Friday, November 14, 2008
Commodities are one of the only viable investment opportunities left and are set to rebound as demand problems take hold, while the outlook for the dollar is bleak, famed investor Jim Rogers said Friday.
The dollar’s days as the world’s reserve currency are numbered, Rogers said at the World Money Show conference in London.
The greenback faces serious devaluation as spiraling national debt and a worsening economic crisis undermine it, he said.
America’s growing debt problem is “out of control” and Federal Reserve Chief Ben Bernanke’s strategy of printing money is a “terrible policy,” he said.
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Bernanke “does not understand economics, he does not understand markets … he is going to run those printing presses until we run out of trees,” he added.
Commodities ‘Through the Roof’
- A d v e r t i s e m e n t
Despite the recent massive declines in oil and other commodities, the asset class is in a bull market caused by ever tightening supply, according to Rogers.
“When supply goes down and demand goes up, that’s a bull market,” Rogerss said.
“By the time we get to the end of this bull market, commodities will be going through the roof,” he said.