US media interview “The next bear market will be the worst in my life”
Excessive Debt, Rising Borrowing Makes Recession Worse
The foreign exchange market looking for an alternative to the dollar… “It will get worse in 2-3 years”
Global investment expert Jim Rogers said the biggest market downturn in 80 years is expected.
According to Business Insider on the 29th (local time), in a recent interview with RealVision, Rogers issued several warnings about what could happen next, including the worst market downturn.
First, he said, “The next bear market will be the worst market of my lifetime because debt has grown tremendously over the past 14 years.” More borrowing after the 2008 financial crisis, which was caused by excessive debt, suggested that a much more serious recession was imminent.
“We always have to worry about Washington,” he said, referring to the political gridlock in the United States over raising the debt ceiling. “They have no idea what they’re doing.”
Regarding the depreciation of the dollar, Rogers said, “You should be extremely concerned. Many countries are starting to look for alternatives to the US dollar because of their terrible debt problems.” “I’m watching everything,” he added, “and something bad is going to happen in the currency market in the next two or three years.”
Regarding interest rates, he said, “It will be higher globally,” and “I don’t know how high we will raise it this time to kill inflation.” “The world has never seen so much debt, spending and cash printing in the past few years. So, to solve this problem (inflation) this time, something (rising interest rates) is going to have to be very catastrophic.”
Rogers also mentioned that “there will be problems in all markets, whether it be the real estate market, the stock market, the bond market, the foreign exchange market,” and “you have to learn about cash or short selling in order to survive what is coming.”
He added, “The best investment destination when there is inflation is real assets, and real assets are commodities (raw materials),” adding, “The cheapest assets I know are still commodities.”
Regarding cryptocurrency, “I don’t think that the world’s currency will be converted to Bitcoin. It will be a world of digital money, but government-led digital money will be used.”
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.