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Tags: Rogers | blast | Bernanke | easing

Jim Rogers: Bernanke ‘Has Never Been Right About Anything’ as Fed Chairman

By    |   Wednesday, 17 October 2012 07:58 AM EDT

Renowned investor Jim Rogers continues to blast Federal Reserve Chairman Ben Bernanke for the Fed’s massive easing campaign.

"He's never been right about anything since he's been in Washington," Rogers tells Yahoo. Bernanke has served as Fed chairman since 2006.

Bernanke gave a speech this week saying emerging markets should allow their currencies to strengthen as a result of the Fed’s easing and thereby stanch a flood of incoming investment.

Editor's Note: Economist Unapologetically Calls Out Bernanke, Obama for Mishandling Economy. See What They Did

Rogers wasn’t impressed by that reasoning. "Mr. Bernanke does not understand anything about currencies,” the former hedge fund partner of George Soros says.

“He does not understand finance. He does not understand economics. All he understands is money printing. That's the man's whole intellectual career."

Bernanke has taught economics at Princeton, New York and Stanford Universities.

Meanwhile, Rogers remains long gold, as he has been for most of the metal’s 12-year rally. But he worries about excess speculation in commodities markets.

The SPDR Gold Shares exchange-traded fund, many investors’ favorite vehicle for gold speculation, has $74 billion of assets – gold.

Many market participants have grown bullish on gold in recent weeks, thanks to renewed easing by central banks around the world.

“Overall sentiment is for higher gold prices in coming weeks, with periods of profit taking,” Jeffrey Wright of Global Hunter Securities tells MarketWatch.

“The bias will continue to the upside, due to [the third round of quantitative easing and] modest economic improvements in Europe, which both contribute to a weaker U.S. dollar.”

Editor's Note: Economist Unapologetically Calls Out Bernanke, Obama for Mishandling Economy. See What They Did

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StreetTalk
Renowned investor Jim Rogers continues to blast Federal Reserve Chairman Ben Bernanke for the Fed’s massive easing campaign. "He's never been right about anything since he's been in Washington," Rogers tells Yahoo.
Rogers,blast,Bernanke,easing
274
2012-58-17
Wednesday, 17 October 2012 07:58 AM
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