Bernanke a "Total Fool", thanks to RP supporter Jim Rogers

[rp08rp]

Rogers, who predicted the start of the global commodities rally in 1999, criticized Federal Reserve Chairman Ben S. Bernanke for comments on the currency before a congressional committee on Nov. 8.

``He is a total fool,'' Rogers said. ``He said Americans who buy only American goods are not affected if the value of the U.S. dollar goes down. I was terrified.''

Bernanke said the only effect of a weaker dollar on a typical American with their wealth in dollars, buying consumer goods in dollars, would be ``their buying powers, it makes imported goods more expensive.''

Rogers said that's not right.

``If you only buy American products and the dollar goes down, the price of oil goes up, copper goes up, wheat goes up,'' he said. ``That affects you. He doesn't understand the economy as far as I can see.''

 

[dsentell]

Good stuff!

Link please.

 

[American]

This is the problem I have with Ron Paul's position. He is hoping on an American public that is as dumb as dirt. I fear the led poisoning has really taken its toll.

 

[Paulitician]

That comment surprised me too. "No, everything is going great here in America. My cost of living has gone up. My wages haven't stagnated, or even fallen behind the constant inflation." Pfft, yeah right.

 

[steph3n]

I fear the led poisoning has really taken its toll.

bah what a joke, no APATHY and lack of good education had taken its toll

 

[RP4ME]

you guys he is not uneducated and that fact doesnt elude him either......its just that he "cant" "wont" state teh Truth to teh American public. Thanks fully Ron Paul and Jim rogers had more to say.

 

[RPFTW!]

I don't understand economics but tell me if I'm correct with this:

Since we don't manufacture anything wont the prices go up to buy all our crap from China?

Since most of our food is imported now from 22 different countries won't our food go up as well?

Oil is also imported and has gone up

Since we are completely dependent on other countries for EVERYTHING is there anything that WONT go up in price because of ia weak dollar buying imported goods???

 

[ValidusCustodiae]

This is the problem I have with Ron Paul's position. He is hoping on an American public that is as dumb as dirt. I fear the led poisoning has really taken its toll.

It's called Fed poisoning... hehe

Sorry, couldn't resist =)

 

[reduen]

Great stuff, where did you get it?

 

[tmg19103]

http://www.youtube.com/watch?v=airxvVmGnqc

 

[Chester Copperpot]

I don't understand economics but tell me if I'm correct with this:

Since we don't manufacture anything wont the prices go up to buy all our crap from China?

Since most of our food is imported now from 22 different countries won't our food go up as well?

Oil is also imported and has gone up

Since we are completely dependent on other countries for EVERYTHING is there anything that WONT go up in price because of ia weak dollar buying imported goods???

YEah ironically probably real estate.. that will probablyt continue to go down.

 

[runderwo]

The purchasing power for things that are created mainly through dollar transactions will not erode much.

It's the non-dollar aspect of products that hurts.

IOW, the more a product's value is created through transactions not in dollars, the worse your purchasing power for that product will be.

Mining or growing things is one example. That's why commodities simply aren't having any of Bernanke's argument.

Importing consumer junk from China that originates in China and is manufactured in China is another -- UNLESS China's central bank also devalues the yuan concomitant with the Fed devaluing the dollar, which has happened to some extent.

The main problem with buying junk from China is that it's a net export of wealth, and it props up a totalitarian government with 70% share in the company that sells it.