Jim Rogers: "The UK has nothing to sell. The City of London is finished."

[w¡n9Nµ7 §£@¥€r 123]

The pound is a currency with no underpinning and should fall against the dollar and the euro, says Jim Rogers, chairman of Rogers Holdings and co-founder of the Quantum Fund with George Soros.

He says his view reflects the UK’s dire economic situation: “It’s simple, the UK has nothing to sell.”

Mr Rogers says the two main pillars of support for sterling have been North Sea oil and the strength of the UK financial services sector, in particular, the City of London’s role.

But Mr Rogers says just as North Sea oil is running out, so London’s standing as a major financial centre is set to suffer.

“I don’t think there is a sound UK bank now, at least, if there is one I don’t know about it,” he says.

“The City of London is finished, the financial centre of the world is moving east. All the money is in Asia. Why would it go back to the west? You don’t need London,” says Mr Rogers.

...

He says the UK housing market is arguably in a worse state than that of the US, given pockets of strength in the US and prices that are sliding across the board in the UK.

Meanwhile, he says, the UK is in worse shape economically than the eurozone, where most countries are not big debtors and do not run huge trade deficits. “If the UK discovers more North Sea oil, I might change this view,” he says. “But I don’t see that happening.”

http://www.ft.com/cms/s/0/5d4a02ca-e7a1-11...?nclick_check=1

[Reba 2]

Well, once the pound falls down to equal the US $, maybe tourism will pick up.

[Jasman0717 9]

Sell the London Bridge

Wait, they already did that

[w¡n9Nµ7 §£@¥€r 123]

...the financial centre of the world is moving east. All the money is in Asia. Why would it go back to the west? You don’t need London,” says Mr Rogers.

I'm surprised no one has picked up on this.

If Mr. Rogers' argument is sound, then what does that say for New York?

[mawilson 2,133]

Jim Rogers is such an asshоle.

Last year he said that "US Dollar is a flawed and doomed currency". This year it's GBP.

According to Rogers, China is the real master of the Universe.

Don't sell China, he says. This recession will not affect China, he says.

Well take this, asshоle.

[w¡n9Nµ7 §£@¥€r 123]

In Oct 2007, he said we were in recession. He was only off by about 2 months.

[mawilson 2,133]

In Oct 2007, he said we were in recession. He was only off by about 2 months.

He also said in Oct 2007 that he was switching out of the dollar which was a pretty stupid move back then.

[luckytxn 2,265]

If the dollar goes then China is screwed.

[aidan80 9]

Maybe it's time for the brits to ditch the royal family and become a proper democracy and declare itself a republic! Plenty of money to save by kickin them out on their arses!

[Pooky 3,929]

Jim Rogers, chairman of Rogers Holdings and co-founder of the Quantum Fund with George Soros.

That's quite telling. George Soros, the man who made far and away the most money from screwing the UK financial sector on 16th September 1992, most estimates reckon in excess of $1 billion, by short-selling sterling, causing a run on the currency. Come back to finish the job, has he?

[Pooky 3,929]

Maybe it's time for the brits to ditch the royal family and become a proper democracy and declare itself a republic! Plenty of money to save by kickin them out on their arses!

Unfortunately for UK republicans (that's re-publicans, not people who run pubs), the Royal Family makes too much money for the Treasury as it is. If the UK goes down the tubes, they may be the ONLY industry in the UK that's in the black in 10 years' time.

[Mags 112]

Maybe it's time for the brits to ditch the royal family and become a proper democracy and declare itself a republic! Plenty of money to save by kickin them out on their arses!

Unfortunately for UK republicans (that's re-publicans, not people who run pubs), the Royal Family makes too much money for the Treasury as it is. If the UK goes down the tubes, they may be the ONLY industry in the UK that's in the black in 10 years' time.

Yup, they bring in a huge amount of money for the UK. Getting rid of them would be like shooting yourself in the foot.

[rebeccajo 14]

So when to buy sterling for our trip over in March?

Now?

Wait a while?

[Pooky 3,929]

So when to buy sterling for our trip over in March?

Now?

Wait a while?

Last minute's looking good right now