Sam Zell, Chairman of Equity Group Investments, (EGI, Financial) is widely regarded as the shrewdest real estate investor on the planet.
Zell famously sold Equity Office Properties Trust for $39 billion to the Blackstone Group in 2007 just before the real estate crash.
Nowadays Zell is extremely concerned about the U.S. dollar. and is frightened that the dollar could lose it's reserve currency status.
"I think you could see a 25 percent reduction in the standard of living in this country if the US dollar was no longer the world's reserve currency," he said. "That's how valuable it is."
The reason's for Zell's bearishness are mounting budget deficits and no political willingness to slash entitlement programs like Medicare.
Zell responded to Warren Buffett's recent comments that "America's best days lie ahead." Zell thinks that it is not a given that America will continue on it's path of economic dominance.
"Our historical position has in fact put us in a position where we can attract anybody from anywhere in the world and we've just got to recognize that and act accordingly," he said. "The best days of America are ahead of America as long as we continue to be America."
Zell famously sold Equity Office Properties Trust for $39 billion to the Blackstone Group in 2007 just before the real estate crash.
Nowadays Zell is extremely concerned about the U.S. dollar. and is frightened that the dollar could lose it's reserve currency status.
"I think you could see a 25 percent reduction in the standard of living in this country if the US dollar was no longer the world's reserve currency," he said. "That's how valuable it is."
The reason's for Zell's bearishness are mounting budget deficits and no political willingness to slash entitlement programs like Medicare.
Zell responded to Warren Buffett's recent comments that "America's best days lie ahead." Zell thinks that it is not a given that America will continue on it's path of economic dominance.
"Our historical position has in fact put us in a position where we can attract anybody from anywhere in the world and we've just got to recognize that and act accordingly," he said. "The best days of America are ahead of America as long as we continue to be America."
