The US dollar is becoming less desirable for investors as US debt continues to rise and the dollar is printed to cover it, American investor Jim Rogers admitted at the St. Petersburg International Economic Forum (SPIEF).
“The dollar will be higher than it is now because the turmoil is coming. Then it is going to be overpriced and people will look around and say, ‘America’s got the biggest debt in the history of the world. It’s printing money as fast as it can,'” the investor stressed.
According to Rogers, the US currency will lose its status as the major reserve currency well before 2030, and Brazil, Russia, China, India, Iran and other developing countries will be looked at as alternatives.
Rogers went on to say that organizations such as the International Monetary Fund (IMF) 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.
“They are forming a competing currency at the moment,” he added. Thus, an alternative to the dollar will come from countries that “have been bossed by the US, and they don’t like it, but have enough power to do something about it.”
Speaking separately to RT, the businessman pointed out that sanctions and trade wars are the biggest threats to global economic stability.
“The world has learned throughout history that closing off [markets] is not good, opening up is good,” Rogers said.
The United States continues to impose sanctions on states that do not follow its hegemonic demands, particularly Russia, Iran, North Korea, Syria, and Venezuela. It is partly because of this that these states are forging closer ties with one another to collectively resist US-led economic aggression. These are also resource rich states.