Abolish the Fed, says Jim Rogers

The odds of Ben Bernanke achieving reappointment as the Fed Head is debatable at this point, but Jim Rogers is a fan of more drastic measures.

Rogers, who recently moved to Asia to cash in on the plentiful opportunities, thinks Bernanke should resign and the Fed abolished.

Asked what he would do if he were in Bernanke's shoes, Rogers, who slammed the Fed for pouring liquidity in the system and accepting mortgage-backed securities as guarantees, said: "I would abolish the Federal Reserve and I would resign." If this happened, "we don't have anybody printing money, we don't have inflation in the land, we don't have a collapsing U.S. dollar," he told "Squawk Box Europe."

"No country in the world has ever succeeded by debasing its currency," he said. "That's what this man 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."

The interview includes the perspective of International fund managers from CNBC’s Singapore bureau. While they are willing to give the latest Fed move a chance to work, the catcalls are coming fast and furious from around the blogosphere. Plenty of criticism is circulating, but few solutions are being proposed from the peanut gallery.

Jim Rogers: ‘Abolish the Fed’
CNBC

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