Just read this article:
Jim Rogers Shifts Assets Out of Dollar to Buy Yuan
and he says that
[ QUOTE ]
Jim Rogers, chairman of Beeland Interests Inc., said he is shifting all his assets out of the dollar and buying Chinese yuan because the Federal Reserve has eroded the value of the U.S. currency.
"I'm in the process of -- I hope in the next few months -- getting all of my assets out of U.S. dollars," said Rogers, 65, who correctly predicted the commodities rally in 1999. "I'm that pessimistic about what's happening in the U.S."
[/ QUOTE ]
It goes on to say, [ QUOTE ]
he expects the Chinese currency to quadruple in the next decade and that he is holding on to commodities such as platinum, gold, silver and palladium.
[/ QUOTE ]
and he is so sure of the yuan that he says [ QUOTE ]
"I don't see how one can really lose on the [yuan] in the next decade or so. It's gotta go. It's gotta triple. It's gotta quadruple."
[/ QUOTE ]
He's also buying more yen due to the carry trades.
So besides practically quoting the most important parts of the article, does Jim Rogers know what he is talking about, what can we learn from him, and should we all be following his advice?
Any other discussion would be informative as well.