Turmoil in the world's currency markets will reach crisis levels within two years, legendary commodities investor Jim Rogers says.
"I would expect to see more crises in the currency market, maybe as soon as this fall, or certainly by the fall 2012-13," Rogers tell Russia Today.
"You’re going to see serious turmoil in the currency market, which is going to force the world and force America to do something about it."
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Jim Rogers
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The U.S. dollar will lose is status as the world's reserve currency thanks to mismanagement in Washington, and the transition won't be a smooth one for the greenback.
Hefty fiscal spending and runaway money printing at the Federal Reserve are to blame — and so is the media.
"I am stunned by how little there seems to be in the American press about it," Rogers says.
"The American press seems to be more worried about wish TV star is divorcing which TV star more than anything else."
Many global investors predict China’s yuan will be convertible into other currencies by 2016, with 50 percent seeing it joining the dollar, yen and euro as a reserve currency within a decade, a Bloomberg poll indicated.
"If we get to the stage that the yuan is convertible and there’s a liquid government bond market available to invest in, it would mean that the Chinese yuan becomes a possible viable alternative to the dollar," says Mansoor Mohi-uddin, chief currency strategist at UBS AG in Singapore, according to Bloomberg. "The euro hasn’t been able to fulfill that."
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