Friday, May 23, 2014
There is no Sound Currency anymore
"There is no sound currency anymore...There's no paper money in 2014 and 2015 that's going to be worth much of anything."
Bloomberg recently reported that the US dollar reached a two-year low, it's weakest level since November 2011. Furthermore, the US dollar has lost 38.5% of its value since 2002. Rogers predicted the US will soon abandon the dollar for another currency!
"For the first time in recorded history we have all major banks and central governments around the world printing huge amounts of money," Rogers said. "This has never happened in world history and so the world is floating on an artificial ocean... of lots and lots of printed money," said Rogers.
"The debt is going higher and higher. The money printing is going higher and higher. We've had 50 or 60 years of success in America," he said. "You've got to pay the price someday whether you like it or not. The longer you delay the day of reckoning, the worse the day of reckoning is going to be. This is not going to be fun."
Jim Rogers is a bestselling author, financial commentator and successful international investor. Rogers was a co-founder of the Quantum Fund (considered to be the first truly international fund of its kind) and is the creator of the Rogers International Commodities Index (RICI).
at 9:09 AM