Prominent investor Jim Rogers warned of an upcoming bear market that would be the “worst” of his life in an interview with Kitco News, published last week. Rogers is a former business partner of George Soros, co-founder of the Quantum Fund and Soros Fund Manager.
He predicts things have only just begun, the worst is yet to come:
More bear markets are coming… The next market is going to be the worst of my life.
In 2008, “we had problems with too much debt,” he noted, noting that the debt had skyrocketed since then.
“Debts, gosh, look at that debt has skyrocketed all over the place, so the next bear market is going to be terrible. The US has increased its debt many times since 2009. Japan, my god, they don’t even know how much they owe. In many countries around the world, debt is getting higher and higher. As terrible as 2008 was, it’s much worse now.”
Many stocks fell 70%, 80%, 90%. Of course, that will happen. I just don’t know when.
“It’s been 13 years since we had big problems and that’s the longest time in American history,” .
Jim Rogers Talks About The US Dollar Losing Its Dominance
Rogers also reiterated his view that the U.S. dollar would lose ground, saying that “the Russo-Ukrainian War accelerated the dollar’s devaluation.”
The veteran investor described: “The world’s international medium of exchange is said to be neutral (meaning USD). Anyone can do whatever they want. But, unfortunately, Washington is changing those rules. Washington says if they don’t like you, you can’t use US dollars and that’s not how it’s supposed to work. ‘”
Rogers also commented on Bitcoin (BTC), confirming that he has not purchased any BTC. He reiterated his view that if cryptocurrency succeeds as a currency, governments will outlaw it because they don’t like competition.