Legendary investor, Jim Rogers thinks Fed Chairman, Ben Bernanke is a complete moron who “doesn’t understand how the economy works”. He’s selling all his possessions in the US, exchanging all his dollars for the Chinese remnimbi and moving to Asia. If you think he’s overreacting and the dollar can’t stay down, consider that its dropped against almost all major currencies this year. The dollar has seen some strength this week. Use this temporary bounce in the dollar to take a position in gold or other currencies.
“Nations are not ruined by one act of violence, but quite often, gradually, and almost imperceptibly, by the depreciation of their currency, through excessive quantity”.
— Nicolas Copernicus, 1525
“One of the saddest lessons of history is this: If we’ve been bamboozled long enough, we tend to reject any evidence of the bamboozle. We’re no longer interested in finding out the truth. The bamboozle has captured us. It is simply too painful to acknowledge – even to ourselves – that we’ve been so credulous.”
— Carl Sagan
“Once public opinion is convinced that the increase in the quantity of money will continue and never come to an end, and that consequently the prices of all commodities will not cease to rise, everybody becomes eager to buy as much as possible and restrict his cash holdings to minimum size… If the credit expansion is not stopped in time, the boom turns to crack-up boom: the flight into real values begins, and the whole monetary system founders.”
— Ludwig von Mises (1949)