Jim Rogers: ‘Abolish the Fed’By CNBC.com | 12 Mar 2008 | 09:54 AM ET
Federal Reserve Chairman Ben Bernanke should resign and the Fed should be abolished as a way to boost the falling dollar and speed up the recovery of the U.S. economy, investor Jim Rogers, CEO of Rogers Holdings, told CNBC Europe Wednesday.
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“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.”

‘Socialism for the Rich’

…A recession may be a good way to clean up the economy, while trying to prevent one may cost more and actually worsen the recession, Rogers said. Also, investment banks should be allowed to fail...

The weakest financial institution is Fannie Mae, in Rogers’ opinion, “but all of them have problems.”"