In an unusual foray into political comment, investing guru Jim Rogers says Treasury Secretary Timothy Geithner is about to join the ranks of the unemployed – as well he should.
"Geithner should never have been appointed to anything," Rogers told Business Week. "He's been wrong about just about everything for 15 years."
"As Mr. Obama realizes that Geithner doesn't know what he's doing, he's going to look for somebody else because he doesn't want to take the heat himself."
"So he's going to look to blame somebody, and the obvious person is Geithner."
Rogers, a commodity bull, attributes gold’s recent price surge to budget deficits.
“Deficits are going berserk nearly everywhere,” Rogers notes. “Throughout history, printing money has led to weaker currencies and higher prices for real assets.”
“… There are many, many pessimists about the dollar, including me,” Rogers notes. “So many pessimists that I suspect there's a rally coming.”
“I have no idea why there should be, but things do usually rally when you have this many bears at the same time. I've actually accumulated a few more dollars.”
President Obama should replace Geithner and White House economic policy director Larry Summers, says U.S. House Rep. Peter DeFazio (D-Ore.).
"I think there is a growing consensus in the (Democratic) caucus (that) we need a new economic team that cares more about jobs, Main Street and the American people than it does about Wall Street and huge bonuses," DeFazio told MSNBC.
© 2017 Newsmax. All rights reserved.