In this Jim Rogers latest news segment, the author of A Gift to My Children stopped by RT to talk about the meetings between the United States and China. The United States is the largest debtor nation in the history of the world. The rest of the world is getting upset about it, and Americans should be upset about it, because it will be the ruination of the country.
The Jim Rogers latest news is that the United States is trying to drive down the value of its currency. No country in history that has had a policy of debasing its currency has done well in the long term or even in the short term. Sometimes it works in the short term, but it isn’t a good policy. Also according to the Jim Rogers latest news, China should allow their currency to be freely tradeable and convertible. But the idea that the United States is going to prosper by driving down the value of its currency is lunacy.
Between China and the United States, it would be better to be the creditor compared to the debtor. People always go to where the money is. The Dollar’s status of having the reserve currency has to come to an end. America has to face the problem that they are the largest debtor nation and that the debt is going to get higher and higher. The other countries around the world don’t want to play ball anymore. Luckily, the Jim Rogers latest news is that they all know now that the Dollar is a terribly flawed currency.
The Jim Rogers latest news continues to say that there will be more crises in the currency markets - maybe this Fall, or by 2012 or 2013. This will force America to do something about their problem. There is going to be a lot of turmoil, and it isn’t going to be a lot of fun for people.
It is stunning how little this seems to be in the American press. They are more worried about which TV star is divorcing which TV star. The rest of the world is seriously worried about the United States being overextended politically and economically. But the American people don’t seem to know about it, much less realize it.
We’ve got wars going on in 3 different countries right now. There will be 4 or 5 more wars if they can figure out how to do it. It is costing a staggering amount of money. This is going to all come to an end. No country that gets itself into this situation ever gets out without a crisis. 2008 was bad, but just wait until the next time around.
China does have inflation, and of course America does too. They at least acknowledge it, but the United States government lies about its inflation. Unless your butler does your shopping for you, then you are well aware that prices are rising and we have inflation. China has been the creditor, and we have been the debtor. After the next crisis, China will be an even bigger creditor. Debtors don’t have much latitude when problems arise.
The last piece of Jim Rogers latest news is that the Remminbi is going to go higher and higher over the next decade. It has been happening for 6 years now. They’ve been opening their currency up for, and that will continue. Don’t sell your Remminbi. Keep buying it whenever you get a chance.
