Jim Rogers: Federal Reserve is "Pawn Shop" for Dicey Loans
In a recent interview, Quantum Fund co-founder and investment biker Jim Rogers explains how he sees the Federal Reserve as a pawn shop for dicey loans… here’s the statement, in his own words:
“The man [Bernanke] has taken $400 billion, $400 billion, onto the Federal Reserve’s balance sheets, of dicey loans at best. I mean he’s turning the Federal Reserve into a pawn shop. You have something bad, that you can’t sell, take it to the Federal Reserve, he’ll lend you treasury bills against it, or treasury bonds against it. Now someday somebody’s got to pay for that and you know who the somebody is? My little girl, you, me, I mean, it’s going to be the American taxpayer that’s going to have to pay for this…”
You can view the clip below, which came to our attention from The Daily Bail in its post on Jim Rogers describing the Federal Reserve as a pawn shop.