Archives

Bernanke Set The Stage For The Fed’s Collapse

bernanke

=======

by Zero Hedge

With Bernanke’s term due to expire in January, Jim Rogers warns Mineweb that the Fed-head will be remembered as “the guy who set the stage for the demise of the Central Bank in America. We’ve had three central banks in America. The first two disappeared. This one’s going to disappear too in the next decade.” With precious metals, bonds, and stock markets obsessing over Fed actions, Rogers says, in the next 10 years or so, “People will realise that these guys have led us down a terrible path,” and collapse is “not a possibility,” he adds, “it’s a probability.”

“100 years ago you could not have named the head of most central banks in the world,” Rogers told Mineweb. “Now they’re all rockstars.” Gold and equity markets have increasingly been locked in Fed-watch mode in 2013, obsessing over when or whether chairman Ben Bernanke would taper the bank’s vast bond buying scheme.

Rogers however, an ardent free-marketeer, says the market’s narrow focus on the Fed reflects the bank’s rising and now extreme interference in global markets, propelling the likes of Bernanke in the US and Mario Draghi in Europe to near household name status.

“Everybody knows them,” he says, “but that’s only a phenomenon of the last 20 years, when central banks have been pumping money into the markets and everybody’s singing hallelujah.”

With Bernanke’s term due to expire in January, Rogers says he will be remembered as “the guy who set the stage for the demise of the Central Bank in America. We’ve had three central banks in America. The first two disappeared. This one’s going to disappear too in the next decade.”

Read Article

You must be logged in to post a comment.