Investment guru Jim Rogers says more currency crises lie ahead.
“We going to have more currency turmoil, we are going to have currency crises in the next year or two,” Rogers told Russia Today.
"Maybe it’s going to start with the pound sterling, maybe with the U.S. dollar. I don't know where it will be."
“But you’re going to see more currency crises and more problems, and more bankruptcies, and more turmoil, in the economy and in the financial sector worldwide.”
The dollar is enjoying an artificial rally right now, Rogers says.
“I'm an American citizen, but I hope some time this year I'll sell all of my dollars and own no U.S. dollars."
“At the moment I’ve been buying the Yen. I hope the Yen is a place to be for a while. But if the Yen goes up a lot, I have to sell it. If it goes down a lot, I’ll have to sell it.”
“Then what I’ll do with my money, I don’t know.”
Rating agency Fitch recently downgraded Russia’s foreign and local currency default ratings, causing the U.S. dollar to rally.
"The Russian debt-downgrading once again highlights the strains within the European financial system with weaker commodity prices playing no small part," Interactive Brokers Group senior analyst Andrew Wilkinson told MarketWatch.
"Russia as an important trading partner means that this downgrade cannot do one jot of good for the larger eurozone in the grand scheme of things."
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