Published On: Fri, Jul 3rd, 2015

World Bank & IMF ‘corroded’ – Jim Rogers to RT



In an interview to Russia Today last week, the former hedge fund manager Jim Rogers predicated that a Greek debt default could shake the global economy and plunge the indebted nation into a depression.

The Billionaire investor said:

  • “The world needs something to compete with the US-dominated institutions, some of them – the World Bank and the IMF- have become corroded and ineffective. So, if BRICS offer any new structures that can compete with these long-standing decomposed institutions, it will be very good. Good for the whole world, including Russia and China, ” Rogers said.
  • “There’s not much alternative right now but eventually the US dollar is going to be replaced with something else, perhaps the Chinese renminbi, ” Rogers said.
  • “Sanctions eventually had a good effect because they are driving Russia and Asia together, and Asia is a huge market with great potential. So, in the end it’s going to be good for Russia.”
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