Jim Rogers Points an Accusing Finger at the Fed

Jim Rogers, noted proponent of laissez-faire economics, recently made an appearance on Fox Business Network, bawling about how the Fed is bankrupting the U.S.

Some highlights from the interview:

• Rogers said three years ago the Fed's balance sheet had about $800 billion of government paper. Now it's got $3 trillion of junk. He believes the hosts, himself, and the audience are responsible for the junk.
  
  
• "They are printing money. It’s skyrocketed this year alone. They lie and say ‘we are not having a QE3."
  
  
• We're on a shakier boat than Europe, because we're the largest debtor country in the history of the world.
  
  
• Europe is not printing money yet. Maybe they will -- but they haven't yet.
  
  
• Banks didn't need the Fed to bail them out. They were more worried about losing all of their big toys and fancy houses.
  
  
• Bank failures aren't the end of the world.
  
  
• Greece should go bankrupt, reorganize, and start over.
  
  
• Rogers said he planned to be short bonds, but tried a couple of times already and lost money.
  
  
• He's not really sure of the exact catalyst for him to short the bond market again.
  
  
• Commodities are still a good play... pending a global economic recovery. There is still a shortage of commodities.

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