, Jim Rogers Blog: America Made a Foolish Mistake with Russia

Wednesday, June 21, 2017

America Made a Foolish Mistake with Russia

U.S. sanctions against Russia have unexpectedly produced a number of positive consequences for Moscow, according to legendary investor Jim Rogers.

You see, when former President Barack Obama instituted the sanctions back in 2014, they were designed in conjunction with Europe to punish Russian President Vladimir Putin for his annexations of Crimea and backing rebels in eastern Ukraine.

However, according to Rogers, these sanctions were nothing more than a "foolish mistake" that led Russia to become stronger and more self-sufficient…

"It's not the first time that history has changed by some foolish bureaucratic mistakes," said Rogers to Sputnik News on June 2. "America is shooting itself in the foot, making agriculture in Russia boom."

This result is permanent and will have lasting effects on the United States, according to Rogers. "Once the farmers learn how to do it – they will continue."

Indeed, agriculture has overtaken arms sales to become Russia's second-biggest export sector next to oil and gas, reported The Financial Times on April 19. In fact, Russia is now the world's biggest exporter of grains – all thanks to the U.S. sanctions, according to Rogers.

"In many ways the sanctions against Russia have helped Russia. It has made Russia an agricultural boom. It is a very, very strong growth industry right now," said Rogers.

"There are many unintended consequences that are good for Russia and bad for America."

And one of these consequences – perhaps the most important – is one we've warned you about before…

- Source, Money Morning