Saturday, August 23, 2014
Brazil Real to Compete with the US Dollar
Discussing the recent BRICs conference, Jim Rogers noted the steady drumbeat to displace the US as the world’s reserve currency of choice. “Brazil wants to compete with the IMF, the World Bank and the US dollar,” as do all participants in the BRICs conference, Rogers said when speaking on an RT interview.
“Brazil, China and Russia could easily put something together to compete with the US dollar,” Rogers said, leaving out one component of the BRICs alliance. “The US dollar is a terribly flawed currency. I’m an American. I hate to say that. But the US has serious problems, the world has serious problems. We need something else” and potentially a competing world currency could be developed. If this were to occur, the US and its economy might be put in a straight jacket as the ability to engage in large deficit spending could be curtailed.
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).
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