The U.S. Federal Reserve is ready to launch a third round of quantitative easing, dubbed QE3 or QE Forever - but legendary investor Jim Rogers is shaking his head.
In fact, Rogers said repeating the same program the Fed has already attempted will make policymakers "look like fools again."
In an interview with CNBC before the Fed's announcement, the chairman of Rogers Holdings said he was skeptical that additional stimulus measures could have any meaningful effect on the U.S. economy. He added that despite his reservations, he expected the Fed to unveil QE3.
The iconic financier also lashed out at the new developments in Europe, including a move from Germany last week to funnel taxpayer cash into the European Central Bank's OMT program, their own version of quantitative easing. Rogers maintained they are not addressing the root of the problems plaguing the Eurozone area.
On Europe's move to implement a euro version of QE, Rogers said it affords the Western world "unanimity towards mutual destruction."
Any relief will be temporary, warned Rogers.
"We're all going to pay a horrible price for this in a year or two or three," he said.
As for why the Fed will continue its ineffective stance of zero to 0.25% interest rates through at least mid-2015, and the tossing good money after bad, Rogers advised the reasons are simple.
It's an election year and "Mr. Bernanke wants to keep his job."
That's why Rogers is getting defensive with commodities.