Jim Rogers to Bernanke: Hike Rates and Resign

So what should Ben Bernanke do?

Jim Rogers: Resign. Close the Federal Reserve and then resign.

Raise rates first?

Jim Rogers: Oh no, resign. Let the market deal with rates. He hasn't done it right.

If it weren't for the Federal Reserve, the market would be setting the rates and then we wouldn't have to deal with this. I mean these are bureaucrats - you think these guys are any smarter than you or me?

American has had three central banks, the first two have disappeared and this one will disappear too, after Greenspan and Bernanke. The market would do a much better job of setting rates than Mr. Bernanke. Certainly Mr. Greenspan and Mr. Bernanke have been dead wrong for 22 years, whatever it's been. Mr. Bernanke is taking on gigantic amounts of debt, huge amounts of debt. They have at least tripled the government's balance sheet, the Federal Reserve's balance sheet in the past two years. [It] used to be 800million dollars of government bonds, now its trillions of dollars of garbage.

--Written by Alix Steel in New York.

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