Jim Rogers Says U.S. Commodity Curbs to Drive Markets Overseasby Claire Leow Recently by Jim Rogers: Dow 1 Million? Sure, Why Not?
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. August 8, 2009 Jim Rogers has taught finance at Columbia University's business school and is a media commentator worldwide. He is the author of Adventure Capitalist, Investment Biker, Hot Commodities, A Gift to My Children, and A Bull in China. See his website. Copyright © 2009 Bloomberg
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