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Expert investor Jim Rogers has slammed the Federal Reserve for destroying the dollar in order to rescue Wall Street, calling it "outrageous" that
Ben Bernanke used $230 billion of taxpayers money to bail out Bear Stearns and other banks last week, and urged people to shift their assets
completely out of dollars because the Fed had "given up" on the greenback.
"I find it outrageous that the Federal Reserve is just throwing the dollar out of the window - I happen to be an American citizen and they're
signaling to the whole world that they have given up on the dollar," said Rogers during an appearance on Bloomberg, adding that everyone should "get
out of the dollar because the Fed has given up."
Rogers himself shifted nearly all of his dollar assets into Chinese yuan in October 2007, citing the fact that it was "The official policy of the
central bank and the U.S. to debase the currency."
And he is right. The Fed is using tax money in order to avoid getting a domino effect. That's also the reason the UK government decided to buy
Northern Rock. If the Fed wouldnt have given money to JP, it would have gone bankrupt, people would massively withdraw money from their accounts and
other banks would collapse as well.
It's not over though.
