Renowned investor Jim Rogers believes that the U.S. dollar dominance is coming to an end as the tensions between the U.S. and China mount. The growing national debt, the protests, the political uncertainty surrounding the presidential election, and countries seeking a USD alternative in fear of sanctions will take a toll on the dollar, he explained.
Jim Rogers Discusses End of USD Dominance
Jim Rogers shared his view on the end of the U.S. dollar dominance in an interview with RT publication Saturday, factoring in recent world events. He co-founded the Quantum Fund in 1973 with billionaire investor George Soros, which was considered one of the most successful hedge funds in its heyday.
Firstly, Rogers explained that “the US is now the largest debtor nation in the history of the world, and it’s getting higher and higher every day,” emphasizing that it will take a toll on the dollar. The U.S. national debt is currently more than $26.73 trillion. The veteran investor opined:
Traditionally, the US dollar has been the soundest currency in the world. But tradition changes … the US dollar is coming to its century or so of dominance, and something else will replace it.
The investment guru pointed to the examples of the British pound and Dutch guilder, noting that both were previously considered the most reliable currencies.
According to Rogers, the dollar could still show strength next year once the current turmoil in the U.S. is over, including the protests and the November presidential election. However, he added that it will “probably be [the dollar’s] last shot,” reiterating his stance that the dollar is just a few years away from losing its dominance. Some analysts have predicted that the presidential election outcome could collapse the U.S. dollar
