As a follow up to my response to Charles Wheelan in my last post, who tried to claim that capitalism had failed the market because “free market Greenspan” had failed, I am posting a good interview with Jim Rogers where he covers this quite efficiently as well as outlines many of his other thoughts on markets, currencies, and investments.
Jim Rogers, in this video from a Dutch website, tells the interviewer that Greenspan chose the “socialist” (read not capitalist) approach by bailing out and “saving” everyone instead of letting people fail. If he had let Long Term Capital fail, and had not bailed out the stock market with ARTIFICIALLY low interest rates, we wouldn’t be in this mess. In a nutshell, socialism created the bubbles and is what will sink us going forward.
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