Veteran investor Jim Rogers, who co-founded the Quantum Fund
with billionaire investor George Soros, has warned that more bear
markets are coming and the next one will be “the worst” in his lifetime.
Noting that many stocks will go down 90%, he stressed that investors
will lose a lot of money.
Jim Rogers Says ‘the Worst’ Bear Market in His Lifetime Is Coming Next
Famed investor Jim Rogers warned about an incoming bear market that
will be “the worst” in his lifetime in an interview with Kitco News,
published last week. Rogers is George Soros’ former business partner who
co-founded the Quantum Fund and Soros Fund Management.
Citing that we are somewhat in a bear market right now, he predicted that the worst has yet to come, warning:
More bear markets are coming … The next one is going to be the worst in my lifetime.
While explaining that in 2008, “we had a problem with too much debt,” he stressed that the debt has skyrocketed since then.
“The debt, oh my God, look out the window, the debt has skyrocketed
everywhere, so the next bear market has to be horrible,” he opined. “How
can it not be a horrible bear market … I mean, the U.S. has increased
its debt by several times since 2009. Japan, oh my God, they can’t even
count the debt in Japan. In many countries in the world, the debt just
goes higher and higher and higher … 2008 was because of too much debt,
it’s much worse now.”
Rogers elaborated:
Many stocks are going to go down 70%, 80%, 90%. Of course, that’s 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
overdue on a historic basis.”
He further detailed: “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 how it works. They’re all
going to lose a lot of money. I hope I’m not one of them.”
Jim Rogers on the U.S. Dollar Losing Its Dominance
Rogers also reiterated his view that the U.S. dollar will lose its dominance, stating that “The Russia-Ukraine war has accelerated it.”
The veteran investor described: “The world’s international medium of
exchange is supposed to be neutral — anybody can do anything with it
they want to. But, unfortunately, Washington is changing those rules.
Washington says well if they don’t like you, you cannot use the U.S.
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 asserted that the U.S. government has shown that it will “take
your money away from you” if it does not like you. “Many people have had
their assets seized by the U.S. because they don’t like them,” Rogers
emphasized, elaborating:
Many countries, even our allies, are now looking for
something to compete [with the U.S. dollar] because it could happen to
them, you know, all of a sudden Washington could say you are finished.
Rogers also commented on bitcoin, confirming that he has not bought any BTC. He reiterated his view that if the cryptocurrency succeeds as a currency, governments will outlaw it because they do not like competition.
source link : https://news.bitcoin.com/renowned-investor-jim-rogers-warns-the-worst-bear-market-in-his-lifetime-is-incoming/
