Tuesday, December 20, 2011
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
Who is Jim Rogers ?
James "Jim" Rogers was born in Oct. 19, 1942 and grew up in Demopolis, Alabama .Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendry investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%. They ran what is considered to be one of the first truly global macro hedge funds. . In 1964 he got his first job on Wall Street at Dominick & Dominick in the summer between high school and Yale University, that's how he got his first experience with stocks and bonds. He immediately fell in love with the job. After Oxford, he returned to the U.S. and joined the army in 1970 he returned to Wall Street, working again with Dominick & Dominick. That same year he joined Arnold S. Bleichroeder, where he met George Soros, and together founded the Quantum Fund. This has opened a new era of global macrotrading and inspired numerous imitations and spin-offs. In the book "Money Masters of Our Time," Jim Rogers writes about that time "the most important thing in my life was work. I did not do anything until I had completed my work." To emphasize this professional ethic , it is good to remember that he did not made any holiday for ten years. In 1980, Jim Rogers has decided to "retire" at 37 years. Since then he has spent much of his time traveling and supporting the causes of philanthropic and taking on many high profile roles in the media. However, he continues to be an active investor and media commentator