Wanted to share this portion of an article at CNNMoney (See original article here.) By Brian O’Keefe, senior editor, quoting Jim Rogers on the US economy right now:
“Conceivably we could have just had recession, hard times, sliding dollar, inflation, etc., but I’m afraid it’s going to be much worse,” he says. “Bernanke is printing huge amounts of money. He’s out of control and the Fed is out of control. We are probably going to have one of the worst recessions we’ve had since the Second World War. It’s not a good scene.”
(The central bank’s second interest rate cut in a week raises the risk of inflation and bails out the banks.)
(Interest rate cut=increased money supply=inflation=hard times for poor and working families)
Rogers looks at the Fed’s willingness to add liquidity to an already inflationary environment and sees the history of the 1970s repeating itself. Does that mean stagflation? “It is a real danger and, in fact, a probability.”
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