Federal Reserve printing too much money: Jim Rogers

Billionaire investor Jim Rogers, chairman of Rogers Holdings, says he doesn’t understand how monetizing even more debt can solve a problem caused by too much debt.

According to Rogers, Fed Chairman Ben Bernanke has failed in spurring economic growth as a result of the massive increase in the money supply brought about by the Federal Reserve’s loose monetary policy. Rogers suggests the U.S. must stop printing money and take on austerity measures like the Europeans did to let the economy recover.

“I’d rather have the Europeans running the U.S. central bank than the people running the U.S. central bank, least they know how to try to build for the future,” Rogers told CNBC.

“In America, Bernanke just says we’ll print more money, we’ll spend more money, even though the United States is now the largest debtor nation in the history of the world.”

Rogers pointed out that economies in trouble should be allowed to fail, like bad companies.

“The things that have worked in the past…will be you go bankrupt then you re-organize and you start over. You have a painful period for a while, and then you start over. This has been done in the past 3 or 4 thousand years, and that’s the way you do it,” said Rogers.

Here's the latest word from Jim Rogers. As usual Jim is as bearish as ever and long commodities.....

However, that is not to say Rogers is loading up on the short side.

In fact, Jim says:
"They're printing so much money that I would not be short. I have no shorts. In most of my life, I've always had a short of 2, or 3, or 16... because I'm afraid they're printing so much money that stocks will go to 20,000 or 30,000. Of course it will be in worthless money, but it could happen,"

Entire Article HERE

Six Months to Go Until The Largest Tax Hikes in History

Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:

- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%

Entire Article HERE

Americans may be slammed by shocking tax hike - Pittsburgh Tribune-Review

After nearly a decade of federal tax cuts, Americans could awaken New Year's Day with a whopper of a hangover.

Breaks covering everything from child tax credits to the death tax are set to expire that day, less than six months from now, bringing higher payments for nearly every American who pays taxes.

"We've never in history seen anything quite like this, where such a major portion of the tax code is set to expire on a single date and affect so many Americans all at once," said Scott Hodge, president of The Tax Foundation, a Washington nonprofit that tracks tax policies.

Entire Article HERE