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When you compare the two and their actions to protect their economies, Trichet is doing a better job. I am not the only one who has said this as you can see…
European Central Bank President Jean-Claude Trichet can be depended on to fight inflation, which is a worse evil than recession, Rogers told “Squawk Box Europe.”
That is a quote from a CNBC article discussing Jim Rogers’ viewpoint which he made on CNBC’s Squawk Box Europe. Mr. Rogers went on to say something I have said for quite some time…
The economic stimulus packages announced in the U.S. and Japan this year will plunge the countries in a prolonged period of economic decline, because they will create inflation and will prevent the cleansing of the economies he said, adding “recessions are like forest fires.”
Ok, I didn’t mention the Japanese policies, nor did I compare recessions to forest fires, but I have been saying for a long time that the US policies, including the recent housing bill along with monetary policies, are doing much more harm than good, not to mention prolonging the problems. Just take a look at this post. I have even compared Bernanke and Trichet before.
Of course Mr. Rogers hit a few more points better than I have. Take a look…
“Why should the 300 million Americans take on the $6 trillion of debt that Fannie and Freddie incurred?” he said. “Let them go bankrupt, we have bankruptcy courts, that’s what they’re for, they will reorganize and start over.”
“I, as a taxpayer, and 300 million other taxpayers, should not be on the hook for these guys’ mistakes,” he added.
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