a vacuum of power were trite considering America had successfully lived without a central bank before and the first two central banks had failed.
Asked if Bernanke should resign, Rogers responded, "He should be fired, we can’t fire him unfortunately under the terms of his contract he’s there for another 12 years….I think eventually things are gonna get so bad we’re gonna get rid of him one way or the other he’ll resign."
Rogers said that the Federal Reserve’s mandate was to protect the dollar but that the Fed was "letting the dollar collapse" and "filling the Federal Reserve’s balance sheet with a bunch of garbage."
Despite the fact that Rogers admitted he was still making money due to his heavy investment in commodities, he said that he didn’t approve of what the Fed was doing.
Rogers has been on a crusade over the past few weeks, slamming the Federal Reserve with every opportunity he gets.
On Tuesday he appeared on Bloomberg News and told viewers that the Fed had "given up" on the dollar, advising people to dump the greenback and buy gold as well as currencies like the Chinese Renminbi and the Swiss Franc.
He also slammed Bernanke for bailing out his banking friends on Wall Street so they could keep their bonuses at the expense of American taxpayers and the value of the dollar.
During a CNBC appearance last week, Rogers called for the Fed to abolished outright after Bernanke dumped $280 billion in liquidity into the market, a move that put 400 points on the Dow but contributed to the dollar hitting new lows and inflation continuing to skyrocket. Rogers said the action would only cause "a worse recession in the end".
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