U.S. “undoubtedly in recession”: Jim Rogers
Rogers co-founded the Quantum Fund with George Soros in the 70’s and is a legendary investor.
Here’s the kicker, Rogers said “he was switching out of the dollar and into yen, the yuan and the Swiss franc.”
This is a strong indication that billionaire investors like Rogers, hedge funds, central banks, and the like will start dumping their dollar holdings then speculate against it. If you don’t think that powerful financial interests aren’t quite capable of smashing the dollar into the ground so they can make a profit, well, then you don’t really understand capitalism.
George Soros gained international notoriety when, in September of 1992, he risked $10 billion on a single currency speculation when he shorted the British pound. He turned out to be right, and in a single day the trade generated a profit of $1 billion – ultimately, it was reported that his profit on the transaction almost reached $2 billion. As a result, he is famously known as the “the man who broke the Bank of England.”
Soros is also famous for running the Quantum Fund, which generated an average annual return of more than 30% while he was at the helm. Along with the famous pound trade, Soros was also cited by some as the “trigger” behind the Asian financial crisis in 1997, as he had a large bet against the Thai baht.
You better believe speculators are capable of further tanking the already dropping dollar. They like to target that which is already wounded (why hunt a healthy lion when a wounded gazelle is nearby) – and with wars the US can not afford and a massive amount of debt, the dollar is a prime target indeed.