Jim Rogers: Low Interest Rates are Destroying Savers and Investors

Jim Rogers: The Fed, Yellen Have No Clue







“She [Yellen] doesn’t know what she’s doing. She shouldn’t be there. She is an academic who has no clue--None of them do… They should abolish the Federal Reserve and resign,” he said.

Rogers argued that near-zero percent interest rates are manipulating the markets.

“Low interest rates are destroying the people that save and invest. Pension plans, trust companies, insurance companies -- we’re destroying all the people that save their money for a rainy day and now they are being ruined… to bail out people who get it wrong -- who ran up huge debts who didn’t have the money. We are ruining the country with this idea,” he said.





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%.