Wise heads desert falling US dollar

GISELE BUNDCHEN wants to remain the world's richest model and is insisting that she be paid in almost any currency but the US dollar.

Like billionaire investors Warren Buffett and Bill Gross, the Brazilian supermodel, who Forbes magazine says earns more than anyone else in her industry, is at the top of a growing list of rich people who have concluded that the currency can only depreciate because Americans are living beyond their means.

Even after the dollar lost 34 per cent since 2001, the biggest investors and most accurate forecasters say it will weaken further as home sales fall and the Federal Reserve cuts interest rates. The dollar plummeted to its lowest-ever last week against the euro, the Canadian dollar and the Chinese yuan, and was the cheapest in 26 years against the British pound.

"We've told all of our clients that if you only had one idea, one investment, it would be to buy an investment in a non-dollar currency," said Mr Gross, the chief investment officer of Pacific Investment Management in Newport Beach, California, and manager of the world's biggest bond fund. "That should be on top of the list," said Mr Gross, whose firm is a unit of the Munich-based insurer Allianz.

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