Tuesday, January 20, 2009
Jim Rogers, desperate, turns his negative prognostications on the U.K.
After issuing numerous misguided sell signals on U.S. Treasuries and the dollar in the past four months, Jim Rogers is now turning bearish on the U.K. instead. (Perhaps hoping that it will work out better than his other ill-timed sell signals.)
Why anyone still listens to this guy is beyond me, however, he remains a media favorite especially over at Bloomberg.
In an interview today Rogers says, "the U.K. is finished" and he would "sell the pound." (Nevermind that the pound has already plunged to a 10-year low against the dollar and a record low against the euro.)
Rogers' rationale for predicting an end to the U.K? "The country is running out of oil so now they will have nothing to sell." (I kid you not, those were his exact words!)
Most investors, with the exception of the nimblest, have already been buried by his commodity predictions. Anyone left with any money after following his advice ought to be given a medal. Perhaps a Purple Heart.
Read interview here.