Jim Rogers buys euros, says bailouts will destroy currency............

Hey,
Jim Rogers says now it will take 15 yrs for Euro to disappear and he is now buying EUROS................LOL...............what a U trun.....

Hats Off to you....Mr.Jim Rogers...carryon doing what u are doing....Scaring people and then doing the opposite....I like that way........


Rajeev

Jim Rogers buys euros, says bailouts will destroy currency
17 Jun 2010, 1422 hrs IST,BloombergMADRID:
Jim Rogers, chairman of Rogers Holdings, said he is buying euros even as he predicts that bailouts for European nations will eventually
Thats not the way its supposed to work, Rogers said in an interview at the Rafael Del Pino Foundation in Madrid on Wednesday. I dont think its good for Europe, and I dont think its good for the world to bail out people who have failed.
The euro lost 14% against the dollar this year as European Union nations struggled to contain budget deficits more than triple the blocs 3% limit. Last month, the EU announced a 750 billion euro ($923 billion) rescue mechanism to stem contagion from Greece as the risk premium on Spanish and Portuguese bonds surged.
Debasing what has been a strong currency and making it weaker and weaker is in the end going to destroy the euro, Rogers said. In the interim, Im long the euro.
Still, Rogers said he bought euros this week and may buy more because investor sentiment has turned too negative in the short term. It will take 10 to 15 years for the currency to disappear, he said.
The extra yield investors demand to hold Spanish 10-year government bonds rather than the benchmark bunds touched a euro-era record today of 2.19 percentage points after El Economista newspaper reported the International Monetary Fund is coordinating a 250 billion-euro credit line for the country. The EU and IMF denied the report. The euro fell 0.2% to $1.2305. Its time to go in and take the other side, Rogers said. It got beaten down so much.