17 February 2009

"abolish the World Bank and IMF"

I already mentioned that I did not approve of the way governments around the world are trying to solve this economic crisis. A man who agrees with me and who I think very much of is Jim Rogers! I've seen and heard so many interviews with him over the years.

In an interview with Sir David Frost on Al Jazeera television, veteran investor Jim Rogers pinned the blame for the economic crisis squarely at the feet of the Federal Reserve, and said that the World Bank and the IMF should be abolished, not given more power, if a recovery is to be made.

Rogers strongly slammed Obama’s stimulus package, pointing out that more good money was being thrown after bad, and that the bailouts were only making things worse. The veteran investor said that the U.S. was following the same disastrous policies as Japan in propping up companies that should be allowed to fail, and that the same consequences would be reaped as much as 20 years into the future.

(Feb 13, 2009)

There is more on the way, stay tuned.