Monday, June 27, 2022

Jim Rogers: Biggest Crash in My Lifetime Coming This Year or Next

Jim Rogers: Biggest Crash in My Lifetime Coming This Year or Next

Investor Jim Rogers is again making dire predictions for the economy — and the West itself. The long-time contrarian and commodities fan said a crash is coming, and it will be “the biggest in my lifetime”.

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Rogers made his comments in a video interview with Business Insider CEO Henry Blodget. He said the crash will come “later this year or next”, and will probably spiral out from somewhere few expect it to.

“Always happens where we’re not looking. I don’t know. It could be an American pension plan that goes broke and many of them are broke, as you know. It could be some country we’re not watching. It could be all sorts of things. It could be war. Unlikely to be war but it’s going to be something.”

However Rogers’ latest predictions do not represent a change. In fact, he’s well-known for his bearish prophesies on Western economies — especially after a decade of government intervention to mitigate the effects of the 2006-09 financial crisis.

economy crash boatHis statements about the “worst crash in our lifetime” echo similar ones in February in an interview with MacroVoices. He also regularly mentions that he moved his family to Singapore and has his children learn Mandarin.

Rogers said debt levels in 2008 were a problem, but “that debt is nothing compared to what’s happening now”. He’s even been concerned about China of late, telling CNBC in January that investors should invest in Russia instead. That stance, however, was based on the assumption that relations with Russia would improve remarkably under a Trump administration.

He cautioned that in the coming crisis, governments and whole countries would fail, and long-term institutions would disappear. “You’re going to see a lot more of that next around, whether it’s museums or hospitals or universities or financial firms,” he concluded.

But What Does Rogers Think of Bitcoin?

In May 2014 Rogers lamented he “missed the boat” on investing in bitcoin, but still didn’t understand it enough to jump in. At that time, bitcoin was around $600 — and on the way down. He also cautioned that we would “pay a terrible price” for excessive fiat money-printing.

He’s known mainly for his investments in everyday commodities, but also says he likes to buy gold and silver when their prices dip.

In March this year, however, Rogers wrote on his own blog that he’s “bearish on bitcoin”:

“Unfortunately I am afraid that the use of Bitcoin or any other digital currency will not be very successful because in the end governments are going to decide which electronic money you use.”

In early November last year, Rogers predicted Donald Trump would win the U.S. presidential election. However he also said that win would be accompanied by a market crash. That crash may still come, but not as immediately as Rogers foretold.

Do you agree with Jim Rogers’ predictions? Let’s hear your thoughts.

Images via Pixabay, FreeRepublic

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