Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, warns that more bear markets are coming and the next one will be the “worst” in his lifetime He points out that many stocks will fall 90%. He noted that many stocks will fall 90% and stressed that investors will suffer heavy losses.
Jim Rogers Says ‘Worst’ Bear Market in Lifetime Coming Next
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Renowned investor Jim Rogers warned of the “worst” bear market in his lifetime in an interview with Kitco News published last week. In an interview with Kitco News published last week Rogers is a former business partner of George Soros and co-founded Quantum Fund and Soros Fund Management.
He warned that the worst is yet to come, citing that we are in a somewhat bear market and predicting that the worst is yet to come.
More bear markets are coming…the next one will be the worst in my lifetime.
He explained that in 2008, “we had the problem of too much debt,” but emphasized that debt has skyrocketed since then.
“Debt, oh my god, look out the window, debt has skyrocketed everywhere, so the next bear market should be horrible,” he opined. ‘I mean, the U.S. has increased its debt several fold since 2009. Japan, my God, you can’t even count Japan’s debt. In many countries around the world, the debt goes up and up and up … In 2008, it was because of too much debt, but now it’s even worse.”
Rogers elaborated.
Many stocks will go down 70%, 80%, 90%. Of course, it’s going to happen. We just don’t know when.
“It’s been 13 years since we’ve had a major problem, which is the longest in American history,” he noted, adding, “Historically speaking, the statute of limitations has already passed.”
He further elaborated. He added, “We have very high valuations, huge debt, and a lot of new investors coming in. This is not my first rodeo. I have seen this movie. I’ve seen this movie and I know how to do it. They all lose a lot of money, and I hope I’m not one of them.”
Jim Rogers on the U.S. dollar’s loss of dominance
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Rogers also reiterated his view that the U.S. dollar will lose its dominance and that “the Russian/Ukrainian war accelerated it,” he said.
The veteran investor described it this way.
“The world’s international medium of exchange should be neutral, and anyone can do what they want. But unfortunately, Washington is trying to change that rule. But unfortunately, Washington is trying to change that rule. The international medium of exchange should be neutral.
He claimed that the U.S. government has shown that if it doesn’t like it, it will “take money from you.” Rogers stressed and elaborated, “Many people have had their assets seized by the U.S. because they don’t like it.”
Many countries, even our allies, are now looking for something to counter [the US dollar]. Because all of a sudden, it could happen that Washington says you’re done.
Rogers also commented on Bitcoin, 56} confirming that he did not buy BTCBTC. He reiterated his view that if cryptocurrency becomes successful as a currency, governments will outlaw it because they do not want competition.
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