Posted on 10/24/2007 11:33:59 AM PDT by ConservativeMajority
The United States has entered a recession, according to highly-regarded investor Jim Rogers, who told Britain's Daily Telegraph newspaper on Wednesday he was switching out of the dollar and into yen, the yuan and the Swiss franc.
(snip)
Rogers, who co-founded the Quantum Fund with billionaire investor George Soros in the 1970s, said it made sense to desert the dollar.
(Excerpt) Read more at reuters.com ...
I would think that Soros and his friend know a lot about desertion. Go figure, the guy works for a former NAZI.
http://quote.bloomberg.com/apps/news?pid=20601087&sid=amQBwDBSDvBE
``I’m in the process of — I hope in the next few months — getting all of my assets out of U.S. dollars,’’ said Rogers, 65, who correctly predicted the commodities rally in 1999. ``I’m that pessimistic about what’s happening in the U.S.’’
``It’s the official policy of the central bank and the U.S. to debase the currency,’’ said Rogers, a former partner of George Soros.
Reserve Currency
``The U.S. dollar is and has been the world’s reserve currency, the world’s medium of exchange,’’ he said. ``That’s in the process of changing. The pound sterling, which used to be the world’s reserve currency, lost 80 percent of its value, top to bottom, as it went through the whole period of losing its status as the world’s reserve currency.’’
The Chinese currency, known as the renminbi, or yuan, is ``the best currency to buy right now,’’ Rogers said. ``I don’t see how one can really lose on the renminbi in the next decade or so. It’s gotta go. It’s gotta triple. It’s gotta quadruple.’’
The yuan strengthened past 7.5 to the dollar today for the first since the central bank ended a fixed exchange rate in July 2005. The currency has gained 10.5 percent since the dollar link was abandoned.
China, growing faster than any other major economy, is ``going to be the most important country in the 21st century,’’ he said. China’s gross domestic product expanded 11.9 percent in the second quarter, and analysts surveyed by Bloomberg estimate the economy grew by 11.5 percent in the three months to Sept. 30.
Look for Soros to finance a turd-party candidate to siphon off values voters. No clinton has ever been elected president with a majority of votes cast.
This guy needs to get out more...
The yuan is pegged, albeit softly, to the dollar. Unless that pegging is removed, I don't see how this is possible.
It seems to me that the economy has its peaks and valleys over any given period of time. Are we heading into a valley? I have no idea. However, given the current state of the economy - good, bad, risky, secure, what should one do if there are a few extra dollars in the bank account? Interest on savings accounts dropped after the FED dropped the interest rate. What should a person do? Any gurus out there with some advice?
If the performance of my portfolio over the last year and particularly the last quarter indicates recession, then recede away. Retirement never looked so good.
It’s getting near the election. The left is going to start saying the words “Bush recession” over and over again, like they did a few years ago.
It worked in 1991, with the aid of the media, and a disregard for the facts.
Rogers is kind of a nut.
“I hope in the next few months — getting all of my assets out of U.S. dollars...”
If we’re really in a recession, that ought to make the dollar go up. We won’t be buying as many imports.
Not to say that everything Rogers says is idiocy, but he’s a regular guest on that talking head show on Foxnews on Saturday, and he does say some pretty dumb things. For example, one thing I remember very well is that they were going around the table asking each talking head what to buy. When they got to Rogers, he said “cotton.” The other guests let out a guffaw, of course. Your average investor does not and cannot make money investing in cotton, even when the market trends are good.
- Huge new entitlements: health care, prescription drugs, student financial aid, education (especially pre K), mortgages, telecommunications, and family leave
- Amnesty leading to open borders and a huge surge of welfare
- Dramatic tax increases on capital gains, dividends, earnings, estates, and corporations
- Energy mandates and hard limits on CO2 levels
- Further restrictions on development of oil (including refineries), natural gas, coal, and nuclear power
- Relaxation of litigation restrictions in health care, securities, and transportation
They use TV appearances and interviews to push investment strategies they endorse and then they reap the returns as their slavish followers mimic their strategies.
Self-fulfilling prophecies are how these operators work.
“Jim Rogers is hardly on the left because he was Soros’ partner 30 years ago. If anything, he seems to think that all politicians are crooks, which they basically are. The dollar is headed lower, and has been falling for years. Our government has pursued a policy that will continue to push it lower. There is nothing wrong with making money off if that. In fact, making money is the American way.”
The Banksters and Corporate A$$Hats have conspired to devalue the dollar and already succeeded in halving it’s value. Those scum have been in a place to make money on their gambit while effectively stealing half the saving, earning power and property of the middle class.. In a just society they would be arrested, convicted and imprisoned.
If Bin Hudda had done to the England what that Soros Character tried to do we would known he was the enemy and prevented it.. But we call Soros a businessman? He stole from the entire British People and they are not the first.
How am I wrong?
The majority of Americans have no way to participate in any benefit of such devaluations nor any practical means to defend against it. That means of what they do and they will earn have already half has been stolen. No different than if someone had taken their wallet and taken out half the cash in it.
If you have savings cut the value of it in half.. That in the world is what this monetary policy has really done.
There is just nothing “American” about doing that to the majority of Americans.
W
If by "market" you mean U.S. securities..., DITTO!!!
What can the average investor do? Stop believing the government’s b.s inflation numbers for one. Buy oil, cotton, sugar, buy foreign companies that make real things, buy US companies that have a lot of sales over seas, buy real things. Buy commodities, which is what Rogers has been saying for nearly 10 years. We all know that the government is going to try to print tons of money, what do you think this last ridiculous rate cut was? The Fed with the encouragement of the government is going to print money to pay for the war, pay for entitlements, pay for social security, and bail the banks out of the mortgage mess.
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