FederalReserve has already started QE3, says investor Jim Rogers
03 September 2012By Andrew Trotman
3:00PM BST 03Sep 2012
MrRogers, who co-founded the Quantum Fund with George Soros, believes thatAmerica's central bank is secretly printing money to avoid "getting egg ontheir face again" after previous attempts to kickstart the falteringeconomy with $2 trillion of QE failed.
"Ido not know if they [the Fed] will announce it," he told India's Economic Times. "I know they aregoing to print more money. They already are. If you look at their balancesheets, you will see that something is happening, assets are building on theirbalance sheets and they are not coming from the tooth fairy.
"Theyare a little bit embarrassed because they announced QE1 and QE2, and it did notwork. So they may try to discuss it. They may just continue to do it without gettingegg on their face again, but they are going to print money, they are all goingto print money. It is the wrong thing to do, but that is all they know how todo."
Hetold the Daily Telegraph: "They probably have learned how to do things offbalance sheet. I have nothing to confirm this but everyone else has learnedhow, so they probably have too. This is just a comment on human nature."
Mr Bernanke said in his annual speech atJackson Hole on Friday that the country's high level of unemployment - itclimbed to 8.3pc in July - is a "grave concern" and that the"economic situation remains far from satisfacto
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