Legendary Southern-born and raised investor Jim Rogers has nothing positive to say about the Federal Reserve’s recent announcement of the QE3 scheme to prop up the artificially-high prices in the housing market with lots of newly printed money. Rogers also sees European plans to follow suit with a similar policy as disastrous. Money Morning reports:
In fact, Rogers, a long-time critic of the Fed’s policies of money printing, said repeating the same program the Fed has already attempted will make policymakers “look like fools again.”
Any relief will be temporary, warned Rogers in a gripping interview on CNBC.
The iconic financier also lashed out at the new developments in Europe, implying that their latest plan to save the euro amounts to nothing more than governments abusing their license to print money.
On Europe’s move to implement a euro version of QE, Rogers said it affords the Western world “unanimity towards mutual destruction.”
“We’re all going to pay a horrible price for this in a year or two or three,” he said.