"Abolish The Fed! We're Better Off Without A Central Bank": Jim Rogers With Former CNBC Analyst Jeff Macke

Outstanding clip.

This is the first time we've seen the former Fast Money analyst Macke in a long, long while though it appears from this segment that he's been working for Yahoo for a few months.

Jimmy Rogers transcribed:

"I would abolish the FED and resign.  We have had three central banks in America the first two disappeared, and this one is going to disappear because between Greenspan and Bernanke have taken on a staggering amount of debt.  Junk, a lot of it is junk and eventually it is just going to disappear because the U.S. is going to go bankrupt.  They are not doing what's good for the world.  First of all they have taken on this huge debt which you and I would have to pay and everybody watching this show.  And secondly they have printed all this money.  We would have problems without a central bank but it is better without a central bank than with one that is like this.  We have to recognise the facts - we are the largest debtor nation in the history of the world, and until we at least face that reality and realize that we have been printing a lot of money and start to deal with that fact, it is just going to get worse."

Watch the very memorable (and bizarre) final appearance of Jeff Macke on CNBC...

Comments

[DailyBail]

The bankruptcy bill for Lehman Brothers Holdings Inc.'s LEHMQ -2.80% lead attorneys, law firm Weil, Gotshal & Manges LLP, topped $300 million in May as the total amount paid to professionals in failed investment bank's Chapter 11 case reached nearly $1.28 billion last month.

http://www.marketwatch.com/story/law-firm-weils-lehman-bill-tops-300-million-2011-06-21?dist=countdown

[DailyBail]

WASHINGTON (MarketWatch) — Faced with criticism that the Securities and Exchange Commission hasn’t brought any high profile enforcement cases against top executives responsible for the financial crisis, the agency’s top regulator on Tuesday said it is not for a lack of will.

http://www.marketwatch.com/story/secs-schapiro-agency-tries-to-charge-big-names-2011-06-21?dist=countdown

[DailyBail]

GOP doubts over long-term deficit deal grow

Short-term increase ‘not a good idea,’ Rep. Camp says

http://www.marketwatch.com/story/gop-doubts-over-long-term-deficit-deal-grow-2011-06-21?dist=countdown

[DailyBail]

WASHINGTON (MarketWatch) — U.S. companies and the government should work out a broad-based tax reform deal to make American business more competitive, the chief financial officer of Bank of America said in an interview with MarketWatch Tuesday.

http://www.marketwatch.com/story/bank-of-america-cfo-calls-for-tax-reform-2011-06-21?dist=countdown

[DailyBail]

SAN LUIS OBISPO, Calif. (MarketWatch) — Big names like Nouriel Roubini, Jeremy Grantham and Bob Rodriguez are slinging around words like “disaster” in forecasting the stock market, advising extreme caution and defense strategies. Contrast that with hot headlines about the Dow “storming back soon,” soaring to the “Next Stop, Dow 20,000.”

Warning, folks, you’re in a new cycle of irrational exuberance.

http://www.marketwatch.com/story/dow-20000-next-its-pure-speculative-hype-2011-06-21?link=mw_story_kiosk

[Sagebrush]

", the agency’s top regulator on Tuesday said it is not for a lack of will."

Seems like the people they hire can lie every bit as well as the politicians who hire them.

[IndianaJohn]

A great interview. Though Jim Rogers needs to spend a week on a working, profitable farm.
He would learn that farmers are not "become ..." Farmers are raised by their fathers.