Tags: jim | rogers | qe3 | bernanke | eurozone

Jim Rogers: Fed Has Already Begun QE3

Monday, 03 Sep 2012 08:42 PM

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink
Jim Rogers, who co-founded the Quantum Fund with George Soros, says that the Federal Reserve is secretly printing money to avoid "getting egg on their face again" after previous attempts to kick start the faltering economy with $2 trillion of quantitative easing failed.

"I do not know if they [the Fed] will announce it," the legendary investor told India's Economic Times. "I know they are going to print more money. They already are. If you look at their balance sheets, you will see that something is happening, assets are building on their balance sheets and they are not coming from the tooth fairy.” The comments were reported by the British Daily Telegraph newspaper on Monday.

"They are a little bit embarrassed because they announced QE1 and QE2, and it did not work. So they may try to discuss it. They may just continue to do it without getting egg on their face again, but they are going to print money, they are all going to print money. It is the wrong thing to do, but that is all they know how to do."

Rogers also told the Daily Telegraph: "They probably have learned how to do things off balance sheet. I have nothing to confirm this but everyone else has learned how, so they probably have too. This is just a comment on human nature."

Fed Chairman Ben Bernanke said in his annual speech at Jackson Hole on Friday that the country's high level of unemployment - it climbed to 8.3 percent in July - is a "grave concern" and that the "economic situation remains far from satisfactory".

Rogers also said believes there is no end in sight to the eurozone's problems.

"There are going to be more problems coming out of Europe," he said. "You have got countries that are essentially bankrupt. Nobody is dealing with the problems in Europe. You look at everyone out there. They all have higher debts and all of their projections, maybe Bulgaria and one or two more countries do not have higher debts in their projections, but everybody has got increasing debt. The solution to too much debt is not more debt."

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Twitter to Track Which Apps Its Users Have

Wednesday, 26 Nov 2014 22:22 PM

If you use Twitter on your cellphone, the social media site will soon begin tracking which apps you use unless you activ . . .

Harry Reid: 'We Sure Do Like' Pope Francis

Wednesday, 26 Nov 2014 22:09 PM

Senate Majority Leader Harry Reid, a Mormon, says he's an unabashed fan of Roman Catholic Pope Francis. . . .

EU Presses Google for Global 'Right to Be Forgotten'

Wednesday, 26 Nov 2014 21:36 PM

The European Union is pressing tech giant Google to expand the right to be forgotten to all its search tools.
A r . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved