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Jim Rogers Urges People to Sell U.S. Dollar Holdings

Sunday, November 18th, 2007

Investor Jim Rogers urged people to get out of the dollar and says he expects to be rid of all his U.S. currency assets by summer next year.

”If you have dollars, I urge you to get out,” Rogers said in an interview from Singapore. He is chairman of New York-based Rogers Holdings, formerly known as Beeland Interests Inc. ”That’s not a currency to own.”

The dollar fell 9.5 percent this year against a basket of six major currencies as a housing slump slowed the economy and losses stemming from subprime mortgage defaults spread among U.S. banks. Rogers, who said last month he was shifting out of all his dollar assets, plans to buy commodities, Japan’s yen, the Chinese yuan and the Swiss franc.

Interest rate futures traded on the Chicago Board of Trade show a 72 percent chance that the central bank will lower its target rate for overnight loans between banks to 4.25 percent on Dec. 11, its third reduction this year.

Rogers, who predicted the start of the global commodities rally in 1999, criticized Federal Reserve Chairman Ben S. Bernanke for comments on the currency before a congressional committee on Nov. 8.

”He is a total fool,” Rogers said. ”He said Americans who buy only American goods are not affected if the value of the U.S. dollar goes down. I was terrified.”

Bernanke said the only effect of a weaker dollar on a typical American with their wealth in dollars, buying consumer goods in dollars, would be ”their buying powers, it makes imported goods more expensive.”

Rogers said that’s not right.

”If you only buy American products and the dollar goes down, the price of oil goes up, copper goes up, wheat goes up,” he said. ”That affects you. He doesn’t understand the economy as far as I can see.”

Have Your Say: Jim Rogers Urges People to Sell U.S. Dollar Holdings
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8 Responses to “Jim Rogers Urges People to Sell U.S. Dollar Holdings”

Warren
Posted: Mar 13th, 2008 at 3:59 am

I am and have for many years been a fan of Jim Rogers.

I am 84 now and he has helped tremendously.

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Jacob
Posted: Oct 14th, 2008 at 8:49 pm

Hope you stopped listening to Mr. Rogers before he urged this action. Sionce this article just about everything he’s about is wrong wrong wrong. US dollar is strong (we may have a dirty house but right now its a whole lot cleaner than others’) and Singapore is in a severe recession. Thanks jimmy

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Jim
Posted: Nov 14th, 2008 at 7:11 pm

Jacob,

You must be a member of wall street or the Federal Reserve. Just keep your fiat currency (dollar) and pray.

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joao
Posted: Jan 2nd, 2009 at 12:03 am

And now jacob who was wrong?
Strong dollar ??hahahahahahaahahah!!

I did what Mr Roger sugested 2 yeras ago and my actually healthy is due to him.
Thanks mr Rogers
João

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Willy
Posted: Feb 6th, 2009 at 3:07 pm

Hi,
Could you pls tell me how long this situation will be when the dollar US kept strong.Another question how long will be about1,45 to British Pound and what you thing about British Pound for this year.
Best Regards
Willy,Wojciech Kuczynski

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Ron
Posted: Mar 5th, 2009 at 1:55 am

More Americans Are Saying No to the FED & the National Debt!

Washington has bailed out the banks, Wall Street & their Washington special interests and much of the cost is added to the national debt to by paid by this and future generations while real estate and investments continue to fall. Find out what a growing repudiate the debt movement could mean for treasuries, the dollar, gold and mining shares.

The Campaign to Cancel the Washington National Debt By 12/22/2013 Constitutional Amendment is starting now in the U.S. See: http://www.facebook.com/group.php?gid=67594690498&ref=ts

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нeзaбyдкa
Posted: May 31st, 2009 at 10:33 pm

Интересно, а кто может объяснить девушке как добавить этот блог в избранное?

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charlie
Posted: Sep 11th, 2009 at 1:03 am

Jacob
He is right right right…you are wrong wrong wrong.
Its inutitive info…the whole system can be read about in all the history books. The whole situation can be seen from way back when.
The debasement of currencies has happened 2200 years ago in Rome. The constant control of the Patricians and the revolutions that have occurred are right there….in black and white.
We are watching history repeat itself in the essentials.

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This entry was posted on Sunday, November 18th, 2007 at 3:43 pm and is filed under Business News . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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