Tags: rogers | dollar | doomed

Rogers: Dollar Doomed as Reserve Currency

By Dan Weil   |   Thursday, 08 Oct 2009 03:54 PM

The dollar’s days as the world’s No. 1 reserve currency will ultimately end, says investment legend Jim Rogers.

U.S. economic woes are the culprit, Rogers told Moneynews.com. The commodities guru is best known for founding and running the Quantum Fund in the early 1970s, piling up a 4,200 percent return over a decade.

“The dollar is a terribly flawed currency” Rogers says.

“Everybody in the world knows that, including the head of the World Bank. . . even though he’s an American citizen.” Rogers was referring to World Bank President Robert Zoellick.

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The dollar is in a similar situation to the British pound, which lost its status as the world’s main currency decades ago to the dollar and promptly collapsed.

“The same things that happened to the pound sterling, 60, 70, 80 years ago, are happening to the dollar,” Rogers says.

“We’re the biggest debtor nation in the history of the world.”

And what will replace the dollar? That’s hard to know, given that’s it’s not happening immediately, Rogers says.

“If the world desperately needed something, it would be the euro or gold or maybe a basket of currencies or even a basket of commodities.”

However, “gold has never worked for a long period of time as the world’s currency, and the euro has its own problems,” Rogers points out.

“If it happens in 15 to 20 years, it might be the renminbi, but that’s absurd to even think about right now.” The renminbi is China’s currency, also commonly called the yuan.

As for Zoellick, he said in a recent speech, "the U.S. would be mistaken to take for granted the dollar's place as the world's predominant reserve currency. Looking forward, there will increasingly be other options."

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The dollar’s days as the world’s No. 1 reserve currency will ultimately end, says investment legend Jim Rogers.U.S. economic woes are the culprit, Rogers told Moneynews.com. The commodities guru is best known for founding and running the Quantum Fund in the early 1970s,...
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