US in Recession, Will Worsen; Dollar Sinks
| February 25 2008 CNBC.com The United States economy is already in recession and is set for a further slowdown with the dollar expected to remain under pressure, investment guru Jim Rogers said on Monday. The housing and automobile sectors are in a situation worse than recession with soaring energy and food prices hitting consumer spending. Rogers said the central bank was making the same mistakes Japan did in the early 1990s before its credit-inflated bubble economy burst. As long as the U.S. central bank and the federal government keep making the mistakes, you will have a longer period of slowdown and it will be perhaps one of the worst recessions we have had in a long time in America. As the dollar goes down a great deal, countries such as Iran and Venezuela are already using alternative currencies to the dollar. Last week the U.S. central bank sharply lowered its forecast for U.S. economic growth in 2008 and said it was worried the economy could face further setbacks even after a series of aggressive interest rate cuts. | more |
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