Chronicles Of Depression 2.0: #411: $FAIL
Commodities are one of the only viable investment opportunities left and are set to rebound as demand problems take hold, while the outlook for the dollar is bleak, famed investor Jim Rogers said Friday.
The dollar’s days as the world’s reserve currency are numbered, Rogers said at the World Money Show conference in London.
The greenback faces serious devaluation as spiraling national debt and a worsening economic crisis undermine it, he said.
America’s growing debt problem is “out of control” and Federal Reserve Chief Ben Bernanke’s strategy of printing money is a “terrible policy,” he said.
Bernanke “does not understand economics, he does not understand markets … he is going to run those printing presses until we run out of trees,” he added.
Emphasis added by me.
Let me make it clear to you what the term “commodities” means: food and energy.
Food: The ability to live.
Energy: The ability to drive, and to heat, light and cool your home — and to cook and store food. Not to mention run your PC and recharge your pocketable gadgets.
This is not the first time the death warning of the American Dollar has been sounded.