US headed for its worst recession [View All]

8 Jan, 2008, 0056 hrs IST

LONDON: The US economy is heading for a recession and investors should sell the dollar as global currencies weaken, investor Jim Rogers said.

“It’s going to be one of the worst recessions we’ve had in a while because we had so many excesses going into it,” Rogers, chairman of New York-based Rogers Holdings, said in an interview on Monday from Singapore. “

It’s going to be bad for all of us as currencies come under more and more stress and we have more inflation in the world.”
The US and the UK governments have been ‘lying’ about inflation, Rogers said, adding that he’s sold their respective currencies. Rogers is also buying the yuan and the Swiss franc as other currencies weaken.

The dollar fell last week after data on January 4 showed the US unemployment climbed to a two-year high. The US currency fell to its lowest against the euro in November.
“I hope by the end of this year all of my assets will be out of the US dollar,” Rogers said. “The dollar is a currency that’s terribly flawed and it’s going to be under duress for many years to come,” he said.

http://economictimes.indiatimes.com/International_Business/US_headed_for_its_worst_recession/articleshow/2681644.cms