Forums > Main > Wall St. News > Pound Could Collapse Within Weeks, Predicts Billionaire Financier Jim Rogers

Thread Tools
Old Feb 25th, 2010, 04:46 PM   #1
Join Date: Jul 2007
Posts: 170
February 25, 2010 - Press Dispensary - The UK Pound is on the brink of a collapse which will herald a downturn worse than 2008/9, it could well happen within weeks and the British government is powerless to prevent it. And this in turn will foreshadow a global economic winter that could come before the end of 2010 and make the last two years seem like a mild spring day.

This is the dire prediction of the legendary George Soros’ former business partner, respected billionaire financier Jim Rogers, together with millionaire investment adviser and best-selling author Dr Marc Faber and the controversial millionaire trader and coach Vince Stanzione, ahead of their keynote appearances at next month’s Global Trading Day seminar in Westminster.

As the UK economy stands on the brink of its much heralded double dip after a dismal January and rumblings about its credit rating, as Swiss Bank UBS speculates the risk of a run on the pound*, and as sterling hit a nine month low against the dollar on Friday, the three experts – who all have reputations for making much of their fortunes from predicting and riding economic downturns – are forecasting that a currency crash and then a full scale global “shakedown” are almost inevitable.

“The last few months have seen a ‘false bounce’, shorn up by massive short-term injections of government underwriting,” says Rogers, “but it can’t last. We’ve been applying temporary sticking plasters, not long-term cures. Later this year we’ll see the start of the real recession, with more Lehman-scale disasters and a fallout which won’t stop until the underlying malaise is genuinely cured.”

And for the UK, it could begin with the Pound.

“Other currencies aren’t strong and the Euro has real problems, with cracks much wider than Greece beginning to show,” Rogers continues, “but it’s the Pound that’s most vulnerable. In real terms, it’s already devalued against virtually every currency barring the Zimbabwean dollar and it’s especially exposed over the weeks running up to the UK election. In a basket of currencies, the Pound is potentially a basket case. And that will put Britain in an extremely bad position for the shakedown.”

Jim Rogers famously clashed with Lord Mandelson, as reported in the Daily Telegraph** last year, after Rogers predicted just how far behind other economies Britain would be in returning to growth. History is proving Rogers right.

“It sounds like a lot of doom and gloom,” continues Rogers, partly in reference to Dr Marc Faber’s widely read monthly investment newsletter, ‘The Gloom Boom & Doom Report’. “But it doesn’t have to be. With foreknowledge, experience, advice and skill, even the steepest downward slide can be turned to advantage. Recession can be just as much a source of wealth as growth.”

Marc Faber, who won his moniker ‘Dr Doom’ after advising investors to pull out of American stocks one week before the 1987 crash, and who was one of only a few vocal investors to predict the present troubles, believes that America is on the brink of bankruptcy as it is wholly unable to service its debt***. But, like Rogers, he sees foreknowledge as an opportunity, not just a threat.

It is with all this in mind that Rogers and Faber are joining British investor, coach and author Vince Stanzione on the platform of the Global Trading Day seminar on March 19, 2010, in central London. All three are flying in especially for the day, to meet with investors who believe there’s investment wealth to be found in the coming market conditions and who want to learn its insider secrets from those who have already proven how effectively it can be done.

As Stanzione says, “If the billionaires are betting on a deep second dip, the rest of the investment community should be doing more than looking on from the sidelines.”
Old Feb 25th, 2010, 04:49 PM   #2
Join Date: Apr 2006
Posts: 6,711
i will wait until Soros chimes in...
Old Feb 25th, 2010, 05:03 PM   #3
Join Date: Feb 2004
Posts: 2,600
Forget the green street hooligans, it'll be the Kensington street hooligans soon enough.
Old Feb 25th, 2010, 05:30 PM   #4
stock piker
Join Date: Nov 2009
Posts: 280
Jim Rogers is not even close to having a billion in net worth.
Old Feb 25th, 2010, 05:35 PM   #5
Join Date: May 2006
Posts: 819
Quote from stock piker:

Jim Rogers is not even close to having a billion in net worth.
he is closer than you.
Old Feb 25th, 2010, 05:38 PM   #6
Join Date: Dec 2009
Posts: 533
And Faber is worth even less, but I would not bet against them. Too many problems waiting to surface worldwide,
Thread Tools

Forum Jump

   Conduct Rules   Privacy Policy   Sitemap Copyright © 2014, Elite Trader. All rights reserved.   

Advantage Futures
Futures Trading & Clearing
AMP Global Clearing
Futures and FX Trading
Automated Trading Services
Futures Trading Software
NinjaTrader Consulting
Trading Software Provider
Forex Trading Services
Global Futures
Futures, Options & FX Trading
Interactive Brokers
Pro Gateway to World Markets
JC Trading Group
Direct Access Trading
MB Trading
Direct Access Trading
Trading Software Provider
Option Trading & Education
Futures Trade Execution Platform
Direct Access Trading
Spread Trading Instruction
FX, Gold, & Stock Signals
System Building & Backtesting
Equity and Options Trading
Trading Technologies
Trading Software Provider