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"The true inflation rate in America? It's certainly at least 6 or 7 percent, the US government lies about it, as you know, everybody who shops knows that prices are up, everybody except the US government. Rogers repeated his view that the Fed's quantitative easing program is "debasing the currency" and said he was "extremely worried" about the fate of the dollar over the long term. Asia is the region where investors should go, as countries in that region have strong reserves while once-strong economies such as the US and the UK are now in debt, he said.

10/05/09 Stockholm, Sweden Even with the US dollar's deterioration over the past six months, the G7 has decided to let it continue to fall. Forbes reports today that the G7 "abandons the dollar." This is despite problems, such as economic instability, that a weakening dollar can cause central bankers around the world. From the US perspective, there are some benefits associated with a weaker dollar, in terms of increased exports and the possibility of inflating away the massive debt the government is building up so quickly.

The G-7 abandons the dollar. The greenback fell further after the G-7 would not come to the rescue.