Tags: Jim | Rogers | Paper | Money | Gold

Rogers Worries About Paper Money, Prefers Gold

Friday, 14 May 2010 08:43 AM

Paper money is no longer a valuable asset with depreciation levels reaching new highs, said Jim Rogers, the chairman of Rogers Holdings.

“All we can do is to put our money into real assets, because paper money everywhere is being debased,” he says.

Rogers, the well-known investor, said he disagrees with Europe’s solution to the sovereign debt crisis because it is just “another nail in the coffin” for the euro. Higher spending will only cause Europe’s debt to rise.

The 750 billion euros ($937 billion) bailout plan will not help the euro, Rogers told Bloomberg TV.

“I was stunned. This means that they’ve given up on the euro, they don’t particularly care if they have a sound currency, you have all these countries spending money they don’t have and it’s now going to continue,” he said.

Current circumstance may force countries such as Greece and other “laggards” in the euro area to remove itself from the currency in order to jump start their economies, said Nouriel Roubini, a New York University professor.

In the future, the euro will be the currency for only a small number of nations who can maintain “stronger fiscal and economic fundamentals,” he said.

Rogers said he still owns the U.S. dollar, Swiss franc, the Japanese yen and the euro.

“It’s a political currency and nobody is minding the economics behind the necessities to have a strong currency. I’m afraid it’s going to dissolve. They’re throwing more money at the problem and it’s going to make things worse down the road,” he said.

Investors need to purchase gold or the currencies of countries which contain large natural resources, Rogers said.

He also recommends agricultural commodities and silver since prices are still low.

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Paper money is no longer a valuable asset with depreciation levels reaching new highs, said Jim Rogers, the chairman of Rogers Holdings. All we can do is to put our money into real assets, because paper money everywhere is being debased, he says. Rogers, the well-known...
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