Tags: Rogers | Summers | Yellen | lapdogs

Jim Rogers: Summers and Yellen 'Lapdogs for the Establishment'

By Dan Weil   |   Wednesday, 18 Sep 2013 08:59 AM

The withdrawal of Larry Summers from consideration for the Federal Reserve chairmanship carries no significance, says famed investor Jim Rogers, chairman of Rogers Holdings.

He doesn't think highly of Summers or the remaining frontrunner for the job, Fed Vice Chairwoman Janet Yellen. "This is all a farce. They're both of the same ilk," Rogers tells Yahoo.

"You think they're going to put anybody in there who would make a difference? They're all just lapdogs for the establishment," he proclaims

Editor’s Note:
Obama Donor Banned This Message (Shocking)

"As long as the regular people are running things, it's going to be the same thing. ... This is not good for the world. It's good for them and their friends."

The Fed's problem is excessive money printing, Rogers notes. "The world will suffer very badly when this comes to an end. It’s an artificial sea of liquidity."

And it's not just the Fed that has gone overboard, Rogers says.

"This is the first time in recorded history that every central bank — Japan, Europe, England and the U.S. — are all debasing their currencies. When this artificial sea of liquidity dries up, it's not going to be good for anything."

And what will make central banks end their easing? "Markets will either say we're not going to take your garbage paper anymore, or they're going to come to their senses and stop printing money," Rogers tells Fox Business Network.

As for currencies, "I own the U.S. dollar, because I see turmoil coming in the world," Rogers tells Yahoo. "And when that turmoil comes, many people will flee to the dollar because they think it's a safe haven."

Rogers doesn't think the dollar really is a safe haven, but what matters is what the market thinks, he explains. "If people flee to the dollar, then I'll sell them some."

Meanwhile, Rogers told Fox Business Network that it's not surprising that gold has declined over the past year. "Gold was up 12 years in a row. That's an anomaly," he argues. "It's having a rest. It needs a rest. I wouldn't be surprised if it has a rest for a year or two."

While Rogers says he's not buying gold now, "if it goes down under $1,000, I hope to buy a lot." Spot gold stood at $1,302 early Wednesday.

Rogers maintains that he's never sold any gold — or silver. "It's going to be for my kids unless there's a bubble."

So what does he recommend that investors purchase in this environment? Agriculture-related assets, Rogers says.

"Buy sugar. If you go to a restaurant tonight and there's sugar on the table put it in your pocket. ... It's going higher."

Rogers notes that sugar prices are 75 percent below their record highs. "I'm buying sugar as we speak," adding that he buys sugar itself and the stocks of companies that produce sugar.

Editor’s Note: Obama Donor Banned This Message (Shocking)

© 2015 Newsmax Finance. All rights reserved.

1Like our page

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 Media, Inc.
All Rights Reserved