Tuesday, December 23, 2014

Jim Rogers not bullish on Swiss Francs

It’s astonishing to me who’s been around Switzerland for over 40 years you know that you see the Swiss franc and the Swiss National Bank doing things that were inconceivable a few decades, even a few years ago – that they would debase the currency, that Swiss politicians would buy votes. But they are doing it. It is just making Switzerland less attractive as an investment destination and as a place for people to put their money. 

I mean Switzerland, more or less, had a monopoly on managing money, international money anyway, for decades, many decades. And now, of course, in Asia . . .  new competition is rising – Singapore, Hong Kong, other places. But the Swiss are just destroying themselves.

Now politicians and bureaucrats have destroyed themselves many times throughout history in many countries of the world but it’s always a little astonishing just to sit back and watch it happen before your very eyes. 

You can say to them, “Guy, you’re making a terrible mistake,” and they do it anyway. It’s amazing to me. I am not bullish, I am not bullish on the Swiss franc, which is guess is the ultimate answer to your question.

VIA http://www.trefis.com/stock/spy/articles/269603/undeniable-proof-that-absolute-power-corrupts/2014-12-15

Jim Rogers is a smart investor who co-founded the Quantum Fund with George Soros in 1973. By 1983 the fund gained more than 4000 percent.