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Peter Davis

An writer at FOMOdrive

  • Jun 19, 2023
  • 2 min read

Jim Rogers announced the imminent loss of the dollar's position in the world

Famous investor Jim Rogers declared that the US dollar is no longer the world's leading currency.

He warned that the US economy will soon fall into recession.

In an interview with RIA Novosti, billionaire Jim Rogers stated that the dollar is beginning to lose its dominant status as the United States has become the largest debtor in the world.

As of January 2023, the United States has the highest national debt in the world, totaling $31.4 trillion.

The investor noted that the US authorities had started to use the dollar as a tool for political objectives, freezing the assets of the Central Bank of Russia. He/She emphasized that the global currency should remain completely impartial.

Rogers stated that the utilization of the dollar is beginning to be forsaken, partially due to the fact that the US is the most indebted nation in history. This process is quickening as many of the US's allies are concerned that something could occur to them as well.

Investors anticipate that the US economy will experience a recession lasting 4-5 years, due to the unprecedented level of public debt, in the current or upcoming year.

He stated that recessions are a regular occurrence all over the world, including in the United States. The last recession was in 2008, making this the longest period of time without a recession in the US. He believes that a recession is likely to happen either later this year or in the next.

Rogers predicted that the upcoming recession will likely last for four to five years, which is longer than usual.

Jerome Powell, the head of the Federal Reserve, did not dismiss the prospect of a recession in May, expressing optimism that it would be mild if it were to occur. President Biden also recently commented on the potential for an economic recession if the United States defaults.

Janet Yellen, the US Treasury Secretary, cautioned that the US debt limit could be hit as soon as June 1. Nevertheless, Bloomberg's estimations suggest that "hour X" may come a bit later, likely between June 5-8.

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