Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, expects the bear market to get much worse, adding that this recession will be the worst in his lifetime. “We are probably going to have one last rally but that will be it,” he predicted. “Then we are coming to the end of the line. Be worried.”
Jim Rogers on the Worst Recession in His Lifetime
Famed investor Jim Rogers shared his view about the U.S. economy in an interview with Business Today, published Monday. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management.
He was asked if right now is “the beginning of an impending recession, the worst ever like it’s been predicted by some.” Rogers replied:
Well, before this is over, yes, it’s going to be the worst in my lifetime.
“In 2008, we had a problem because of too much debt,” he explained. “But since 2009, the debt everywhere, everywhere, has skyrocketed. So the next problem has to be the worst in my lifetime because the debt has gotten so, so, so much worse.”
However, he noted: “Having said that, there’s a huge amount of pessimism around right now, and normally when there’s a lot of pessimism, something happens and people get happy for a short time.”
While stating that he is not making a prediction, Rogers opined: “If there were peace in Ukraine, oh my gosh, the pessimism would disappear and stocks would go up.”
The renowned investor warned:
So, something is probably going to happen. We are probably going to have one last rally but that will be it. Then we are coming to the end of the line. Be worried.
Regarding the stock market, he said: “There have been many times in history when stocks have done nothing for a long period of time or even declined for a long period of time … Stocks do not have to go up all the time. We have had many long bear markets, and we will, we are going to have another one now, soon.”
While emphasizing that “This year so far has been one of the worst” and bear markets “can be really, really devastating and surprising,” Rogers stressed:
Before it’s over, I expect [it] to get much, much, much worse … Some companies will go bankrupt.
In July, Rogers warned that the worst bear market in his lifetime is coming. He has also predicted the end of the U.S. dollar.
What do you think about the comments by Jim Rogers? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.