Jim Rogers: U.S. inflation data is “a sham”
U.S. government inflation data is “a sham” and is causing the Federal Reserve to vastly understate price pressures in the economy, said Jim Rogers. The U.S. central bank uses inflation data that relies too heavily on housing prices, Rogers told the Reuters 2011 Investment Outlook Summit, and he criticized the Fed’s $600 billion bond-buying program.
“I expect interest rates in the U.S. to go much, much, much higher over the next few years. Real assets are the way to protect yourself. If the world economy gets better, commodities are going to go up in price because there are shortages. If the world economy does not get better, you should own commodities, because (central banks) are going to print more money,” he said. Rogers also said the price of gold will eventually rise above $2,000.
Source: Reuters, December 7, 2010.
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