Jim Rogers: The Federal Reserve Is a Pawn Shop
Video: Jim Rogers — Aired somewhere Aug. 4, 2010 — Runs 41 seconds
"We have Bernanke who is running the Federal Reserve who does not know what he is doing. We have a very serious problem on our hands and it's gotten much much worse. The man is taking $400 billion on to the Federal Reserve balance sheets — of dicey loans, bad debt. I mean he is turning the Federal Reserve into a pawn shop. You have something bad that you cannot sell, take it to the Federal Reserve. He'll lend you treasury bonds against it. Some day somebody has to pay for this and you know who this somebody is — my little girl, you, me. I mean it's gonna be the American taxpayer that's gonna have to pay for this. And it's gonna cause many many many more problems for the American economy for all of us."
Reprinted from The Daily Bail.
August 12, 2010
Jim Rogers has taught finance at Columbia University's business school and is a media commentator worldwide. He is the author of Adventure Capitalist, Investment Biker, Hot Commodities, A Gift to My Children, and A Bull in China. See his website.
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