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JAKARTA, NNC – The US dollar is becoming less attractive to investors as US debt continues to soar and the greenback (paper dollar) is printed to cover it, said investor Jim Rogers. He sees alternatives coming from BRICS countries.
The US currency will lose its status of major currency reserves sooner than 2030, Rogers said at the Valdai Club discussion session, which was held as part of the International Economic Forum St.Petersburg.
“The dollar will be higher than it is now because turmoil will come. Then, the dollar will be too expensive and people will look around and say, ‘America has the greatest debt in world history. Americans print money as quickly as possible,” the investor said, as quoted by RT, Thursday (5/24/2018).
People will see what Brazil, Russia, China, India, Iran and other developing countries are doing, Rogers said. “They form a competitive currency now,” he added. So, an alternative dollar will come from countries that “have been ruled by the US, and they do not like it, but have enough power to do something.”
Rogers went on to say that organizations such as the International Monetary Fund and World Bank “have never been right about anything” and should be abolished, because they have been politically dependent on the United States for decades.
Speaking separately to RT, the businessman said that sanctions and trade wars are the biggest threat to global economic stability. “The world has learned throughout history that closure is not good, opening is good,” Rogers said.
