I have sold most of my pounds before the big collapse that started 18 months ago now, and have sold some more in the 1.30€ area, and since I got lucky and was right on the call that I made a few weeks ago, I sold almost all the remaining GBPs during the rally that followed the rate cut last week. I do not own a single share of a UK based company. And of course, my pension funds investment styles are Asia and Europe ex-UK.
For those who still do not who is Jim Rogers, here's a quote from Wikipedia:
Born in 1942.Finally, here's the excerpt from the Bloomberg interview:
In 1970, Rogers joined Arnhold & S. Bleichroeder, where he met George Soros. That same year, Rogers and Soros founded the Quantum Fund. During the following 10 years the portfolio gained 4200% while the S&P advanced about 47%.
In 1980 [at age 37], Rogers decided to "retire".
“I would urge you to sell any sterling you might have,” Jim Rogers, chairman of Singapore-based Rogers Holdings, said in an interview with Bloomberg Television. “It’s finished. I hate to say it, but I would not put any money in the U.K.”Here's another post worth reading, on the Telegraph this time: Gordon Brown brings Britain to the edge of bankruptcy:
The country stands on the precipice. We are at risk of utter humiliation, of London becoming a Reykjavik on Thames and Britain going under. Thanks to the arrogance, hubristic strutting and serial incompetence of the Government and a group of bankers, the possibility of national bankruptcy is not unrealistic.The ridiculous and shameless Gordon was already famous for this "I will not allow house prices to get out of control" quote in 1997 but I hadn't heard about this one, which has been dug by many on the web during the past few days:
"A weak currency arises from a weak economy, which in turn is the result of a weak government" (Gordon Brown in 1992)The GBP has crashed against all major currencies: 30% against the EUR, about 25% against the USD, and about 50% against the JPY! Doesn't that sound like the kind currency move you hear about in developing countries?
Jim Willie is very realistic in my opinion about the UK & US:
US & UK ECONOMIC FAILURE – RUNNING ON SCHEDULE
The death of the AngloSphere is unstoppable and on course. The two nations suffer from imperial over-reach, from corrupted paper markets in everything conceivable (stocks, bonds, housing, commodities). They both suffer from a devastating backlash related to nationwide dependence upon a housing bubble as an economic foundation. What a very sick concept!
RECOGNITION OF FAILURE – PAIN OF ISOLATION
The year 2009 will be marred by recognition of the Untied States and United Kingdom as failed states, beyond remedy. My description is for the US-UK to have morphed into crime syndicate control of government bodies in a widespread sense. They have strangled their hosts, and sucked them dry. The nations of the world will embark on a mission to protect themselves from the imploding giants. The natural progression in failed nations is from democracy to fascism, from capitalism to the Fascist Business Model, from free societies to martial law. A tragedy has already begun. It will run its full course.