Via: Reuters

Well-known investor Jim Rogers said on Wednesday he has been buying dollars over the past two months to bet on a near-term rebound, but remains very bearish about the U.S. currency over the longer term.

“Over the past couple of months I have been accumulating U.S. dollars … because there are too many bears,” Rogers told the Reuters Investment 2010 Outlook Summit in New York.

But he said the global financial crisis is merely in a temporary reprieve. Longer term, huge U.S. government debt issuance and a debilitated dollar will drag the world into a deeper crisis, he said.

There is a strong possibility that within the next three years or so that longer maturity U.S. government bond yields could reach double digits, as in the early 1980s, he added.

The U.S. 10-year Treasury note’s yield, which moves inversely to its price, hit a high of 15.8 percent in September 1981, according to Global Financial Data.

Related posts:

1. Jim Rogers buys dollar, predicts $2000 gold by 2019 Jim Rogers buys dollar, predicts $2000 gold by 2019 Bulls...

Related posts brought to you by Yet Another Related Posts Plugin.

“I have no shorts for one of the first times in my life” told Reuters TV in Singapore. “On the other hand I don’t see much to buy.”

He said huge borrowing by governments, particularly in the United States and Britain, would hurt their currencies and lead to future problems, though he picked the Canadian dollar CAD= as one of the “soundest” currencies. “I’ve got out of my pounds. I will be getting out of my (U.S.) dollars soon,” he said, repeating his view that commodities were the best place to be with metals having gained more than stocks this year and long-term potential for soft commodities.

Click here for the complete Jim Rogers-Reuters interview

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

Jim Rogers on Tuesday said U.S. stocks have yet to hit their bottom in this bear market, saying there could be no lasting rally until the economy recovers.

Rogers said he is unsure where to invest, although he likely will sell the U.S. dollar — which he called “terribly flawed” — and buy commodities

He told Reuters that efforts to pull the economy out of a steep downturn will not drive a lasting recovery because the government is propping up failing businesses and not allowing them to go bankrupt.

“None of which does much for the economy down the road. It’s trying to postpone some pain we’re going to have to take,”

U.S. stocks may rally because of the enormous amount of money the government is pumping into the U.S. economy, but “it’s not going to last,” Rogers said.

“I don’t think the bottom is here, maybe ‘a’ bottom, but not ‘the’ bottom. The economy is going to get worse. You can’t have a good stock market without a good economy,” he said.

Where to invest money?

“I don’t know where I’m going to wind up putting my money. But at the moment I’m doing nothing but watching,” he said. “I may just have to wind up putting it all in commodities because commodities are the only thing (whose) fundamentals are being enhanced.”

The Dollar?

“I want to get out of the U.S. dollar sometime this year, at least I plan to, because it’s a terribly flawed currency”

Related posts:

1. Jim Rogers bets on near-term dollar rebound As mentioned in our previous posts, Jim Rogers is not...
2. Jim Rogers Bullish On Commodities, Not Stocks- Time Jim Rogers’ daughters may not have been born with silver...

Related posts brought to you by Yet Another Related Posts Plugin.