Rogers rips Fed

CNBC reports that Jim Rogers, CEO of Rogers Holdings, condemned the Fed's handling of the current economic crisis on their program "Squawk Box Europe".  When asked what he would do if he were in Chairman Ben Bernacke's shoes, he replied he would abolish the Fed and resign. 

He elaborated on his criticisms by saying: "No country in the world has ever succeeded by debasing its currency," he said. "That's what this man is trying to do. He's trying to debase the currency as a way to revive America. It has never worked in the long term or the medium term."

He also called bailing out investment banks as "socialism for the rich".  A video of the entire interview is posted on the link.

We have criticized the Fed for a very long time.  It pays a lot of lip service to helping the economy, but very often its actions seem to contradict its words.

Say you were a cabal of very rich men, what benefit is there to devaluing the US dollar?  And if you claimed to want to save it, why would you lower interest rates, which only make the dollar a less attractive investment? 

The answer to the second question is you wouldn't act that way.

The answer to the first question is further consolidation of your economic and power base.  After the crash of 1929, a very few families profited bigtime from being able to buy up companies and banks for pennies on the dollar. 

Also, if the amero is something you want to institute, what better way to push it through that to make the dollar worthless?

You can call me crazy, but I like to live by Occam's razor.  What makes more sense? My explanation? or a bunch of rich men who don't clearly understand economics despite being in positions of great power and influence?