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Dollar dominance ‘coming to an end’ – Jim Rogers

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US policies and mounting concerns over creditworthiness are dragging down the greenback, the investor says.

The US dollar is losing its leading global position, as Washington has become the world’s largest debtor, famed investor Jim Rogers told the Sputnik news agency on Wednesday.

The co-founder of the Quantum Fund noted that more and more countries are becoming hesitant about the greenback, as deep reliance on its use can lead to multiple problems.

“Many friends of America are moving, trying to find something to compete with and ultimately replace the US dollar,” Rogers said in an interview with the Russian outlet.

According to the investor, an international currency should have an absolutely neutral status, and the lack of neutrality demonstrated by the White House, along with growing concerns over US creditworthiness, have deprived the greenback of that quality.

“Many people are starting to say: wait a minute, I don’t know if we want to use that money, because it will have a problem someday,” he said. “But also, the world’s international currency is supposed to be completely neutral. Anybody can use it for anything you want. But now Washington is changing the rules. And if they get angry at you, they cut you off.”

Rogers explained that a growing number of countries are now seeking an alternative to the greenback, adding that the Chinese yuan could replace the US currency as the most common means for conducting international settlements.

Russia has been boosting economic ties with China over the past few years, adopting the yuan in international trade. In early April, the Chinese currency replaced the dollar as the most-traded foreign currency in Russia. Moreover, the yuan is continuing to penetrate a number of other markets around the world.

“It will happen. It has always happened. And America’s time is coming to an end. The American dollar this time is coming to an end,” Rogers concluded. “No currency has been on top more than 150 years. Nobody has always been on top, so it’s always happened.”

Image credit: Pixabay

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Source:RT News

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5 COMMENTS

  1. Buy gold if you can. When the us bank all collapse, gold will raise in value.
    Since 2008, the value of gold has doubled.

  2. NZ is currently capping off 8 oil wells with concrete forever are they ? well that is National Treason and sabotage. They might want to have a rethink. The USD Petrodallar is going to come to and end shortly as the BRICS countries become more dominant. The way gold is being bought up and exported to and by the OPEC countries is phenomenal to the extent there is hardly anymore gold to buy. What does that tell you ? It means the USD Petrodallar may come to an end far more quickly than most people want to comtemplate. When NZ has to buy imported oil by way of Russian Rubles with NZD (if accepted) or the Chinese Yuan I wonder what the exchange rate is going to be ? Not in NZs favour that is for sure. Imagine petrol at at 5-6 or $7 a litre. NZ will come to a standstill. Exactly what the WEF wants so they can lock you up in proposed 15 minute cities. Right now Marsden Point and NZs oil reserves should be foremost in everybody’s minds and must be made an election issue. By having your own oil industry you have a bargaining chip on price what it is set at. Marsden Point and NZs oil wells and reserves must be restored. NZs oil wells produced a very high grade of crude oil and the by product of refining, Bitumen was also of a high grade. Look at NZs roads today – falling to pieces. The wells supplied 2 thirds and more of NZs consumption. How can all the extra shipping importing all NZs needs help curb pollution with tonnes of it exhausting from ship funnels ? One of the biggest costs to the NZ taxpayer the Marsden Point Refinery should have remained in the hands of the public.

    • to take care of the country, or for that matter any countries, highly educated engineers and technicians should be part of the government and any decision making.
      Not the kind we have nowday, good for nothing else than ” politics”

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