Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, has warned that more bear markets are coming and that the next one will be “the worst” of his life. Noting that many stocks will drop 90%, he stressed that investors will lose a lot of money.
Jim Rogers Says ‘Worst’ Bear Market of His Life Is Next
Famed investor Jim Rogers warned of an incoming bear market that will be “the worst” of his life in an interview with Kitco News published last week. Rogers is the former business partner of George Soros who co-founded the Quantum Fund and Soros Fund Management.
Citing that we are somewhat of a bear market right now, he predicted that the worst is yet to come, warning:
More bear markets are coming… The next one is going to be the worst of my life.
Explaining that in 2008 “we had a problem with too much debt,” he noted that debt has skyrocketed since then.
“Debt, oh my gosh, look out the window, debt has skyrocketed everywhere, so the next bear market has got to be horrible,” he opined. “How can it not be a horrible bear market? I mean, the United States has increased its debt multiple times since 2009. Japan, my God, they can’t even count the debt in Japan. In many countries of the world, the debt goes up and up more and more… 2008 was because of too much debt, it is much worse now”.
Rogers elaborated:
A lot of stocks are going down 70%, 80%, 90%. Of course, that is going to happen. I just don’t know when.
“It’s been 13 years since we’ve had big problems and that’s the longest in American history,” he noted, adding that “it’s already historically behind.”
In addition, he detailed: “We have very high valuations, we have amazing debt, we have a lot of new investors coming in. It’s not my first rodeo. I have seen this movie. I know how it works. Everyone is going to lose a lot of money. I hope I’m not one of them.”
Jim Rogers on the loss of US dollar dominance
Rogers also reiterated his opinion that the The US dollar will lose its dominancestating that “The Russian-Ukrainian war has accelerated it”.
The veteran investor described: “The world’s international medium of exchange is supposed to be neutral: anyone can do what they want with it. But unfortunately, Washington is changing those rules. Washington says 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.’ That’s not the way it’s supposed to work.’”
He claimed that the US government has shown that “it will take your money” if it doesn’t like you. “The United States has seized a lot of people’s assets because they don’t like them,” Rogers emphasized, explaining:
Many countries, including our allies, are now looking for something to compete [with the U.S. dollar] because it could happen to them, you know, suddenly Washington could say you’re done.
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 outlaw because they don’t like competition.
What do you think of Jim Rogers’ warnings? Let us know in the comments section.
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