Jim Rogers: Renminbi may replace the U.S. dollar...eventually

By People’s Daily Online – Jim Rogers believes that the center of world power is moving from the West to the East, and his two daughters only have accounts in Asian banks. “Because we know that U.S. dollars will one day go wrong. We all understand the rise of Asia and the United States decline. This is not about preferences. The real economic situation makes the decision” said Rogers.

Rogers thinks that the U.S. bond market has reached its peak. In the next few decades it may decline. The U.S. may raise interest rates for some time to come, and 10 years later the interest rate may be very high, which means that bond risks are growing.

“The only bubble I see developing in the world right now is in long-term government bonds in the United States. The idea that somebody would lend money to the United States for 30 years in U.S. dollars at 4 or 5 or 6 percent interest is incomprehensible to me. I’m not short of bonds right now because the government keeps driving them up—I don’t know how long they’re going to do it—but I do suspect and hope that sometime in the next year or two, I’ll be short of U.S. government bonds, because that’s the only bubble I see developing.” read more at Peoples’ Daily Online…