Monday, October 29, 2007

It's not easy being printing the green.

Come on Jim, tell us what you really think..

Bloomberg Video: Jim Rogers.


"I would urge everybody listening to your show to figure out ways to start getting money out of the US dollar.."

"We now have a madman at the head of the Federal Reserve.."

"... now America's given him the printing presses, and he is running them as fast as he can."


I'm not sure Bernanke has much choice. We've got a leaning tower of Pisa: too much debt, sliced and diced into too many derivatives, slipped into too many places. Jim Rogers advocates no more rate cuts, and a recession to clean out the mess. [Which is a heck of lot easier to advocate when you're not a working stiff.] He's looking for a Fed head with the backbone of Volcker, but I'm not sure you can be a Volcker, or even a demi-Volcker, in this highly visible media age.

The flipside of the lower dollar is it makes our exports more competitive. Exports seem to be the likely explanation why the whackage in housing hasn't taken the toll so far one would expect.