Saturday, December 27, 2014
When Turmoil comes people have always fled to the U.S. Dollar
Jim Rogers : There is no question that the U.S. dollar is a terribly flawed currency. I own U.S. dollars, have for a while but that is because there’s going to be more turmoil and when turmoil comes people have always fled to the U.S. dollar. It is not a safe haven but it is perceived as a safe haven so when the next bout of turmoil comes people will move there again. But many people in the world are looking for a replacement. A lot of people are terrified of the dollar, not just for economic reasons but for political reasons. [People who] are obeying laws in their own country suddenly find themselves paying staggering fines to U.S. (regulators). America says ‘we don’t care if it is not illegal [there]; we think it is bad, you have to pay.’ I am not the only person who knows the [United States] is the largest debtor nation in history, others know it. In recent years, the guys in Washington if they don’t like you they will block your assets and there is not a lot people can do about it, but they are trying to figure out ways to get away from the dollar and they will.
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