Pound Could Collapse Within Weeks, Predicts Billionaire Financier Jim Rogers

[krazykarl]

Quote from DrPepper:

Rogers is probably correct. However, wasn't he secretly buying US dollars at the end of last year while he was openly bearish on the US economy?

Bingo.

 

[Lethn]

Now that the USD has pulled back and EUR + GBP is downtrending, the current rave is "collapse of the Euro!", "collapse of the Pound!".

The USD really is going to collapse at this rate, the difference between America and the UK is that the UK doesn't have a huge central bank controlling the government and ready to try and print massive amounts of notes to try and save itself regardless of what it will do to the economy.

The chance of the U.K recovering is better than the U.S but unfortunately unless we get a party elected who actually has the balls to cut spending then we're going to go the same way.

Personally I'm just hoping they can stave it off for a few more years then they can do whatever the hell they like while I sit on a low income tax country somewhere.

 

[makloda]

Quote from Lethn:

The USD really is going to collapse at this rate, the difference between America and the UK is that the UK doesn't have a huge central bank controlling the government and ready to try and print massive amounts of notes to try and save itself regardless of what it will do to the economy.

Right, the BOE isn't printing money, never purchased any bonds, never lowered rates and the UK government isn't on the hook for half of their banking system. All this never happened!

Keep living in fairy tale land.

 

[Lethn]

Quote from makloda:

Right, the BOE isn't printing money, never purchased any bonds, never lowered rates and the UK government isn't on the hook for half of their banking system. All this never happened!

Keep living in fairy tale land.

lol

Actually the BOE for now isn't printing money. We're in a better position than the U.S but I'm under no illusions that we're going to be better off in the long run. Way to be a judgemental and assuming twat.

http://www.telegraph.co.uk/finance/...policy-as-economy-emerges-from-recession.html

 

[Cdntrader]

Quote from WallStWhizKid:

February 25, 2010 - Press Dispensary - The UK Pound is on the brink of a collapse which will herald a downturn worse than 2008/9, it could well happen within weeks and the British government is powerless to prevent it. And this in turn will foreshadow a global economic winter that could come before the end of 2010 and make the last two years seem like a mild spring day.

This is the dire prediction of the legendary George Soros’ former business partner, respected billionaire financier Jim Rogers, together with millionaire investment adviser and best-selling author Dr Marc Faber and the controversial millionaire trader and coach Vince Stanzione, ahead of their keynote appearances at next month’s Global Trading Day seminar in Westminster.

As the UK economy stands on the brink of its much heralded double dip after a dismal January and rumblings about its credit rating, as Swiss Bank UBS speculates the risk of a run on the pound*, and as sterling hit a nine month low against the dollar on Friday, the three experts – who all have reputations for making much of their fortunes from predicting and riding economic downturns – are forecasting that a currency crash and then a full scale global “shakedown” are almost inevitable.

“The last few months have seen a ‘false bounce’, shorn up by massive short-term injections of government underwriting,” says Rogers, “but it can’t last. We’ve been applying temporary sticking plasters, not long-term cures. Later this year we’ll see the start of the real recession, with more Lehman-scale disasters and a fallout which won’t stop until the underlying malaise is genuinely cured.”

And for the UK, it could begin with the Pound.

“Other currencies aren’t strong and the Euro has real problems, with cracks much wider than Greece beginning to show,” Rogers continues, “but it’s the Pound that’s most vulnerable. In real terms, it’s already devalued against virtually every currency barring the Zimbabwean dollar and it’s especially exposed over the weeks running up to the UK election. In a basket of currencies, the Pound is potentially a basket case. And that will put Britain in an extremely bad position for the shakedown.”

Jim Rogers famously clashed with Lord Mandelson, as reported in the Daily Telegraph** last year, after Rogers predicted just how far behind other economies Britain would be in returning to growth. History is proving Rogers right.

“It sounds like a lot of doom and gloom,” continues Rogers, partly in reference to Dr Marc Faber’s widely read monthly investment newsletter, ‘The Gloom Boom & Doom Report’. “But it doesn’t have to be. With foreknowledge, experience, advice and skill, even the steepest downward slide can be turned to advantage. Recession can be just as much a source of wealth as growth.”

Marc Faber, who won his moniker ‘Dr Doom’ after advising investors to pull out of American stocks one week before the 1987 crash, and who was one of only a few vocal investors to predict the present troubles, believes that America is on the brink of bankruptcy as it is wholly unable to service its debt***. But, like Rogers, he sees foreknowledge as an opportunity, not just a threat.

It is with all this in mind that Rogers and Faber are joining British investor, coach and author Vince Stanzione on the platform of the Global Trading Day seminar on March 19, 2010, in central London. All three are flying in especially for the day, to meet with investors who believe there’s investment wealth to be found in the coming market conditions and who want to learn its insider secrets from those who have already proven how effectively it can be done.

As Stanzione says, “If the billionaires are betting on a deep second dip, the rest of the investment community should be doing more than looking on from the sidelines.”

http://www.pressdispensary.co.uk/re...Predicts-Billionaire-Financier-Jim-Rogers.php

Rogers denied this statement

 

[Catalite]

Quote from Lethn:

The USD really is going to collapse at this rate, the difference between America and the UK is that the UK doesn't have a huge central bank controlling the government and ready to try and print massive amounts of notes to try and save itself regardless of what it will do to the economy.

I don't see a USD collapse in the cards. Currencies are a zero-sum game; they are all measured against each other. Being the U.S. is still the largest economy in the world by far, if we falter here the ripples are still felt worldwide (maybe not in 15 years when China overtakes us...). Even if the world economies fall to pieces, the relative value of the USD will still hold up versus all the other worthless currencies.

 

[stock777]

Is this the same bowtie fondler that told you to bail out of dollars at the bottom?

 

[newguy05]

we just keep getting lucky, dollar is in the shit but compared to euro it looks much better. And the chinese yuan is pretty much fixed, so cant do much over there.

basically imagine 2 sinking ship - the euro and dollar, both are going down, but the euro ship has a much bigger hole and is sinking a lot faster. So for now everyone on the euro ship will be jumping over to the dollar ship, even though it's still sinking.

personally the only place i am reasonably feel peace of mind to put my money is in china, in yuan. Just dont know what will happen to us and europe, it may be a disaster collapse, or it may just be a whimper before the economy picks up, just dont know, so why risk it.

 

[sumfuka]

Quote from zdreg:

that again points to the difference between rogers and ET posters he doesn't get margin calls when positions go against him.

Who cares if he gets margin calls, I only care about my pocket not his.

 

[Lojanica]

Quote from Lethn:

lol

Actually the BOE for now isn't printing money. We're in a better position than the U.S Way to be a judgemental and assuming twat.

A couple years ago 2008 I spent a month touring Europe. Luckily I had accumulated Euros and spent the bulk of them at the peak. The worst was running into Brits who couldn't wait to fill me with crap talk about how f#+ked the US was and how they were golden, blah, blah, blah. I was embarassed for them and their behavior.

So out of spite we should just drive the BOE back into ruin.

Even Soros says the USD will gain strength as crises unfold because it's still a haven. Not so the Pound.