About financial crisis during the recent recession, Jim Rogers gives tips to survive. He usually tells “Teach your children Mandarin.” In 2007 this global investment guru sold his New York mansion and moved his family to Singapore, which proves what he preaches, he practiced.
Rogers has his own say and logics in an interview. He said Asia is an exciting part and this region is the future. He wanted his kids to grow by knowing Asia and also knowing things like the Chinese language. He added that his young daughter started knowing Mandarin fluently just at the age of five.
Earlier, in one of his speech in Asian Financial forum held in Hong Kong he spoke about China and Financial Crisis.
He said that when in recent times there was global financial crisis, he was busy buying Chinese firms’ shares specially those of agriculture, water, tourism and infrastructure. He added that Mao Zedong, communist leader, in 1950 had ruined the agriculture sector of China and the country needs to spend too much money to repair it and also to revitalize it. The 1950 reforms lead to poverty, famine and also environmental destruction. This revolution created opportunities and people jumped, including him, when there was green signal from Deng Xiaoping, the reformist leader of China.
He wrapped up saying the practicality was different. He said many people there cared less or even neglected the Mao and his communist ideals as all were busy making money.
Upon the Financial Crisis Rogers says that Beijing coped better than the Europe and US, but sad to say that Chinese Yuan is not convertible fully. He adds that the government needs to develop world currency. Not doing is still a mistake by the Chinese government. He rationalize saying there is to be needed free flow of capital for building up a fully developed major world currency.