Jim Rogers : Abolish the Federal Reserve

Jim Rogers: They should abolish the Federal Reserve. That would be the first thing they should do. They are not going to do that but what they should do is let interest rates find their normal rate, their realistic level. Right now masses of people in America, the people who save and invest, the people who we would say have done the right thing, are being destroyed because [of low] interest rates. I mean think of all of the retirees. Not even the retirees, the people who have been saving and investing. They are being destroyed by the people who have done everything the wrong way in the past 10 or 20 years. When you destroy your class which saves and invests, you are really undermining the system very very badly. And I find that not a good thing. So, if I were the Federal Reserve, now they would scream and say you can’t do it, we’d have problems , we’d have unemployment etc. I beg to differ with them but even if we did, we’ve got to correct them. We’ve made a lot of mistakes in the past 50 years. We are the largest debtor nation in the history of the world. I mean it’s staggering what we are doing. The debts are going higher and higher and someday, you’ve got to pay the piper. This has been going on for a long long time. You can’t just wake up one day and say well you know we’ve made a mistake, let’s change that. You’ve still got to pay for the mistakes. - in the street.com