- Abu Dhabi Will Aid Debt-Fraught Dubai 'Case by Case'
- Banks With The Biggest Exposure to The UAE
- Dubai's Debt Woes Signal New Era for Creditors
- Next Week: Cash In Now Or Wait For A Santa Rally?
- Dubai Stock Selloff May Bring Buying Opportunity
- Longer Lines, Fuller Carts This Black Friday
- Big US Banks May Be Forced to Raise Capital: Bove
- Bank of America Amends Pay for Senior Executives
- Tiger Woods Out of Hospital After Accident
- U.S. Stocks Fall on Dubai Worries
- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
Text Size 
The head of the European Central Bank should be running the Federal Reserve because he is doing a better job at protecting his economy, investor Jim Rogers, CEO of Rogers Holdings, told "Squawk Box Europe" on Friday.
European Central Bank President Jean-Claude Trichet can be depended on to fight inflation, which is a worse evil than recession, Rogers told "Squawk Box Europe."
The economic stimulus packages announced in the U.S. and Japan this year will plunge the countries in a prolonged period of economic decline, because they will create inflation and will prevent the cleansing of the economies he said, adding "recessions are like forest fires."
"I'm afraid we're just extending things out and we, too, are going to have a lost decade," Rogers said. "We've been having investment bankers going bankrupt for a few hundred years. There are a lot of 29 years-old out there are driving Maseratis, let them turn in their Maseratis."
He reiterated that Fannie Mae [FNM
Loading...
()
] and Freddie Mac [FRE
Loading...
()
] should not be bailed out by the government if they run into trouble, as a rescue would cost the taxpayers too much and would not solve the economy's problems.
Rogers doesn't hold positions in either Fannie or Freddie.
"Why should the 300 million Americans take on the $6 trillion of debt that Fannie and Freddie incurred?" he said. "Let them go bankrupt, we have bankruptcy courts, that's what they're for, they will reorganize and start over."
"I, as a taxpayer, and 300 million other taxpayers, should not be on the hook for these guys' mistakes," he added.
 |
ASSOCIATED PRESS CLICK ON THE PICTURE FOR EUROPEAN NEWS |
Despite his admiration for the ECB, Rogers said the euro zone was suffocating under the taxation burden and needed to boost fertility to avoid a demographic time bomb.
Rogers said he steers clear of the once-hot emerging markets -- with the exception of China and Taiwan -- has not sold commodities and has recently bought some agriculture stocks.
"Maybe in 20 years we will have 29-year old farmers driving Maseratis instead of 29–year-old investment bankers driving Maseratis," he said.
Print
Email
- These four sectors will be the next to lead the market.
- Zhu Zhu Pets are this year's must-have toy, fetching $40 or more on eBay.
- From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
- It may be the most unusual guide to business you'll read.
- Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
- "The Who" will be the halftime act for Super Bowl XLIV on Feb. 7 in Miami. Is the NFL behind the times?
Data is a real-time snapshot *Data is delayed at least 15 minutes