They will be the new Japanese.Ī US IN DECLINE. The Chinese have not had the opportunity to travel for decades but can now move around the world painlessly. According to Rogers, China’s rise will mean that Chinese tourism will increase sharply over the next twenty years. China has also long been in a buying sphere where it buys productive assets such as oil fields, plantations, ports and mines around the world. But after China opened up borders and trade with the rest of the world, the country has become the world’s largest economies. Only 40 years ago, China was barely on the economic world map.
If Rogers is right, they will soon be again.ĬHINAS MIGHTY PROGRESS. In the 1950s, 1960s and 1970s, before the big bull market, Wall Street and the City of London were backwaters. Historically, time periods in which the financiers have had control have alternated with time periods in which the producers have had control. According to Rogers, the world is currently undergoing a cyclical shift from the financial world having control to the fact that producers (farmers, miners, energy suppliers and lumberjacks) will be at the top. The United States is now the world’s largest debtor nation ever, while the world’s “creditor nations” are in AsiaįINANCE IS LOSING GROUND. Rogers believes that those who wanted to seek financial success did best in London in the 19th century, in New York in the 20th century and in Asia in the 21th century. After the two world wars, Britain was heavily in debt, the pound weakened sharply and it became clear that the country had long since lost its position as world leader. In 1916, Britain covered large parts of the world map and was the world’s richest and most powerful country. The 19th century was the century of world trade, and it benefited the British, who were strongest at sea. This book mainly explains why Rogers is convinced that Asia will take over as the worlds powerhouse in the next hundred years. There, his 12 and 17-year-old daughters have learned to speak Chinese fluently. He believed that the 21st century would be the century of Asia and wanted to give his daughters the best conditions. Investor Jim Rogers sold his New York mansion in 2007 and took the family to Singapore.
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