Jim Rogers: Bernanke Has Never Been Right, Inflation Will Get Worse

Friday, 27 Apr 2012 07:25 AM

By Dan Weil

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International investor Jim Rogers thinks a wave of inflation is coming to the United States. As a result, he staying with his investment of choice – commodities.

The Federal Reserve’s monetary policy is impotent, Rogers says.

“[Fed Chairman Ben] Bernanke and the Fed have zero credibility,” he tells Marketwatch. “Bernanke has never been right about anything.”

Editor's Note: You Deserve to Know What Obama and Bernanke Are Hiding From Americans

As a result, inflation will get out of control, Rogers says. Consumer prices rose 2.7 percent in the year through March.

“We have inflation in the U.S., and it’s going to get worse,” Rogers says. And the Fed won’t be able to do anything about it.

“They’ve printed staggering amounts of money. They’ve taken staggering amounts of debt on their balance sheet. Much of it is garbage,” Rogers says.

So he’s maintaining his commodity positions. Inflation will come whether the economy strengthens or it doesn’t, leading the Fed to ease further.

“Throughout history, when governments debase their currencies, you protect yourself by owning real assets,” Rogers says.

He remains bullish on gold and oil. “I’m not selling my gold by any stretch. The surprise with oil is going to be how high it goes,” Rogers says.

Not everyone agrees with him.

The price of oil “is going to go down,” Byron Wien, vice chairman of Blackstone, tells Bloomberg. Oil production will increase, and “the Iran premium is going to come out of the price,” he says.

Editor's Note: You Deserve to Know What Obama and Bernanke Are Hiding From Americans



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