WASHINGTON (Pakistan Point News / Sputnik - 12th July, 2022) Recent actions by the United States, including confiscating other countries' dollars, will accelerate the move away from the dollar, American investment guru Jim Rogers told Sputnik.
When asked whether the future of the Dollar is under threat, Rogers noted, "I own a lot of Dollars at the moment. I expect them to be higher for a while because people are worried and when they're worried they look for a safe haven."
"They think the dollar is a safe haven. It's not, because we are the largest debtor nation in world history. But no international Currency has lasted more than 100 or 150 years," he noted. "I don't like saying it because I'm an American but I'm afraid that what Washington has done recently is going to accelerate the move away from the dollar.
Rogers went on to say that the US dollar has been on top for a while and many people are already starting to look for something to compete with the dollar.
"Because the international currency is supposed to be neutral, anybody can use it for anything they want," he pointed out. "But in Washington, they have started changing those rules. If they don't like you, you cannot use the US dollar or they confiscate your US dollar. So many people around the world are trying now to find something to compete with the dollar. Russia, China, India, Brazil, Iran, many countries are looking for something to compete with the dollar."
The investor believes the US dollar is "coming to an end as the top currency," but it's not going to happen right away.
Asked whether he believes that the Chinese Yuan has any chances to substitute the dollar, Rogers said, "Not as long as it's a blocked currency."
"You cannot buy and sell it the way I can the euro or something. Nothing is going to become the world's international medium of exchange if you cannot buy and sell it," he explained.
Commenting on cryptocurrency prospects, Rogers said that all money is going to be in the computer someday.
"It already is in China. In China, you can't take a taxi using money, you have to have your crypto," he said. "They are ahead of the rest of us, all working on crypto money, governments want it very much because it makes it easy for them and then they know everything you do. But when that happens, when the US for instance says okay, this is now the new money, they're not going to say but if you want to use somebody else's money you can, governments like monopoly and control."
"Cryptocurrency is only just something to trade and buy and sell. If it starts succeeding at becoming money with government money, then governments will do something, they will change the law," he added. "They will regulate it, they will control it. Governments want control. Governments want monopolies."
This year's rally in the dollar � which is up 9% against a basket of six major currencies � has strengthened its standing as the world's reserve currency, helping the Federal Reserve somewhat in its aim to fight the worst US inflation in 40 years. But central banks elsewhere are also trying to raise the value of their currencies to tame relentless inflation in their own backyards.
