The U.S. Dollar is probably going to have serious Problems

Geoff: Now likewise Jim, as far as what’s happening with China and Russia, do you believe that China and Russia are working in tandem to devalue the American dollar, and then likewise replace it totally as a reserve currency? I mean, if that’s the case, what do you think their ultimate goal is? I think maybe you’ve answered that question in your last question.

Jim Rogers : I don’t think they’re working together to devalue it, not at the moment, but they are desperately, frantically trying to figure out a competing system to the present world financial system, partly because the U.S. is so dominant and the U.S. is… You know, I hate to say this, I’m an American citizen, but the U.S. is forcing them to do this. We keep coming up with sanctions and rules and regulations and penalties on people, no matter what. They penalize you for doing something in other countries which is legal in the other countries, but not legal in America. So needless to say, the rest of the world is getting tired of this, getting fed up, cannot operate in a system like that, and so they are now, it’s not just China and Russia, its other countries that are now putting together an alternative and competing system which will ultimately, of course, will mean a competing currency as well. At that point the U.S. dollar is probably going to have serious problems, because if we cannot control things the way we have been able to for the past 60 or 70 years. And again, we’re bringing it on ourselves, all these bureaucrats in Washington are coming up with constant regulations and penalties, now the rest of the world is being forced to do something outside of the U.S. system.




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%.