Co-founder of the Quantum Fund and creator of Rogers International Commodities Index, Jim Rogers, told attendees at the China International Financial Services Conference (CIFSC) held in Guangzhou last week that he will sell all United States dollars, according to People’s Daily Online
. For years now, Rogers has been telling media outlets and investors that he wants to get completely out of the US dollar and put his money in other sound currencies.
Rogers went on to say that the last 50 years the US government has taken a dive into astronomical debt and the each administrations continues to make the same mistakes. Rogers, who is a student of the Austrian School of Economics, has been a bull on China and commodities around the world.
In a message he has said for a long time regarding America’s economy and its currency, “[The] US dollar economy has encountered major problems, the dollar index fell to a new low, and it will continue to fall. If the dollar rebounds in the future, I will sell all the U.S. dollars. My whole family has moved to live in Asia. The story of the United States is over. A new story belongs to China.”
For several years, Rogers has urged people to learn to speak Mandarin
, “It was smart to invest in Britain in 1807. It was smart to invest in the United States of America in 1907. It is now smart to invest in Asia in 2007.”
Right now, Rogers’s youngest daughter is learning mandarin and her caregiver only speaks mandarin to her.
At the conference, Rogers did not only talk about the United States but also Europe by stating they go into a vicious cycle of issue bonds – inflation, issue bonds – inflation and so on. “I will not by United States treasury bonds,” Rogers proclaimed, “because the government is constantly printing more banknotes.”
In a jest manner, Rogers believes the US will never lack US dollars. Nevertheless, he will buy oil and minerals and, of course, the stocks of those companies that “engage in a real economy.”
Author of “Hot Commodities” and economic commentator thinks the economic downturn in the US is still growing and continuing. At the present time, according to Rogers, there are more people to buy treasury bonds, interest rates will remain low but, eventually, in the long run, will dramatically rise.