Tuesday, November 12, 2013
Jim Rogers : Bernanke will not Taper
ET Now: When do you see the FED starting to taper and whenever that happens, can emerging markets take the hit?
Jim Rogers: If and when the Federal Reserve stops or even slows down printing money, and other banks also slow down, I do not think the Japanese will slow down. Maybe the English and the European banks will. There will be a moderating affect on markets because that is where most of the money has gone.
I am not sure it (Fed slowing down money printing) is going to happen. Firstly, Bernanke will not do it while he is here (Fed Chairman) because he does not want to go out with an egg on his face. Secondly, Ms Yellen is coming in. I doubt if she is going to do it at first anyway because, a) she is keen on printing money and b) she knows what will happen when they start slowing down. So she is not going to do it anytime soon. If they do start slowing down, the markets are going to react and they (Fed) will panic and come back and say, "oh we are sorry". So, I do not see much tapering anytime soon.
The market eventually will force them (Fed) to cut back. Eventually, the market is going to say, "we do not want this garbage paper anymore, we do not want to play this game anymore". But, I do not see that happening anytime soon.
- in ET NOW : Click Here to watch the full interview >>>>>
Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary 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%.
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