Famed American investor Jim Rogers believes the long reign of the US dollar is drawing to a close.
In a new interview with the YouTube channel Nomad Capitalist, Rogers says the heydays of the American currency are shifting to the rear view mirror.
According to Rogers, one currency that may take the place of the US dollar is the Chinese yuan, but he notes that the restrictive capital controls of China are keeping the yuan from ascending all the way to the top.
“I own a lot of US dollars, but I know that the era of the US dollar is coming to an end. No currency stayed on top forever, no more than 100-150 years – none in history…
But I don’t see another currency at the moment that can compete except the Chinese currency but the [Chinese yuan] is a blocked currency. You can’t just buy and sell it like you can euros or dollars or something.
So until China completely opens its currency, I don’t its practice. They’re doing it, they’ve been doing it for 20 years. Not enough if you ask me, but it’s the only currency that I see on the horizon that someday can compete with the US dollar.
I hope something else comes along, but I don’t see it yet.”
Talking about the global economic alliance known as BRICS, Rogers is far from complementary.
He says the group is nothing but a “figment of somebody’s imagination.”
“They say they’re expanding, but they’re not expanding anything more than just annual meetings that I can see. There’s nothing behind the concept.”
In August, BRICS reportedly approved the admission of Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates, with dozens of countries reportedly looking to join in.
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