GUATEMALA CITY, May 16, 2016 — Janet Yellen, Mario Draghi and Haruhiko Kuroda, the presidents of the central banks of the United States, the European Union (EU), and Japan, are tied for worst central banker in the world according to American investor and author Jim Rogers.
“The central banks will try anything that they can think of. They do not have a clear idea about what they’re doing,” he told Universidad Francisco Marroquín (UFM) in Guatemala during an interview published on UFM’s YouTube channel.
UFM awarded honorary doctorates in business to Rogers and to Spanish investor Francisco García Paramés on May 7.
Rogers has little optimism for the global economy. He sees a new recession ahead, worse than the last one due to the continued growth in public debt since 2008, especially in the American and Chinese economies.
He also told UFM that he thinks that the EU will stop issuing the €500 note as a mechanism to control citizens rather than as a way to avoid money laundering, as bank authorities have alleged. Austrian School for In... Best Price: $15.96 Buy New $34.03 (as of 08:20 EST - Details)
“With interest rates so low, a lot of people are choosing to save money outside of the banking system. The €500 note makes this easier. Eliminating it will lower the incentive for people to save in cash,” he explained.
During his visit to UFM, Rogers shared his opinion about the Guatemalan economy, suggesting that the country would have stronger growth if it opened its borders and allowed free movement of goods, people, and investments.
In a similar vein, García Paramés, known as the Warren Buffet of Europe, criticized the EU for pressuring Guatemala to approve a competition law before November 30 as a prerequisite for signing the upcoming Association Agreement between Guatemalaand the European Union.
Calling such pressure absurd during a conference with students, García Paramés concluded that “the prevailing view of monopolies in the EU, and to a lesser extent in the United States, is that successful companies need to be penalized.”
Both investors were awarded an honorary doctorate in recognition of their application of the principles of value investing within the framework of the Austrian business cycle theory. Their investment philosophy is based on the ethical, legal, and economic principles of a society of free persons, the teaching and dissemination of which is also UFM’s mission.
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