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. He noted that stocks would fall 90% and that investors could lose significant amounts of their 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.
He stated that there is a bearish market and warned that it will get worse.
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 on:
Many stocks will see a drop of 70%, 80% or 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. This is how it works. They’re all going to lose a lot of money. I hope I’m not one of them.”
Jim Rogers: The U.S. Dollar is 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. Washington, however, is changing these 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 and even allies want to become more competitive. [with the U.S. dollar]Because it might happen to them.
Rogers made a comment on bitcoin as well, and stated that he hadn’t bought any BTC. Rogers reiterated that the government will ban bitcoin if it succeeds in its currency role. They don’t like competition.
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