Veteran investor Jim Rogers, who co-founded Quantum Fund with billionaire investor George Soros, has warned that more bear markets are coming and the next one will be the “worst” of his lifetime. Noting that many stocks would go down 90%, he insisted that investors would lose a lot of money.
Jim Rogers Says ‘Worst’ Bear Market Is Coming Next in His Lifetime
Renowned investor Jim Rogers warned of an impending bear market that would be the “worst” in his lifetime in an interview with Kitco News published last week. Rogers is a former business partner of George Soros who co-founded Quantum Fund and Soros Fund Management.
Noting that we are in somewhat of a bear market right now, he predicted the worst was yet to come, warning:
More bear markets are coming… Next is going to be the worst in my lifetime.
Explaining that in 2008, “we had a problem with too much debt,” he stressed that debt has skyrocketed since then.
“Debt, oh my god, look out the window, debt has skyrocketed everywhere, so the next bear market must be terrible,” he said. “How can this not be a terrible bear market… I mean, the US has increased its debt many times since 2009. Japan, oh my god, they can’t even calculate the debt in Japan. Many countries in the world In the U.S., the debt just keeps getting higher and higher and higher… 2008 was due to too much debt, now it’s much worse.
Rogers elaborated:
Many stocks are going to go down 70%, 80%, 90%. Of course, that’s going to happen. I don’t know when.
“It’s been 13 years since we had major problems and this is the longest in American history,” he said, adding that “it’s already overdue on historical grounds.”
He further elaborated: “We have very high valuations, we have staggering debt, we have a lot of new investors coming in. It’s not my first rodeo. I’ve seen this movie. I know it’s going to happen.” How that works. They’re all going to lose a lot of money. I hope I’m not one of them.”
Jim Rogers loses dominance over the US dollar
Rogers reiterated his view that the US dollar would lose its dominance, adding that “the Russo-Ukraine war has intensified this.”
The veteran investor described: “The world’s international exchange medium is supposed to be neutral – anyone can do anything with it whatever they want. But, unfortunately, Washington is changing those rules. Washington says well that if They don’t like you, you can’t use the US dollar, and people say, ‘Wait a minute, an international medium of exchange is supposed to be neutral. It’s not the way it should work.’ “
He insisted that the US government has shown that it will “take your money away from you” if it doesn’t like you. “Many people have their assets confiscated by America because they don’t like them,” Rogers insisted.
Many countries, even our allies, are now looking for something to compete with [with the U.S. dollar] Because it can happen to them, you know, suddenly Washington can say you’re finished.
Rogers also commented on Bitcoin, confirming that he has not bought any BTC. He reiterated his view that if cryptocurrency succeeds as a currency, governments will quash it because they don’t like competition.
What do you think of Jim Rogers’ warnings? Let us know in the comments section below.
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