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Rogers: Fed Has “Given Up” On The Dollar
Posted By admin On March 19, 2008 @ 6:31 am In Featured Stories | Comments Disabled
Paul Joseph Watson
Wednesday, March 19, 2008
Expert investor Jim Rogers has slammed the Federal Reserve for destroying the dollar in order to rescue Wall Street, calling it "outrageous" that Ben Bernanke used $230 billion of taxpayers money to bail out Bear Stearns and other banks last week, and urged people to shift their assets completely out of dollars because the Fed had "given up" on the greenback.
"I find it outrageous that the Federal Reserve is just throwing the dollar out of the window – I happen to be an American citizen and they’re signaling to the whole world that they have given up on the dollar," said Rogers during an appearance on Bloomberg, adding that everyone should "get out of the dollar because the Fed has given up."
Rogers himself shifted nearly all of his dollar assets into Chinese yuan in October 2007, citing the fact that it was "The official policy of the central bank and the U.S. to debase the currency."
Rogers dismissed rhetoric that the U.S. supported a strong dollar, asking the host, "do you even still report that?" adding that the best place to be was in real assets like gold and currencies like the Swiss Franc and the Chinese Renminbi.
"I own gold, I own oil, I own all this stuff and I’m not selling it," said Rogers.
Rogers slammed Fed chairman Ben Bernanke for approving last week $230 billion in financial assistance to banks, including $30 billion to ailing investment bank Bear Stearns.
"I don’t know where he gets the audacity to spend $230 billion dollars of our money to bail out a few friends on Wall Street, it’s totally outrageous, who gave him the authority to do that? To destroy our dollar, to destroy our currency, to essentially destroy the American economy and nobody ever voted for the man – it’s just mind-boggling to me," said Rogers, adding that Bear Stearns was bailed out so company executives could avoid declaring bankruptcy and keep billions of dollars in bonuses.
Rogers’ aggressive condemnation of the Fed has heated in recent weeks. His latest comments follow an appearance on CNBC last Wednesday in which he called for the Federal Reserve to be abolished outright (watch above).
Rogers said that between them, the policies of Greenspan and Bernanke would cause the eventual failure of the central bank.
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