Jim Rogers Backs the Buck

Investment biker Jim Rogers believes U.S. assets of all sorts are headed for a fall -- but he warns that the path won't be straight down.

"I implore everyone who reads you to open a foreign bank account or get their money out of the U.S. dollar," Rogers, the investment guru and noted dollar bear, said in an interview this week. "But you might want to wait until after the rally."

Rogers hasn't veered from his belief that the U.S. dollar is in a bear market, but he believes a rally is afoot.

"Everyone is suddenly now short the U.S. dollar," he says. "The boat is too full on one side, and in my experience, that means the opposite is going to happen."

He declined to put a time frame on a greenback rally or to name what might trigger it, but he suggests selling into it when it comes. "Let's just say Bush decides to pull the troops out of Iraq tomorrow," says Rogers. "That might do it."

Rogers is famous for co-founding the Quantum Fund in 1973 with George Soros. The hedge fund posted a 4,000% gain in the ensuing decade. Since then, he has traveled, taught and written several books. His next, titled "A Bull In China," is scheduled for publication in December.