Jim Rogers America owns the car industry

America has become a socialist and maybe even communist nation in many ways : Jim Rogers

In his Latest interview with moneynews.newsmax.com dated 07/15/2009 by Dan Mangru Rogers said :
"“America now owns the car industry. America owns the mortgage industry. America owns a lot of the insurance industry,”

“Karl Marx must be somewhere standing up in his grave cheering.” And why is that? “America has become a socialist and maybe even communist nation in many ways,”
In Asia, by contrast, “they’re not doing that. In Asia, they’re getting rid of state and government ownership,” he said.
Regarding the Stimulus Jim Rogers said :
"“The first stimulus didn’t work. The second stimulus didn’t work. The third stimulus hasn’t worked,” he said.

“They’ve been doing the wrong thing for over two years. Nothing has worked. I don’t know why they think this is going to work. This is going to make things worse, too.”
“It didn’t work in Japan, and Japan was a creditor nation… It’s not going to work for us, either.”
About the FED BenBernanke and his mania of printing more money jim Rogers says :
“Printing money has been tried many times throughout history in many countries,” he said. “It has never worked in the long term; it has never worked in the medium-term. Occasionally, it has worked in the short term.”

Still, he says, “Printing money is going to lead to serious problems down the road.”

The amounts involved are staggering, Rogers said. “They’ve already injected huge amounts of money into the system. The Fed has more than tripled its balance sheet in the past year or so.”

The federal government “has increased its own debt by four, five, six times,” he said.

“We don’t know much, because they took over Fannie Mae, AIG and the rest of them who had huge debts, which we are now responsible for,” he said.