An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Thursday, February 5, 2009
Rogers Says Russia May Break Up, Mulls Bet Against Ruble
Back on January 22, Jim Rogers said he was going to short the British Pound (see blog post here) because it was going to disappear. The pound had already fallen to multi-decade lows against the dollar and record lows against the euro, but Rogers advised selling.
After hearing that I did what any self-respecting speculator should do: fade a guy who's cold as ice.
I bought the pound against the euro and on that day and I have been cleaning up ever since.
Last September Rogers advised shorting the dollar and shorting U.S. Treasuries. These assets have been the strongest performing assets in the world since then.
Let's face it, Rogers is as cold as death. Merely fading his calls now will earn you a ton of money. You don't have to watch TV or read economic journals or listen to what's going on in Washington. Just do the opposite of Jim Rogers.
His latest "recommendation" appears today on the Bloomberg website. In a video Rogers says that "Russia will break up and he is thinking about shorting the ruble."
We're in luck! There's actually a ruble futures contract traded on the Chicago Mercantile Exchange. So I think I'm gonna go make some more easy money and buy the ruble!
I used to wonder why anyone would listen to this guy. Now I know: He makes making money easy and fun!
Go make some money today...Fade Jim Rogers!
Watch the video here.
becareful there
ReplyDeletethe UK bank lowered interest rates to mitigate the current mini rise in the Quid
after this is adjusted into the picture the Quid is going to be like 1.40 from 1.46 to the dollar sooner than later
UK is encouraging exports and trying to make it easy for foreign debtors to pay them back.
that windfall on currency change as pointed out by the Frischerberger
Perhaps, but the point is this: Britain will never have a funding problem by virtue of the fact that it is a currency issuer. The EU countries that use the euro all face potential funding problems that could precipitate a full blown payments crisis. If this happens some countries may have no other option but to abandon the euro. That being said, the pound looks cheap relative to EUR
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