The Wall Street Examiner » Contrary http://wallstreetexaminer.com Be prepared. Stay ahead of the herd. Fri, 10 Feb 2012 03:01:31 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Jim Rogers: "The Fed is Lying to Us" http://wallstreetexaminer.com/2011/12/08/jim-rogers-the-fed-is-lying-to-us/ http://wallstreetexaminer.com/2011/12/08/jim-rogers-the-fed-is-lying-to-us/#comments Thu, 08 Dec 2011 10:00:26 +0000 David Zeiler http://moneymorning.com/?p=60194
The resulting low interest rates and creeping inflation, he says, are destroying the wealth of millions.

"[Federal Reserve Chairman Ben] Bernanke said last August he was keeping interest rates artificially low," Rogers told Yahoo! Financeon Tuesday. "The only way you can do that is to go into the market."

As proof, Rogers pointed to the rise in the broad M2 measure of the U.S. money supply, which has increased more than 5% since the Fed's second quantitative easing program (QE2) ended on June 30, and 20% since November 2008.

"Since August - well, this whole year - the M2 has jumped up," Rogers said. "They're in the market. They're lying to us."

A well-known critic of the Fed who has called for it to be abolished, Rogers warned that the central bank's policies would lead to disaster.

"Right now what the Federal Reserve is doing is ruining an entire class of people in America," Rogers said. "The people who saved and invested for the past 10, 20, 30 years are now being ruined because interest rates are [too] low."

He added that if he were Fed chairman, he'd raise interest rates to slow down inflation.

In a separate interview with The Streetyesterday (Wednesday), Rogers said he considered the Fed to be the greatest risk to the U.S. economy in 2012.

"They don't seem to understand economics or finance or currencies or much of anything else except printing money," Rogers said.

Painful Remedies

The other major concern that Rogers has is the soaring federal debt, which recently passed $15 trillion.

"We are the largest debtor nation in the history of the world and the debts are going higher and higher by trillions, every two or three years," Rogers said. "We're all paying the price for it. And wait till 2013 - we're really going to pay the price."

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