A Quote by Jim Rogers
The Federal Reserve was not founded to bail out Bear Stearns or a few hedge funds. It was founded to keep a stable currency and maintain its value.
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Common experience is the gold reserve which confers an exchange value on the currency which words are; without this reserve of shared experiences, all our pronouncements are checks drawn on insufficient funds.
America really started to die when the Federal Reserve was founded, and it really started to die in 1971 when the gold backing was taken away from the dollar, and this currency with Ben Bernanke just printing up or counterfeiting as much money as he wants and destroying the economy is really destroying the economy.
When I was 23, 24, I started covering hedge funds - a lot of this was luck - when no one else did. This was before hedge funds were the prettiest girl in school: this was pre-nose job and treadmill for hedge funds, when nobody talked to them - back then, it was just all about insurance companies and money managers.
Paying interest on reserve balances enables the Fed to break the strong link between the quantity of reserves and the level of the federal funds rate and, in turn, allows the Federal Reserve to control short-term interest rates when reserves are plentiful.
The government, of course, will print money to bail out the banks' uncovered casino bets, but not to bail out the elderly from the theft of their funds.
I can't figure out why anyone invests in active management, so asking me about hedge funds is just an extreme version of the same question. Since I think everything is appropriately priced, my advice would be to avoid high fees. So you can forget about hedge funds.
We own? the Federal Reserve. There is this misconception that the Federal Reserve is some private entity. But if I might give an analogy here, we - U.S. taxpayers - own all the stock in the Federal Reserve.
The people that say diversity is the reason for the greatness are purposely assaulting the United States as founded. They want you to believe that America was only great for a few people as founded, because, as founded, America was gigantically discriminating against the poor and against people of color and against transgenders. Yeah, I've read the Federalist Papers, you know. James Madison, he wasn't popular with the transgender group back then. Did you know that? You won't find the word. It was not a factor, the way they have attempted to modernize things here today. It's just lies.
America was not founded to improve health care or housing; it was founded for freedom.
Hedge funds are other hedge funds' toughest competition. And there are just more of them, and it's tougher and tougher all along.
In general, the hedge funds were clobbered by the 1969 bear market, ending up in many cases with records that were worse than those put together by aggressive mutual funds denied the luxury of short sales.
Though all society is founded on intolerance, all improvement is founded on tolerance.
It's the old American Double Standard, ya know: Say one thing, do somethin' different. And of course this country is founded on the double standard. That's our history. We were founded on a very basic double standard: This country was founded by slave owners who wanted to be free.
The Federal Reserve Act as it stands seems to me to open the way to a vast inflation of the currency. I do not like to think that any law can be passed that will make it possible to submerge the gold standard in a flood of irredeemable paper currency.
When the Securities & Exchange Commission settled securities-fraud charges against Richard Harriton, former chairman of the clearing subsidiary of Bear, Stearns & Co., there were smiles all around. The SEC was happy. Harriton was happy. Bear Stearns was happy.
It may seem strange, but Congress has never developed a set of goals for guiding Federal Reserve policy. In founding the System, Congress spoke about the country's need for "an elastic currency." Since then, Congress has passed the Full Employment Act, declaring its general intention to promote "maximum employment, production, and purchasing power." But it has never directly counseled the Federal Reserve.
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