Recently by Jim Rogers: Dow 1 Million? Sure, Why Not?
There is a lot to say on the consequences of the policies of the regulators and the Federal Reserve from outrageous and irresponsible bailouts of big banks and some big businesses, and we’ll continue to talk about and expose that at American Banking News. But Jim Rogers gets to a very simple core principle of free market capitalism, and that is that allowing businesses and banks to fail has been part of the risk inherent in going into business in the first place, and is a end result of the quality and skill of those running those businesses.
A Gift to My Children:...
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So when the government uses and leverages taxpayers’ dollars to shore up poor management, they’ve interfered in the market in ways that they will never admit to and with results that will be difficult to lay blame at their doorstep as the years go on. They know that, and so continue on their merry way, understanding they may never be held accountable for their actions, nor their actions understood by most.
End the Fed
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Jim Rogers and others will have none of that though, and Rogers said recently at the CNBC Wordwide Exchange that he not only wished that Lehman Brothers had failed, but 10 other banks as well. He even adds that the government was thrilled that Lehman Brothers failed because it gave them an excuse to “jump in and support banks.”
Here’s how Rogers sees the current problem and its source:
“The real problem over the past 10—15 years has been that regulators have not let people fail. Had they let people fail we would have solved this problem a long time ago. I don’t know why they’re not in jail.”
When Rogers says this, understand he’s identifying the problem as it is today, not attacking the ultimate root of the problem, which is the Federal Reserve and the need to abolish it. But to wonder why they’re not in jail for their actions is a powerful statement by Rogers as to what their practices have brought about, and the consequences of those actions across a wide sphere of our social makeup.
