Jim Rogers, chairman of Rogers Holdings, says "America is shooting itself in the foot again." And of course, he's right!
Here's the story from Bloomberg:
Jim Rogers Says U.S. Commodity Curbs to Drive Markets Overseas
Aug. 6 (Bloomberg) -- U.S. proposals to place curbs on commodities trading will drive business overseas, particularly to Asia, said Jim Rogers, chairman of Rogers Holdings.
“It is remarkable because America is shooting itself in the foot again,” he said in an interview in Singapore today. “It’s going to drive the business away and the rest of the world is going to welcome it with open arms.”
U.S. Treasury Secretary Timothy Geithner is urging Congress to rein in the $592 trillion derivatives market with new U.S. laws that are “difficult to evade.” Opaque financial products contributed to almost $1.5 trillion in writedowns and losses at the world’s biggest banks, brokers and insurers since the start of 2007, according to data compiled by Bloomberg.
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Jim Rogers taught finance at Columbia University, and he's also the author of:
All a aprt of the plan: Weaken America and strengthen her competitors.
When are you people going to realize that the American Left seeks our destruction.
It is silly to imagine that there are rational, patriotic economic arguments that can sway these folks. They know what thy are doing.
They are out do bring us down.