Support Russia Insider - Go Ad-Free!

Legendary Investor Jim Rogers: Ruble a Better Currency Than Dollar

American investor Jim Rogers is bullish on Russia. Low debt, floating convertible currency just some of its strengths. US shot itself in the foot ny pushing Russia toward China

MORE: Business

This article originally appeared at Sputnik 

American investor Jim Rogers has actively encouraged investing into Russia. During his interview with Rogers said that he has joined the Board of Directors and bought shares of ‘PhosAgro’ which is a Russian chemical holding company producing fertilizer, phosphates and feed phosphates.

He also increased the proportion of shares of the Moscow Stock Exchange and he also has a paper of ‘Aeroflot’.

Concerning the current rouble situation Rogers said, “Russia has low debt, unlike Greece, as well as convertible currency, which is quite unique for the new markets. So fundamentally its position can be called normal. It is being pressured by lower oil prices, but as soon as the black gold finds the stable point the situation will improve for the rouble.”

He also mentioned the dollar saying that the US currency is in a terrible situation as the US national debt and trade deficit are huge.

“If we simply write out on paper the facts that lie behind the ruble and the dollar, without naming the currency, then everyone will want to buy rubles and no one will buy dollars. But as soon as you name them then, of course, people buy dollars.”

He added that he hopes he will be smart enough to get rid of dollars before the collapse happens. “Everything seems perfect, until one day it ceases to be so. It was the same with Britain, France, Spain and Greece. Often stocks manage to go up for a few years before hitting bankruptcy.”

It is a matter of time before Asia becomes a major partner for Russia. For America this would mean that they will not receive their share of potential in the Asian market. The “US has simply shot itself in the foot.”

“The Asian market is much larger — 3 billion people. The population of the United States and Europe is a little more than 1 billion people. For Russia it is better to be with 3 billion creditors than 1 billion debtors,” the investor explained.

Jim Rogers said that China, Korea, Japan, Taiwan, Hong Kong and Singapore are where all the money is, while the US and Europe have become the largest debtors.

Support Russia Insider - Go Ad-Free!
MORE: Business

Our commenting rules: You can say pretty much anything except the F word. If you are abusive, obscene, or a paid troll, we will ban you. Full statement from the Editor, Charles Bausman.