2023-05-21 08:26:53
Jim Rogers, the legendary American investor who once co-founded the Quantum Fund with Soros and is known as the “commodity king”, recently warned that the era of the US dollar is coming to an end, and no currency can stay at the peak of more than 150 In 2009, many countries were taking action to try to find alternatives that might compete with and eventually replace the dollar.
(Recap:Legendary investor Jim Rogers: The “worst” bear market of my life is coming!but i didn’t buy any bitcoin）
(background supplement:The haze of war shrouded, European and American stock markets “straight into bear market territory”!Commodity King Rogers: The long-term bear market is approaching and the dollar hegemony will end）
everJim Rogers, the legendary American investor who co-founded the Quantum Fund with George Soros and is known as the “commodity king”, accepted the Russian Satellite News Agency (Sputnik) on the 17thinterviewAt the time, he shared why he believes the U.S. dollar will lose its status as the world’s reserve currency:
Many of America’s allies are moving to try and find alternatives to the dollar that can compete with and eventually replace the dollar.
Two Reasons Why the Dollar Lost Its Status
Rogers explained that the dominance of the U.S. dollar will inevitably decline because “no currency can stay at the peak for more than 150 years.” He went on to detail the reasons why countries are gradually moving away from the U.S. dollar. Largest debtor country:
A lot of people started saying: wait a minute, I don’t know if we want to use dollars, because one day, the dollar will go wrong.
Rogers’ comments came as bipartisan U.S. debt ceiling talks stalled and the federal government might default on its debt as soon as June 1, Treasury Secretary Janet Yellen warned earlier this week, according to the White House. According to research, if the United States falls into a debt default, the stock market may plummet by regarding 45%.
Further reading:U.S. cash-running crisis” White House warns “stock market might plummet 45% if debt defaults”; bipartisan ceiling talks stall
The second reason why the US dollar’s status will be replaced is related to sanctions. After Russia invaded Ukraine, the United States and its allies imposed a series of severe sanctions on Russia. In Rogers’ view, the US sanctions once morest Russia have accelerated the The process of de-dollarization:
The world’s international currency is supposed to be completely neutral, anyone can use it for anything, but now Washington is changing the rules, if the US is mad at you, it will cut off access to dollars…even the US Allies are also worried that something will happen to them, therefore, the world is de-dollarizing at a faster rate.
No alternative to the dollar yet
However, Rogers also admitted that so far, the world has not found a substitute for the US dollar, or even a currency that can compete with the US dollar. When asked whether he is optimistic regarding the RMB becoming the world’s leading currency, he responded:
Of course some people think so, but the Chinese do not allow you to buy and sell RMB, and the RMB is not yet fully convertible.
Rogers is also not optimistic regarding Bitcoin. He said as early as 2021 that Bitcoin and gold cannot be directly compared. Although both can be used as a transaction medium other than currency, precious metals have no intention of replacing currency. Authoritative, it is likely that bitcoin will be regulated.
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