by Michelle Smith, SilverBearCafe.com:
With central banks printing like never before, legendary investor Jim Rogers warns that markets and economies are likely to get hurt in the aftermath.
“This is the first time in recorded history where nearly all the central banks in all countries are pumping out lots of money, debasing their currencies, printing money. I’ve never seen this in history, and now we’ve got everybody — or nearly everybody — doing it,” he told Money Morning.
Japan’s central bank dominated headlines when it announced an unprecedented stimulus program that devalues the yen. This action was said to be an effort to battle deflation.
Central bank policies that weaken national currencies are seen as competitive. When other nations do not follow suit, they essentially become less competitive because a weaker currency results in cheaper exports.
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