Saturday, June 29, 2013
JIM ROGERS : Chinese Housing Bubble can only be fixed by making the Yuan convertible
Jim Rogers : The Chinese know that they have to have a freely convertible currency in order to continue to develop as a world economic power and as a world power. They have been making some moves in the past five years – not so many in the last year or two, but its currency has become much more convertible. They are continuing in that way.
I would have thought they would have made it convertible by now, so I’m not very good at the timing either. There’s no question that it’s going to happen. There’s no question they do continue to make movements in that way. You can now do business, and the neighbouring countries can now do business, in Renminbis. They don’t have to use other currencies.
When it’s going to happen, I don’t know. It could happen any day or it could be another year or two. The fact that the Euro is down a lot of course is another factor that the Chinese have to consider. On the other hand, the Chinese do have these big bubbles in real estate developing in their own country. One solution to their own internal inflation and internal real estate bubble would be a freely convertible currency. But, they don’t listen to me; they don’t listen to anybody except themselves!
Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%.
Who is Jim Rogers ?
James "Jim" Rogers was born in Oct. 19, 1942 and grew up in Demopolis, Alabama .Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendry investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%. They ran what is considered to be one of the first truly global macro hedge funds. . In 1964 he got his first job on Wall Street at Dominick & Dominick in the summer between high school and Yale University, that's how he got his first experience with stocks and bonds. He immediately fell in love with the job. After Oxford, he returned to the U.S. and joined the army in 1970 he returned to Wall Street, working again with Dominick & Dominick. That same year he joined Arnold S. Bleichroeder, where he met George Soros, and together founded the Quantum Fund. This has opened a new era of global macrotrading and inspired numerous imitations and spin-offs. In the book "Money Masters of Our Time," Jim Rogers writes about that time "the most important thing in my life was work. I did not do anything until I had completed my work." To emphasize this professional ethic , it is good to remember that he did not made any holiday for ten years. In 1980, Jim Rogers has decided to "retire" at 37 years. Since then he has spent much of his time traveling and supporting the causes of philanthropic and taking on many high profile roles in the media. However, he continues to be an active investor and media commentator