I’ve joked with people that because the Obama stimulus will lead to inflation, soon enough the US will become like Zimbabwe: every time we do a print run of our currency, we’ll have to add three zeros. Zimbabwe now has a 100 trillion dollar note.
Now some major players are recommending that people abandon the US dollar for other investments. From Bloomberg:
Jim Rogers, chairman of Singapore- based Rogers Holdings, said investors should be “worried” about the U.S. dollar, and recommended selling government bonds and buying raw materials, China stocks and the yen. “If I were you, I would be worried about the U.S. dollar,” said Rogers, 66, in a speech at the Asia Financial Forum in Hong Kong today. “The Americans are printing U.S. dollars. The Americans are going to do whatever they can to revive their economy, even if it means destroying the U.S. dollar.”