Jim Rogers Blasts "Abolish The Fed" Before It Self-Destructs.

"The world has consumed more than it produced for more than a decade," Jim Rogers explains to BoomBust's Erin Ade; but his comments to the leather mini-skirted anchor with regard the actions of the world's central banks bear the most attention. "The world is floating on an artificial ocean of printed money," he blasts, adding that while it's going on "everyone's happy," but at the first sign of it slowing, he warns, "we will all dry up."

Rogers sees gold as a crucial holding in this respect but believes there will be a better price to buy more, as he reflects on the suppressive actions of the Indian government.

This excellent far-reaching interview covers everything from gold standards to China's 3rd Plenum "I much prefer the Chinese system of open markets than the US with the government dictating everything" and from Bitcoin to a barbaric destruction of the Fed and all it stands for, "the Fed will self-destruct, before the polticians realize what is going on."

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4:30 Agriculture/Farmland - bullish sugar and farmland - "The world has consumed more than it produced for more than a decade," and inventories are near record lows

6:25 Central Banks - "for the first time in history, all central banks are printing money... The world is floating on an artificial ocean of printed money,"

7:15 Gold - "I am not selling any of my gold, but believe there will better prices to buy... the Indian government is actually trying to make its people sell their gold."

8:45 Gold Standard - "it might work for a while but eventually the politicians will cheat that too"... "people wil be desperate in the next decade to try anything - maybe it will be bitcoins"

9:40 Bitcoin - there are many more important things in the world than worrying about bitcoins

10:15 China's Plenum - "the Chinese are becoming more and more capitalist"... they are becoming more and more market focused... as opposed to the US where when there is a problem "the government decides how to fix it... look at Obamacare" - "the government says "we will figure out the solution"... "I much prefer the Chinese system of open markets than the US with the government dictating everything"

15:20 The Fed - "The way the world has worked for a few thousand years is - that when people get into trouble, they fail; competent people come along, reorganize the assets and start over..." In America, he chides, "they decided to let incompetent people take over the assets from competent people and compete with the competent people." - The Japanese tried this in the 90s and it failed for 2 lost decades.

"In America, they are kicking the can down the road, and when the can finally goes over the side, we are all going to go with it."

"We've had 50-60 years of excess in America, you've got to pay the price some day whether you like it or not... the longer they delay the day of reckoning the worse it will be."

17:40 Abolish The Fed - "the world has gotten along very well for most of history without central banks."

"we would be better of with no central bank, than this central bank"

19:00 Stocks - "we are certainly gonna have a crash some day" - "as long as they keep printing money, and no restraints on congressional spending, this bubble could go on forever"