Thursday, April 10, 2008

I love Jim Rogers

He nails The Federal Reserve's stupidity in this interview:

Jim Rogers: More Pain for the Greenback, and the Failure of the Federal Reserve


"It's outrageous that Bernanke's sitting there. You know, I've read the Federal Reserve Act. Nowhere does it say [the central bank is] supposed to bail out investment banks! Nowhere does it say you should bail out Wall Street. Their mandate was to have a sound currency, and then it was later expanded to have employment – to help employment. But nowhere does it say: ‘Bail out investment banks.'

Investment banks have been failing for centuries. The world hasn't come to an end… even when investment banks have failed. They just caused a setback, and so what!

Recessions are usually good for the system. They clean out the excesses. And my God there've been excesses on Wall Street in the past 10 years. You don't see a bunch of 29-year-old cotton farmers driving around in Maseratis and flying in private planes to exotic locations. Well, you see a lot of guys on Wall Street doing that.

And the idea that we're now supposed to bail them out is ludicrous! I don't see any of those guys sending their bonus checks back.

Huge amounts were made in the debt markets. We now know [that money was made] at least incorrectly, if not fraudulently, and yet, now we're supposed to bail them out. It's bad enough they get to keep their money. But the outrageous part is that it will cost more to try to prevent a recession than to have the recession.

We have safety nets in place, now. We did in the '70s in America and the Japanese did in the '90s. I think there's good evidence that it will cost more to try to prevent the problems than to have the problems."


Just read the whole interview...it's very important if you want to understand just how serious the economic crisis we're facing really is.

The Federal Reserve needs to be abolished....period. They are bailing out Wall Street at the expense of middle American taxpayers, while systematically destroying the dollar and hence our country's wealth.

Think about that as you're meeting your April 15th deadline.

The Federal Reserve is neither....it's not federal and it's not a reserve...and we are not truly a free country until we banish these bastards.

1 comment:

slate said...

Along the same lines, I was appalled last week by a headline saying that Congress had passed a bill allowing 4 BILLION dollar GRANTS to developers and people who want to invest in foreclosed homes. Grants, not loans. Why not give it to the people whose homes are BEING foreclosed upon? It's ludicrous and immoral.