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JIm Rogers urges people to SELL DOLLAR

 
D.SMith
User ID: 436409
United States
12/16/2008 09:15 AM
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JIm Rogers urges people to SELL DOLLAR
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.''

... 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.''

The Taj Mahal is not accepting Dollars anymore either.

U.A.E. May Peg to Currency Basket, Al-Suwaidi Says.

Chinese TV: Dump the Dollar

Saudi minister warns of dollar collapse.

Dollar stays weak as Iran joins fray on greenback weakness.

The Washington Post on the Liberty Dollar seizure and Ron Paul.

The warrant for seizure of Liberty Dollars, this document has since
[link to blog.mises.org]
D.SMith (OP)
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12/16/2008 09:36 AM
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Re: JIm Rogers urges people to SELL DOLLAR
many may wonder Why post this old news?

when the Fed cuts rates as they are going to do again the Dollar will fall and take another beating.
Anonymous Coward (OP)
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12/16/2008 09:56 AM
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Re: JIm Rogers urges people to SELL DOLLAR
Greenback approaches 13-year low against Japanese yen amid reports of a weakening housing market and plunging consumer prices


[link to money.cnn.com]
Anonymous Coward
User ID: 573482
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12/16/2008 10:04 AM
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Re: JIm Rogers urges people to SELL DOLLAR
The US dollar is now the worlds largest junk bond offering...except it's the only junk bond in history that pays zero interest. I can't think of a worse investment.
Anonymous Coward
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12/16/2008 10:07 AM
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Re: JIm Rogers urges people to SELL DOLLAR
gold to $5000 by year end 2009??...all we are seeing is the tip of the iceberg...financial markets are all upside down
D.SMith (OP)
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12/16/2008 10:08 AM
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Re: JIm Rogers urges people to SELL DOLLAR
and for my last shamless cut and paste.

Futures on the Chicago Board of Trade showed a 68 percent chance the Fed will trim its 1 percent target rate for overnight lending between banks today to an all-time low of 0.25 percent, compared with zero odds a month ago. The U.S. central bank has limited room to lower interest rates and may use less conventional policies, such as buying Treasuries, Chairman Ben S. Bernanke said on Dec. 1.


[link to www.bloomberg.com]
Anonymous Coward (OP)
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12/16/2008 10:13 AM
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Re: JIm Rogers urges people to SELL DOLLAR
Rogers said that the rally the dollar was having was artificial, this last week we are seeing a drop in the dollar that may prove him right.

The only thing that may slow it is the weakening of the Euro as countries in Europe enter into their own deepening recessions. Not that this would be good for anyone but it would make the dollar look stronger then it actually is.





GLP