
August 26, 2008
Jim Rogers, CEO of Rogers Holdings has criticized the Fed for flooding the system with liquidity and accepting mortgage-backed securities as guarantees. He advocates that the bank be abolished as a means to help the economy.
"No country in the world has ever succeeded by debasing its currency," said Rogers. "That's what this man (Bernanke) is trying to do. He's trying to debase the currency as a way to revive America. It has never worked in the long term or the medium term."
As the economy continues on a downward spiral, it seems as though the Fed's Bernanke will continue to receive criticism from all sides.