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"You are watching something in front of our eyes, very historically, which is basically the destruction of New York as a financial center and the destruction of America as the world's most powerful country." Jim Rogers, CNBC
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As the Dow continues to plummet and President Obama's approval rating continues to diminish, it is time to ask if all the programs being put forth by his administration are a deliberate effort to destroy the nation's economy.
These mindless borrowing, spending and taxing programs can have no other rational purpose than the deliberate impoverishment of all Americans through joblessness, rising taxes, the debasing of the dollar's value, and environmental regulations that will cripple industry and increase the cost of energy.
If a foreign power had invaded our nation and imposed these measures we would be at war with it.
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"Suppose AIG goes bankrupt, it is better that AIG goes bankrupt and we have a horrible two or three years than that the whole US goes bankrupt," (Jim) Rogers said. "AIG has trillions of dollars of obligations, let them fail, let the courts sort it out and start over. Otherwise we'll never start over."
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The Federal Reserve’s low interest rate policy is a big mistake; it is not a panacea. Artificially low interest rates are achieved by inflating the money supply. Low interest rates penalize the thrifty and those who save are cheated. It promotes consumption and borrowing over savings and investing. Manipulating interest rates is an immoral act. It’s economically destructive.
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