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News Link • Federal Reserve

Bernanke ‘Doesn’t Understand’ Economics, Jim Rogers Says

• LewRockwell.com
 
Federal Reserve Chairman Ben S. Bernanke’s decision to pump a further $600 billion into the economy shows his grasp of economics is weak, said investor Jim Rogers, chairman of Rogers Holdings. “Dr. Bernanke unfortunately does not understand economics, he does not understand currencies, he does not understand finance,” Rogers, 68, said in a lecture at Oxford University’s Balliol College yesterday. “All he understands is printing money.” “His whole intellectual career has been based on the study of printing money,” said Rogers, who predicted the start of the global commodities rally in 1999. “Give the guy a printing press, he’s going to run it as fast as he can.” The Fed said on Nov. 3 it will buy an additional $600 billion of Treasuries through June, in a bid to reduce unemployment and avert deflation. While Bernanke’s near-zero rates and $1.7 trillion in asset purchases helped end the recession, the Fed said progress has been “disappointingly slow” in bringing down joblessness that is close to a 26-year high. “Debasing your currency has never worked,” Rogers said.

1 Comments in Response to

Comment by Olde Reb
Entered on:

 Rogers thinks Bernacke's prime concern is the economy.  Wrong.  His prime concern is the welfare of the banking industry and he is protecting it.


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