Time and again I have voiced my criticism about the US Federal Reserve's reckless monetary policies. I believe that the massive QE gamble that the central bank is experimenting with is going to have dire consequences in the long term.
Renowned global investor and commodity expert Jim Rogers is known for his no holds barred approach when taking on policymakers. In a recent interview Rogers was asked what he'd do if he was made the chairman of the central bank. This is what he said: "I'd abolish the Federal Reserve, and then I'd resign."
As per him, economies across the world have managed to survive even when there were no central banks. Of the three central banks that America had in its entire history, two had disappeared. Rogers is of the view that the US Fed too will disappear someday due to its self-destructive policies.
We do agree with Rogers on his concerns about the US Fed. However, not all central banks are useless, especially the one we have back at home. The Reserve Bank of India is highly regarded for its conservatism.
Renowned global investor and commodity expert Jim Rogers is known for his no holds barred approach when taking on policymakers. In a recent interview Rogers was asked what he'd do if he was made the chairman of the central bank. This is what he said: "I'd abolish the Federal Reserve, and then I'd resign."
As per him, economies across the world have managed to survive even when there were no central banks. Of the three central banks that America had in its entire history, two had disappeared. Rogers is of the view that the US Fed too will disappear someday due to its self-destructive policies.
We do agree with Rogers on his concerns about the US Fed. However, not all central banks are useless, especially the one we have back at home. The Reserve Bank of India is highly regarded for its conservatism.
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