"The US economy is undoubtedly in recession," Rogers told the Telegraph in Hong Kong in an article published on its Website.

"Many parts of industry are actually in a state worse than recession. If it were not for (Federal Reserve Chairman Ben) Bernanke putting huge amounts of money into the market, the stock market would probably be down much more than it is."

"Rogers, who co-founded the Quantum Fund with billionaire investor George Soros in the 1970s, said it made sense to desert the dollar."

Foreigners finance the US debt. If they leave for other currencies, that will put an enormous pressure upon interest rates.

The price of energy is rising very, very rapidly.

The mortgage crisis is spreading, leaving less disposable income floating around, with the result that credit card debt is becoming an issue. And as things spiral, the Feds printing money to prop uf the stock market has the ultimate result of a weaker dollar, more capital flight, and so on.

I wonder what Bush's approval rating will be when he leaves office. Probably the same percentage that believe the Earth is 6,000 years old.

Arf