Monday, November 19, 2007

Abandon Ship?

Hat tip to the Mises.org blog

Jim Rogers Urges People to Sell U.S. Dollar Holdings
Nov. 15 (Bloomberg) -- Investor Jim Rogers urged people to get out of the dollar and says he expects to be rid of all his U.S. currency assets by summer next year.

"If you have dollars, I urge you to get out,'' Rogers said in an interview from Singapore. He is chairman of New York-based Rogers Holdings, formerly known as Beeland Interests Inc. "That's not a currency to own.''

The dollar fell 9.5 percent this year against a basket of six major currencies as a housing slump slowed the economy and losses stemming from subprime mortgage defaults spread among U.S. banks. Rogers, who said last month he was shifting out of all his dollar assets, plans to buy commodities, Japan's yen, the Chinese yuan and the Swiss franc.
The dollar’s woe continue. And who agrees with Rogers?

Saudi Arabia who could start selling oil denominated in other currencies.

Iran who would also like to see oil markets base sales in non-dollar prices.

The United Arab Emirates as they severe their tie to the dollar.

China

India

The bottom line is that we need to return to a sound money system. We need to re-establish the gold standard, and de-socialize our monetary system. We need to strip the Federal Reserve of its ability to systematically destroy the integrity of the dollar, as it has done since its inception through its inflationary tactics.

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