Jim Rogers Turns Into a Dollar Bull

Has Jimbo been peeking at my portfolio?

Well-known investor Jim Rogers said on Wednesday he has been buying dollars over the past two months to bet on a near-term rebound, but remains very bearish about the U.S. currency over the longer term, reports Reuters.

"Over the past couple of months I have been accumulating U.S. dollars ... because there are too many bears," Rogers told the Reuters Investment 2010 Outlook Summit in New York.

But he said the global financial crisis is merely in a temporary reprieve. Longer term, huge U.S. government debt issuance and a debilitated dollar will drag the world into a deeper crisis, he said.

There is a strong possibility that within the next three years or so that longer maturity U.S. government bond yields could reach double digits, as in the early 1980s, he added.

The U.S. 10-year Treasury note's yield, which moves inversely to its price, hit a high of 15.8 percent in September 1981, according to Global Financial Data.