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Rogers Says Dollar to Be `Devalued,’ Buys Commodities
Ron Harui and Mike Schneider
Bloomberg News
Tuesday, November 25, 2008
Nov. 25 (Bloomberg) — The U.S. dollar will be “devalued” as policy makers seek to weaken it, undermining the greenback’s role as an international reserve currency, said Jim Rogers, chairman of Rogers Holdings in Singapore.
“They think that if you drive down the value of your money, it makes you more competitive, now that has never worked in history in the long term,” said Rogers. The ICE’s Dollar Index has gained 19 percent since Rogers said in an interview on April 27 he expected a dollar rally “about now.”
The dollar advanced against 15 of the 16 most-traded currencies since the end of June, losing out only to the yen, as a global financial crisis drove investors to the perceived safety of Treasuries. U.S. politicians want to reverse those gains to revive growth, Rogers said.
(ARTICLE CONTINUES BELOW)
The dollar is “going to lose its status as the world’s reserve currency,” Rogers said yesterday in a televised interview with Bloomberg News. “It will be devalued and it will go down a lot. These guys in Washington, they want to debase the currency.”
Rogers said that he is buying the Japanese yen. All of the 16 most-active currencies have weakened against the yen since June, led by a 39 percent drop in the Australian dollar.
The ICE’s Dollar Index, which tracks the greenback against the currencies of six major trading partners, traded at 86.147 as of 7:30 a.m. in London from 86.081 late in New York yesterday. It reached 88.463 on Nov. 21, the highest level since April 2006.
Plan to Exit Dollars
Rogers predicts the U.S. currency’s rally “will probably go into next year” and said he plans to cut the remainder of his dollar holdings during this period.
“If I were doing it today, and what I have done today, is buy the yen,” Rogers said. “But, it is also an artificial move that’s going on. It’s a difficult problem to find out what is a sound currency.”
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15 Responses to “Rogers Says Dollar to Be `Devalued,’ Buys Commodities”
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November 25th, 2008 at 1:33 pm
yea, i saw rogers on CBS Early Show this morning spitting out gloom and doom !!!!!!!!!!!
http://www.youtube.com/watch?v=z-t7PmonBEA
goldieshouse.piczo.com
November 25th, 2008 at 1:50 pm
They are stripping the value of the dollar every time they agree to more bailout money we can not pay back what is out there now.We need to look at the total amount that we owe,the money we are talking about now is nothing to what we really owe.Our country is hooked on credit cards all we pay is the intrest(if we can even pay that)all they are doing is moving the balance to another card.
Why can’t people see this!!!!!!!
I am losing my mind!!!!!!!!!!!!!
November 25th, 2008 at 2:16 pm
Rogers would be an excellent guest on the Alex Jones show !
Jim Rogers is an excellent man – he gives honest economic advice. He and Peter Schiff. Schiff has already been on the show once (and will hopefully be again sometime again soon).
November 25th, 2008 at 3:05 pm
The feds have been manipulating the dollar for years now. There has not been an honest value on it ever since. They deflate the dollar when they get ready to ‘take over’ something, and inflate it for purposes of writeoffs many times the actual value. They also horribly inflate it when theie cohorts stand to make a massive profit. The same thing happened right before Citi crashed. The feds knew it long beforehand, and conditioned the market for a headhunter price. Same thing with the Big 3 automakers. They deliberately allow them to go broke while manipulating the market to trigger a pre-emptive buy-up of ‘all that devalued stock’. They can bail them out after this, so now they have a solid company with government control (through stock options) and Fed/Treasury financial backing.
All of this falls into their gameplan of streamlining and consolidating the national wealth into a small governmental group of Industrial/Military heirarchy, under the guise of a candy coated assurance of ‘all that is good and prosperous’…
November 25th, 2008 at 4:16 pm
He always says that. Always has.
November 25th, 2008 at 5:16 pm
Unless by some miracle,Obama pulls a ’switcheroo’ on Inauguration Day by naming Ron Paul as Sec. Treas. and Peter Schiff as FED chief,I totally agree with what ‘old school’ said.
November 25th, 2008 at 5:55 pm
AMERO here we come!!!
November 25th, 2008 at 7:19 pm
A Little off topic but prisonplanet should get on this story, apparently it was revealed today that HPV is linked to throat cancer, this is getting fuckin absurd, they are saying that men who give oral sex to women have an increase by 8.xx times to contract throat cancer. here is a link to the story, it was also reported by fake media outlets such as FOX and some in canada
http://proliberty.com/observer/20070905.htm
It is interesting to note they claim Guardasil is 100% effective, this stat was purely made up as inoculation age is between 11 and 26 while guardasil has only been around 1 to 2 years and women don’t contract cervical cancer t’ill the age of 40. It has also caused 7 deaths so far and 64 reported cases of chronic illnesses and that is just what was reported.
WHATEVER YOU DO, DON’T LET THEM GIVE YOUR KIDS THIS SHIT
talk to your kids and tell them under no circumstance are they to let somebody give them an inoculation without your consent and presence, my kids are now officially never getting another inoculation for anything, EVER
November 25th, 2008 at 8:06 pm
How does one, if one so chooses, convert U.S. dollars to Yen?
Thanks for any info.
Scarlett
November 25th, 2008 at 8:14 pm
go to the bank and convert your currency, but that don’t mean anything at all, just another baseless currency that will be no good for nothing in due time, plus US merchants only accept US cash, i travel to the US frequently and they don’t even know what canadian money is supposed to look like so they don’t take it ANYWHERE
November 25th, 2008 at 10:32 pm
The dollar is worth less than 4 cents!!! How fucking low does it have to go before it’s “devalued”? FUCK the FED.
November 26th, 2008 at 2:40 am
There is no sound currency left out there – the whole monetary system is dying – or dead already.
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November 24, 2008 (LPAC)–Describing the primary problem facing the global financial system as “a shortage of money,” HSBC managing director of economics Stephen King then asserts that the solution “has to be monetization. The printing press has to be turned on.” King makes these assertions in his column in today’s London Independent.
“[T]he financial crisis is mutating…. It is fast becoming a crisis of liquidation…. we’re edging toward a world of deflation,” King says, adding that “the overall volume of lending is inevitably coming down” and that “companies, households and investors fear a shortage of cash. Any cash they’ve got, they hang on to. Any cash they need, they raise via the sale of other assets which can be swapped into money. Panic takes over.”
That is a fair description of the reverse-leverage blowout now under way, which is centered in the multi-quadrillion-dollar derivatives market. The problem facing the derivatives speculators is that there is nowhere near enough money in the world for them to cash out their fictitious winnings. Whereas the obvious solution is to shut the derivatives markets down, King views the matter from the parasite’s perspective, and instead demands that the central banks take charge and print as much money as necessary to cover the derivatives claims.
“The printing press has to be turned on,” King insists, saying: the problem in our newly deflationary world is a shortage of money.” He admits that such a policy could cause “hyperinflation, as Germany’s Weimar Republic discovered in the 1920s and Zimbabwe has discovered today,” but dismisses that danger by claiming that “These, though, are exceptional times.” King further states that, “to make the policy credible,” it “should not come from finance ministers but, instead, from the world’s central bankers.”
In effect, King is demanding that the central banks save the speculators by printing as much money as is necessary to save their funny money, leaving it for the nations and their peoples to pick up the ultimate tab. This is a prescription for both a global bankers’ dictatorship and savage, crushing austerity upon the population of the world. No wonder HSBC is calling for a new Hjalmar Schacht. The old fascists need a new Nazi to implement their plan.
November 26th, 2008 at 4:51 am
THERE IS WAY TOO MUCH FLASHPLAYER CRAP ON THIS PAGE GODDAMIT!!!
IT SLOWS DOWN EVEN THE BEST SYSTEMS.
wildcat Reply:
March 17th, 2009 at 3:03 pm
Don’t you have Firefox with Adblock? – If the flash movies are really bothering you, then you can block them by clicking on the right button and blocking the .swf file.
November 26th, 2008 at 5:31 am
Grab a spray can and spray every wall in America with END THE FED. Spaying paint is a more peaceful option than having to spray lead. I fear for America. I fear for the people. I fear for the Constitution. All this for what? A private bank owned by thieves where the bank robbers own the bank, instead of robbing the bank.