Pound Could Collapse Within Weeks, Predicts Billionaire Financier Jim Rogers
This is the dire prediction of the legendary George Soros’ former business partner, respected billionaire financier Jim Rogers, together with millionaire investment adviser and best-selling author Dr Marc Faber and the controversial millionaire trader and coach Vince Stanzione, ahead of their keynote appearances at next month’s Global Trading Day seminar in Westminster.
As the UK economy stands on the brink of its much heralded double dip after a dismal January and rumblings about its credit rating, as Swiss Bank UBS speculates the risk of a run on the pound*, and as sterling hit a nine month low against the dollar on Friday, the three experts – who all have reputations for making much of their fortunes from predicting and riding economic downturns – are forecasting that a currency crash and then a full scale global “shakedown” are almost inevitable.
“The last few months have seen a ‘false bounce’, shorn up by massive short-term injections of government underwriting,” says Rogers, “but it can’t last. We’ve been applying temporary sticking plasters, not long-term cures. Later this year we’ll see the start of the real recession, with more Lehman-scale disasters and a fallout which won’t stop until the underlying malaise is genuinely cured.”
And for the UK, it could begin with the Pound.
“Other currencies aren’t strong and the Euro has real problems, with cracks much wider than Greece beginning to show,” Rogers continues, “but it’s the Pound that’s most vulnerable. In real terms, it’s already devalued against virtually every currency barring the Zimbabwean dollar and it’s especially exposed over the weeks running up to the UK election. In a basket of currencies, the Pound is potentially a basket case. And that will put Britain in an extremely bad position for the shakedown.”
Jim Rogers famously clashed with Lord Mandelson, as reported in the Daily Telegraph** last year, after Rogers predicted just how far behind other economies Britain would be in returning to growth. History is proving Rogers right.
“It sounds like a lot of doom and gloom,” continues Rogers, partly in reference to Dr Marc Faber’s widely read monthly investment newsletter, ‘The Gloom Boom & Doom Report’. “But it doesn’t have to be. With foreknowledge, experience, advice and skill, even the steepest downward slide can be turned to advantage. Recession can be just as much a source of wealth as growth.”
Marc Faber, who won his moniker ‘Dr Doom’ after advising investors to pull out of American stocks one week before the 1987 crash, and who was one of only a few vocal investors to predict the present troubles, believes that America is on the brink of bankruptcy as it is wholly unable to service its debt***. But, like Rogers, he sees foreknowledge as an opportunity, not just a threat.
It is with all this in mind that Rogers and Faber are joining British investor, coach and author Vince Stanzione on the platform of the Global Trading Day seminar on March 19, 2010, in central London. All three are flying in especially for the day, to meet with investors who believe there’s investment wealth to be found in the coming market conditions and who want to learn its insider secrets from those who have already proven how effectively it can be done.
As Stanzione says, “If the billionaires are betting on a deep second dip, the rest of the investment community should be doing more than looking on from the sidelines.”
For more information about the Global Trading Day seminar, investors should visit http://www.traders2010.co.uk/ and media should visit http://www.traders2010.com/
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About Jim Rogers
James B. Rogers started trading the stock market with $600 in 1968 and by 1973 had formed the Quantum Fund with the legendry investor George Soros before retiring, a multi millionaire, at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%. They ran what is considered to be one of the first truly global macro hedge funds.
Although ‘retired’, Mr Rogers continues to invest and has many trading interests especially focused on emerging markets and commodities. In July 1998 he formed the Rogers Raw Materials Index which is up over 211% since inception making it the most successful world index in the past decade. He has also written a number of bestselling books including Investment Biker, Hot Commodities, Bull in China and Adventure Capitalist. He lives in Singapore.
About Dr Marc Faber
From 1978 to February 1990, Swiss investor and economist Marc Faber was MD of Drexel Burnham Lambert (HK) Ltd. In June 1990, he set up his own business, Marc Faber Limited, which acts as an investment advisor and fund manager. Dr Faber publishes a widely read monthly investment newsletter, ‘The Gloom Boom & Doom Report’, which highlights unusual investment opportunities, and is the author of several books including the Amazon best-seller ‘Tomorrow’s Gold - Asia's Age of Discovery’(2002) which highlights future investment opportunities around the world and is being translated into Japanese, Chinese, Korean, Thai and German.
Known as Dr Faber is well known for his ‘contrarian’ investment approach and is one of the most respected guests on Bloomberg Television with a massive following worldwide. His market calls have been extremely accurate - advising clients to sell stocks weeks before the 1987 crash. More recently he foresaw the market meltdown but unlike many perma bears he went positive on stocks in March 2009 before the massive bounce.
About Vince Stanzione
Vince Stanzione is a self-made multi-millionaire based in Europe. Beginning aged 16 at NatWest Foreign Exchange in London, he quickly made his mark and then left to form his own company, since when he has been involved in mobile communications, premium rate telephony, interactive gaming, publishing and television and financial trading. He currently lives most of the year between Spain and Monaco and trades his own funds, mainly in currencies and commodities. He also teaches a small number of students and produced the best-selling course on Financial Spread Betting.
Vince Stanzione is the author of 'How to Stop Existing & Start Living' and ‘Making Money From Financial Spread Trading’, is the Spread Betting Expert for Growth Company Investor and writes monthly columns for The City Magazine, Canary Wharf and Vicinitee Magazine.
References
* http://www.telegraph.co.uk/finance/currency/7310031/Tory-spending-cuts-risk-sterling-crisis-claims-UBS.html
** http://www.telegraph.co.uk/finance/financetopics/financialcrisis/4861871/Peter-Mandelson-rejects-foolish-claims-by-Jim-Rogers-that-Britain-has-nothing-left-to-sell.html
*** http://www.managementtoday.co.uk/channel/Entrepreneurship/news/985633/buy-farms-gold-insists-faber-aka-dr-doom/
For further information, please contact:
Vince Stanzione Tel: 07712 651777
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