Jim Rogers: Abolish The IMF & World Bank

Paul Joseph Watson | Prison Planet.com | Monday, February 16, 2009

In an interview with Sir David Frost on Al Jazeera television, veteran investor Jim Rogers pinned the blame for the economic crisis squarely at the feet of the Federal Reserve, and said that the World Bank and the IMF should be abolished, not given more power, if a recovery is to be made.

Rogers strongly slammed Obama’s stimulus package, pointing out that more good money was being thrown after bad, and that the bailouts were only making things worse. The veteran investor said that the U.S. was following the same disastrous policies as Japan in propping up companies that should be allowed to fail, and that the same consequences would be reaped as much as 20 years into the future.

“The way the system is supposed to work, when times like this come, the solid people, the competent people, take over the assets from the incompetent people and then you start over again from a sound base, this is what South Korea did, this is what Russia did, and they did fine. What they’re doing this time is they’re taking the assets away from the competent people and giving them to the incompetent people and saying now you compete with the competent people with their assets and their money – it’s terrible economics and it’s not going to work, it hasn’t worked before and it’s not going to work this time,” said Rogers.

Rogers said that price had to be paid for 15 years of excess, but that the crisis could have been overcome in two or three years had zombie companies and banks been allowed to go to the wall.

Rogers: Stimulus Bill will Make the Problem Worse

Warns that more debt based monetary policy will lead to hyperinflation

Steve Watson | Infowars.net |Tuesday, Feb 10th, 2009

Renowned investor and respected financial commentator Jim Rogers has slammed the latest economic rescue package, declaring that it will not work and will most probably make the situation worse than it already is.

Rogers, the creator of the Rogers International Commodities Index (RICI), told CNBC that the latest so called “stimulus” is more of the same debt based policy that has led the world to the brink of total financial meltdown.

Rogers also pointed out that the offered solution is coming from the very same people who allowed the financial crisis to arise in the first instance.

“It is mind-boggling to me,” Rogers told “Squawk Box Europe.”

“If I were on your show 15 weeks in a row and was wrong, you’d probably never invite me back. These guys have been wrong year after year after year consistently and here they are making the same mistakes again. This is not going to solve the problem, it’s going to make it worse.”