“She [Yellen] doesn’t know what she’s doing. She shouldn’t be there. She is an academic who has no clue,” Investor Jim Rogers told Fox Business Network recently .
“None of them do… They should abolish the Federal Reserve and resign,” he added.
Rogers, founder of Rogers Holdings and an original partner in George Soros’ Quantum Fund, claims that the near-zero percent interest rates are only 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," he said.
"We are ruining the country with this idea,”
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%.
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