Investor Jim Rogers: Something Is Coming That Will Replace The U.S. Dollar
Legendary investor Jim Rogers predicts that the U.S. dollar’s global dominance will end in just a few years thanks to the country’s massive debt, tensions with China, protests and political uncertainty.
“I’m an American so I don’t really like saying it, but I’m afraid the U.S. dollar is coming to its century or so of dominance, and something else will replace it,” Rogers, 77, said during an interview with RT on the weekend.
The dollar is about to lose its status as the world’s main reserve currency, Rogers said following reports that the No. 2 U.S. debt holder — China — is expected to reduce its U.S. debt holdings by 20 percent, from $1 trillion to $800 billion.
China could even “sell all of its U.S. bonds in an extreme case like a military conflict,” Chinese state-run newspaper The Global Times reported.
Rogers co-founded the Quantum Fund in 1973 with billionaire investor George Soros — considered one of the most successful hedge funds of its day, Bitcoin.com reported.
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U.S. indebtedness — more than $26.73 trillion — will take a toll on the U.S. dollar, Rogers said. “The U.S. is now the largest debtor nation in the history of the world, and it’s getting higher and higher every day,” he said.
“Traditionally, the U.S. dollar has been the soundest currency in the world. But tradition changes,” Rogers said, citing other currencies that were once considered the most reliable, such as the British pound and Dutch guilder.
The dollar could still show strength next year if the U.S. resolves the turmoil of the protests and the November presidential election. However, he predicted it will “probably be (the dollar’s) last shot.”
Some analysts have predicted that the presidential election outcome could collapse the U.S. dollar and send the prices of gold and bitcoin skyrocketing, Bitcoin.com reported.