Has jim been reading my posts on here, for the past years I have been saying that the fed has ZERO clue what they are doing and that zero interest rates have been manipulating markets, I also said that the fed has a zero exit plan to fix the next crisis thats well upon our way.....I think jim is 100% right but will only be proven right well after the collapse takes place.....he says were all going to pay the price and he is right on that we all are....yellen will bow once again to wall street this week.... http://video.foxbusiness.com/v/4483673538001 During an interview on the FOX Business Network’s Morning’s with Maria, Rogers Holdings Chairman Jim Rogers shared his perception on the Fed and markets ahead of the policy meeting this week. “She [Yellen] doesn’t know what she’s doing. She shouldn’t be there. She is an academic who has no clue--None of them do… They should abolish the Federal Reserve and resign,” he said. Rogers argued that near-zero percent interest rates are manipulating the markets. “Low interest rates are destroying the people that save and invest. Pension plans, trust companies, insurance companies -- we’re destroying all the people that save their money for a rainy day and now they are being ruined… to bail out people who get it wrong -- who ran up huge debts who didn’t have the money. We are ruining the country with this idea,” he said. Rogers discussed his current investment strategy and his outlook for commodities. “There’s one company that I’m the director of that has been one of the best stocks in the world...It’s called PhosAgro… But mainly I’m watching -- I’m doing nothing… I’m not a buyer of gold… I haven’t bought gold in a long time. I still like farmers [agriculture]… I’m not buying iron ore under [any] circumstances but gold, silver under a thousand -- I’d buy gold; oil is making its bottom,” he said. He also explained why we have to worry about China’s debt problem. “We haven’t had an economic slowdown for over 6 years in the world--we’re overdue... and the next time it comes it’s going to be a disaster because the debt is so much higher everywhere. Eventually the market is going to raise interest rates and that’s when the disasters work… when the central banks have no more control. In 2008, the Chinese had a lot of money saved up so they can spend a lot of money to help save us. They’ve got debt too themselves now, the debt that’s gone up there is horrendous, that’s going to be a big problem next time.”
your one doom and glooomer i like.. haha you always wish they would learn from this mistake without all the bad things happening..
$SPY We're def setting up for a drop. FED will raise rates by 0.25% on Thursday. I think non-hike is prices in today. See a top forming here
I love people like the OP think the Fed is staffed by complete idiots who are unaware of these kind of critiques. If only Janet Yellen bookmarked zerohedge she'd know what to do.....
The problem with guys like Rogers is they have zero control whereas Yellen has 100% control. He would be smarter to "befriend" and influence her rather than mouth off. Actually, yellen is quite bright. However this doesnt mean she will make the best decision surf
Just because one is "bright" doesn't me he/she knows squat about money and finances. Take doctors, for example. The Fed is staffed by bureaucrats, not business people. And what about Krugman? He's more clueless than a box of rocks.
Completely false. The brightest and best PhD finance and economic people are recruited by central banks--- Yellen is a Yale PhD. So please, stop the nonsense . With that said, she can still make bad decisions but thats usually due to having a longer term view than the rest of us. . surf
I didn't say, "Yellen specifically doesn't have a clue". (I don't believe we know yet whether she does or not.) My point was that there is a difference between "bureaucratic, theoretical view" and "real-world" business sense. (I think I'd like a Carl Icahn or Wilber Ross-type at the helm rather than a Yale PhD bureaucrat.) I remember taking Economics in college and thinking nothing other could torture and bore my mind so much. Who knew such pursuits could be worth so much to so many?? And as for "[she's] got a longer term view" than the rest of us... is that sort of like "God works in mysterious ways"? Could be.... when the Big Time Crash hits... we'll all recognize that Greenscam, Bernanke, and Yellen were all full of shit! Jury is still out on that according to some. Personally I think America is doing a "Thelma and Louise" with the Fed at the wheel... but I'm prepared to be wrong.