World will Dump US Banking

World will Dump US Banking

The United States is isolating itself from countries around the world, and making countries unite in a time of economic repression from Washington, prominent investor Jim Rogers says.

“America is pushing China and Russia together, America’s pushing China and Iran together, pushing China, Iran, Russia all together, and that’s pushing America out of some very major countries in the world,” Rogers told Sputnik news agency after the St. Petersburg International Economic Forum (SPIEF).

An American investor now living in Singapore, Rogers says that because of US politics, American businessmen are getting much fewer opportunities to invest. “There are plenty of opportunities in Asia, just fewer and fewer because America is getting in spats with more and more countries. That’s all. It’s a big world out there, there’s plenty left, it is just a shame to be cutting some of these places out,” he said.

One such place, according to the billionaire is North Korea, which has huge investing potential. One could do there “everything you can imagine. They need tablecloths, soap, electricity, they need everything, anything you can do you can make a fortune in North Korea,” Rogers said.

While other countries are seeking to open their economies, the United States is separating itself from the global trade, according to Rogers. “I did not hear talk like this in previous years, maybe because it didn’t exist in previous years, not in any meaningful way, even last year everybody was opening up more and more, now America is closing off more and more,” he said.

“I, as an American, am closed off in many, many countries by the Americans, not by them, but by the Americans.”

The US dollar is becoming less appealing for investors as American debt continues to soar and the greenback is printed to cover it, investor Jim Rogers said at the St. Petersburg International Economic Forum (SPIEF).

The American currency will lose the status of main reserve currency much sooner than 2030, Rogers said at the Valdai Club’s discussion session, held as part of SPIEF.

“Dollar is going to be higher than now because the turmoil is coming. Then, it is going to be overpriced and people will look around and say, ‘America’s got the largest debt in the history of the world. It’s printing money as fast as it can,’” the investor said.

People will look at what Brazil, Russia, China, India, Iran and other developing countries are doing, Rogers said. “They are forming a competing currency right now,” he added. So, the dollar alternative will come from the countries that “have been bossed by the US, and they don’t like it, but have enough power to do something about it.”

Rogers went on to say that organizations such as the International Monetary Fund and the World Bank “have never been right about anything” and should be abolished, since they have been politically dependent on the United States for decades.

Speaking separately to RT, the businessman said that sanctions and trade wars are the biggest threat to the world’s economic stability. “The world has learned throughout history that closing off is not good, opening up is good,” Rogers said.

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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