Jim Rogers thinks the smartest and best thing parents can do to ensure their childrens' future economic well-being is to teach them to speak Chinese.
Not surprising considering that the commodities guru has made no attempt to downplay his belief in China's economic future. He's even predicted that China's economy will overtake that of the United States.
"China is the next great country," says Rogers.
Last year, he even moved himself, his wife, and their four-year old daughter to Singapore.
If the projections Rogers made in his book "A Bull in China" hold, China will surpass the U.S. as the world’s largest economy in as little as 20 years.
He already firmly believes that because China will lead the world in both production and consumption during the 21st century.
As evidence, Rogers points to several facts about the country — China's economic growth rate has averaged 9 percent since the start of the 1980s; the savings rate of its citizens is more than 35 percent; the country is free of foreign debt; and it has currency reserves of more than $1 trillion.
Rogers, in fact, is so confident in the future of China's middle-class that he recently began buying shares in companies that produce a commodity that middle-class Chinese are just beginning to use — wine.
Rogers — who no longer holds any funds in U.S. dollars and advises investors to buy strong non-U.S. currencies — says that the second best thing parents can do for their kids' future is to keep their money in a Swiss bank account.
"My little girl does not have American bank accounts, she has Swiss bank accounts," Rogers says.
Why no dollars? The fact that the U.S. is now the largest debtor in history means the U.S. dollar won’t be recovering any time soon, Rogers says.
“We owe the rest of the world $13 trillion, rising at the rate of $1 trillion every 15 months,” he says, to illustrate why the dollar’s value is decreasing.
“And the few people who know what is going on, don't seem to care.”
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