Jim Rogers Says “Abolish the Fed and Resign”

It was an historic day on Wall Street with the Dow topping 16,000 on Monday. We’ll tell you why-and-what caused the run.

And the revolving door of Washington-to-Wall-Street takes another spin! This time it’s Timothy Geithner in the turnstile. We’ll tell you where he’s going.

Also, “What Would Jim Rogers Do”? We follow up with the legendary investor, and bow-tie aficionado, to get his take on what he would do if put charge of the Fed.

Finally, foreclosures are up from September. In some cities one in every 300 homes received a foreclosure filing last month. Is yours on the list? Rachel Kurzius and Erin discuss in today’s Big Deal.

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  • Dave_Mowers

    Always, always the solution is to abolish the only system of facilitating trade even though it really means ending the dollar as a device for facilitating said trade. If the dollar becomes worthless and we switch immediately to an all-barter-type system the poor and middle class will be ruined. This is fine for people sitting on billions of dollars in assets including revenue-creating hard assets like food production but it will literally kill the poor. It will kill them because unlike Mr. I-Live-On-A-Yacht they actually have to eat and buy food daily and market prices will skyrocket daily and they will not have anything to offer in exchange.

    What we really need is a fundamental change in monetary policy. We need a more equitable distribution of new money and credit. We need a credit system that rewards you for public service, charity and service to your country in a time of war; a system based on morals so that it is irrefutable.

    • sallyho3000 .

      I wouldn’t be so sure that local/regional direct trade between parties without the dollar’s intermediary would be as bad for the poor as you surmise, except in the very short term. Remember all those billions will be as worthless as any other dollar bill. Poor folks are, by necessity resourcefu and hardworking, and it is much more likely that they will be the ones saving our butts in case of collapse and not the other way around.
      To take it just a step further. We don’t need controls on wealth distribution. We need a “currency” that reflects REAL value, without a ‘class’ of overlords who are able to print more and more and more, based only on their whim. I doubt highly that a monetary system can incorporate morals and still be free, because it would necessitate a state structure to determine what is right and wrong; Did you know that blowjobs are illegal in Florida!? Now, I know that sounds off-color, BUT… just imagine state control of wealth levels based on private petty matters (not to mention the even graeter levels of surveillance necessary to enforce such systems…)such as this. Doesn’t sound like such a good idea, eh? Maybe you’ll say, “Well… they won’t have to know…” However, then you’d be advocating for personal dishonesty (why should anyone hide getting a blowjob?) which os counter to the whole “…based on morals…” bit.

      A real-value currency (not metals) would in fact level the playing field across social strata and provide for egalitarian waelth distribution, simply by being harder to cheat. I, for one am convinced that if Greece, for instance, left the Euro for a return to the drachma, based in agricultural produce and tourism “dollars”, that we would see very soon a debt-free powerhouse Greek economy in place of the IMF riot that we currently see. Yes, a drachma based on olive oil and feta cheese… not nearly as ridiculous as it initially sounds.

      • Dave_Mowers

        In a barter system he who owns property and production will rule so the “billions” in property assets will still translate in billions of worth with or without the dollar. The point is, you cannot run a system for a hundred years transferring all wealth and property into one small minority then expect to increase wealth by ending said system without transferring control of the means of production from the minority to the majority. All you will end up with is poorer people and the segment who was rich then will be rich under your gold standard system so nothing changes; nothing. Allowing mega-corporations concentrates are productivity and means into a small circle of hands forcing everyone else to be wholly dependent on that one small group’s success or failure. That is what happened to our economy in 2008 and that is the PROBLEM.