Monday, July 21, 2014

Rogers encourages Brazil, China, Russia to come with new currency to replace US Dollar

"Brazil wants to compete with the IMF, the World Bank and the US dollar. Brazil, China and Russia could easily put something together to compete with the US dollar. The US dollar is a terribly flawed currency. I’m an American. I hate to say that. But the US has serious problems, the world has serious problems. We need something else."

According to Mr Rogers, India should probably not be included in the new world bank while he thinks Russia should be included due to its huge international currency reserves.

"To put together a competing world reserve currency and develop an alternative banking system, the BRICs might consider throwing India out of the equation"

From a financial perspective Jim Rogers says Russia is stronger compared to India and Brazil due to their national debts.

"India and Brazil have big (national) debts. Russia is not a big debtor and has big international reserves"