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
"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."
© 2021 Newsmax. All rights reserved.