Famed American investor and co-founder of the Quantum Fund, Jim Rogers, says the dollar’s reign as the world’s reserve currency is coming to an end.
In a new interview with Russian state-owned news agency Sputnik, Rogers says America’s politicization of the dollar has both friends and foes focused on alternatives.
“Many people are starting to say, wait a minute. I don’t know if we want to use that money because it will have a problem someday. But also, the world’s international currency is supposed to be completely neutral. Anybody can use it for anything you want. But now Washington is changing the rules. And if they get angry at you, they cut you off.”
Rogers cites the historic failures of reserve fiat assets, which typically last for around 100 years, as another signal that the dollar’s dominance has an expiration date.
“No currency has been on top more than 150 years. Nobody has always been on top, so it’s always happened. People have moved away from whatever currency it is.
It will happen. It has always happened. And America’s time is coming to an end. The American dollar this time is coming to an end… Many friends of America are moving, trying to find something to compete with and ultimately replace the US dollar. It will happen.”
Although Rogers believes the downfall of the dollar is in motion, he says other currencies are not yet ready to take the mantle.
He points to China as the top candidate, but says the country’s financial system remains too walled-off and restricted to overtake USD.
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