Jim Rogers Urges People To Sell Dollars

Jim Rogers Urges People To Sell Dollars

November 15, 2007

Nov. 15 (Bloomberg) — 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.”

Pound hits fresh 4-yr low vs euro after weak data

November 14, 2007

Sterling fell to a new four-year low against the euro on Thursday, while British shares timmed losses after UK retail sales data showed an unexpected monthly fall in October, boosting the case for Bank of England rate cuts.

Retail sales fell 0.1 percent on the month versus expectations for a flat reading.

“It suggests that the economy is slowing down in the fourth quarter and it’s looking like there is going to be a rate cut in February which will mean cable (sterling/dollar) will go lower,” said Geoff Kendrick, currency strategist at Westpac.

Sterling fell to a session low of $2.0472, down about half a cent from pre-data levels .

The euro rose as high as 71.52 pence, highest since July 2003 .

The FTSE 100 .FTSE trimmed losses, down 0.46 percent after the UK retail sales data.

Related News:

Gulf states’ dollar peg comes under threat…9fd2ac.html

Economists in poll expect credit turmoil to continue: WSJ….EY-DC.XML

UK: Fastest rise in food prices for 14 years…s/2007/11/13/ncosts113.xml

Forex – Pound sinks as Oct retail sales show flagging sentiment….EY-DC.XML

Bank’s grim warning over UK economy

Consumer inflation posts increase

Inflation, gold: Back to the 1970s?…dc6fb7b9ca1&p=2

Goldman Sachs bets credit crisis will worsen

British taxpayers face paying £730 EACH to cover Northern Rock in plans to ‘nationalise’ bank….nk/

Carnage on Wall Street as loans go bad

Treasury Market Inflation Anxiety Renewed…er=home

‘Sub-prime black hole is getting scarier’

California, Ohio, Florida Cities Lead U.S. Foreclosure Filings….-lead-us.html

US dollar will get stronger: Bush…113234035

Dollar to stay anchor of China’s reserves: Chinese official

When I start seeing Jay-Z flashing euros instead of the dollar, I know our economy is in trouble

Talk of Worst Recession Since the 1930s

Recession fears grow as inventories swell
Recession fears grow as inventories swellOECD Says the Full Effect of the Sub-Prime Mess is Still in Front of Us
MBIA, Ambac Downgrades May Cost Market $200 Billion
Paulson Becomes Boxed-in by `Strong’ Dollar Chant
88% Erosion and Purchasing Power
Bear Stearns Cuts Subprime Assets, Limits Writedown
Orlando Foreclosure Filings Up 184%
Judge rules against the banks!?
Crude Oil = $98; Gold = $845
Wall Street Sees Worst Weekly Point Loss Since 9/11
Gold bounces above $800 after 1 percent drop
It’s the FIRE Economy, stupid
Dollar Crisis: None dare call it ‘conspiracy’
Subprime Losses May Reach $300/400 Bil
Sterling falls as risk aversion leads to carry unwind
Time for the White House to Rescue the Dollar?
Bets against the dollar unlikely to slow this quarter
Even a weakened dollar still rules
World stocks hit 8-week low
With the dollar’s fall, intervention idea gains force
Currency Controls Return as Central Banks Fight Gains
The Risk of a Systemic Shock to the System is “Alarmingly High” – Morgan Stanley
Wall Street’s money machine breaks down
Oil Price Rise Causes Global Shift in Wealth
Global credit crisis intensifies
Ron Paul to Bernanke: How can we solve inflation with more inflation?

U.S. Economic Collapse News Archive


Leave a Comment so far
Leave a comment

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: