America Is Out Of Control
Posted in Economy on Aug 6th, 2008 8 Comments »
According to Jim Rogers, the increasing foreign debt of the United States has created fundamental problems for its economy and the US dollar will lose its position as the world’s reserve currency.
“The US dollar is and has always been the world’s reserve currency; that is in the process of changing.” Rogers said during a presentation at the IFSA annual conference at the Gold Coast on Wednesday.
“America is out of control,” he said. “The US is now the world’s largest creditor, having US $13 trillion in outstanding foreign debt.
But what is even worse is that our foreign debts are increasing at the rate of US $1 trillion every 15 months.”
