Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says that “what is happening with the U.S. dollar now is the end of the U.S. dollar.” He explained that “an international currency is supposed to be neutral but in Washington, they are now changing the rules,” emphasizing, “Washington does not play fair anymore.”
Jim Rogers discusses the end of the U.S. dollar
In an interview with the Economic Times Sunday, Jim Rogers, a well-known investor discussed how the U.S. dollar is ending and what the future holds for crypto currency. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management.
When he was asked his thoughts on the future of the U.S. Dollar and the direction of the index, he replied that a good question. “I own U.S. dollars partly because when turmoil comes, people look for a safe haven. They think the U.S. dollar is a safe haven for historic reasons,” Rogers began.
The veteran investor said however:
What is actually happening to the U.S. dollars is that they have stopped using it. A neutral international currency was supposed to exist, but Washington has changed the rules.
“Now if Washington does not like you, they put sanctions on you and you cannot use U.S. dollars,” he stressed.
“So, many countries are starting to look for a competitor — China or Russia or India, Iran, Brazil … some countries are starting to look for a competing currency, and they should because Washington does not play fair anymore,” he continued.
As a result of Russia’s invasion of Ukraine in 2014, sanctions have been placed on Russia by the United States along with a number of other countries.
Russia’s reserves are approximately 16 percent in U.S. dollar and 32%, respectively. As billionaire investor Bill Miller recently described: “They have almost 50% of their reserves in currencies that are controlled by people who want to do them harm.” Miller agrees with Rogers that other countries are starting to look for alternative currencies to the U.S. dollar.
Rogers said:
It is no surprise that the United States of America is the biggest debtor nation on the planet. For political as well as fundamental reasons, many people seek out competing currencies.
“I do not know what it will be yet. If I’m lucky enough to find it, I will buy it. It is not something I like to say. I am an American but I do not like to see what they are doing to the American dollar,” he opined.
Jim Rogers is still concerned that governments may outlaw Bitcoin and other cryptocurrencies
Rogers was also asked, “Can cryptos ever be an alternative to the U.S. dollar index?” He replied: “Well it could be. Many people have made a lot of money trading crypto.”
According to him, crypto-bulls believe that cryptocurrency is the future money. “I know that every country in the world is working on computer money now, including the U.S.,” he pointed out. But he stated that the U.S. would not claim it to be new money.
Regarding cryptocurrency, he noted that “Governments like control” and “Governments like monopoly.” The veteran investor elaborated:
It is something I don’t like, but it is what governments do. I suspect they will tax it or regulate or ban it because they want control.
Rogers warned governments that they could ban cryptocurrency on multiple occasions. Rogers stated that it was the main reason why he didn’t invest in Bitcoin. He regretted, however, not having invested in bitcoin in May 2017.
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