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Rogers Slams “Zombification” Of Economy, Warns Of Hyperinflation

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Calls for Paulson and Bernanke to resign, Fed to be abolished

Steve Watson
Thursday, Oct 23, 2008

Well respected financial commentator Jim Rogers has slammed the economic policies of the American and British governments, arguing that they are “propping up zombie banks”, and repeating his previous warning that an inflationary holocaust is being unleashed due to a ceaseless overprinting of currency.

Rogers made the comments during a lively CNBC interview yesterday.

The legendary investor stated:

“Throughout history whenever you’ve had gigantic amounts of paper money created, it’s led to inflation down the road. Sure, things are going down now because of forced liquidation, I mean AIG went bankrupt, Lehman brothers went bankrupt, and a lot of people are redeeming and being forced to sell everything. That’s not deflation, that’s temporary.”

The CNBC anchor then expressed disagreement with Rogers’ argument, missing the entire point that overprinting of currency has caused hyper inflation throughout history, and instead using semantics to argue that AIG didn’t go bankrupt and stating that an overall deflation has caused the current economic crisis.

As we have continually demonstrated, the driving factors behind the current financial crisis have been the destruction of the dollar via an ever increasing move towards a debt based economy, the creation of money out of thin air and the attachment of unwarranted astronomical value onto paper and derivatives contracts.

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“Unless the world is coming to an end… in that kind of scenario you are right, everything is going to suffer.” Rogers told viewers. “I am of the view that the world is going to recover some day and with all the money that’s being created, history has shown that it has always led to inflation.” he continued.

Rogers, the creator of the Rogers International Commodities Index (RICI), also slammed the Treasury Secretary and the Chairman of the Federal Reserve.

“Paulson and Bernanke should resign, it’s the first thing they should do, they should abolish the federal reserve and stay out of the way, let the market take care of this. Bernanke claims to be an expert over the depression, the collapse, you know he doesn’t know what he is doing.” Rogers commented.

Rogers also pointed out that the Japanese economy is still suffering because during a sharp decline in the stock market throughout the 90’s it did not allow anyone to fail and created so called “zombie banks”.

“it’s 18 years later and they’re stock market is still 75 or 80% below where it was 18 years ago. This policy has never worked,” Rogers urged.

Rogers described the bailout policies of the American and British governments as “taking the assets from the competent, giving the assets to the incompetent and saying now you compete with the competent,” pointing out that the approach is completely antithetical to how soundly functioning markets have operated throughout history.

Watch the exchange below:


This article was posted: Thursday, October 23, 2008 at 8:34 am

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