Billionaire investor George Soros and veteran investor Jim Rogers, who co-founded the Quantum Fund, say another bear market is coming and the next market will be the ‘worst’ of his lifetime. Many stocks will drop by 90%, stressing that investors will suffer huge losses.
Jim Rogers says the ‘worst’ bear market of his life is next
Renowned investor Jim Rogers warned of what would be the “worst” bear market of his lifetime in an interview with Kitco News published last week. Rogers co-founded Quantum Fund and Soros Fund Management George He is a former business partner of Soros.
Citing that he is currently in a slightly bear market, he predicted that the worst had not yet come and warned:
More bears are coming … the next one will be the worst in my life.
He emphasized that debt has skyrocketed since then, explaining in 2008 that “there was a problem of too much debt.”
“Debt, what a mess, look out the window. Debt is skyrocketing everywhere, so the next bear market must be horrifying,” he said. “It’s not a terrifying bear market … that is, the United States has increased its debt several times since 2009. In many countries around the world, debt is increasing … 2008 was due to too much debt. But now it’s getting worse. “
Rogers elaborated:
Many stocks are down 70%, 80% and 90%. Of course it will. I don’t know when.
“It’s been 13 years since we had a big problem, and it’s the longest in American history,” he said, adding that “historically it’s already behind us.”
He added: “We have a very good valuation, we have a tremendous amount of debt, we have a lot of new investors coming in. This is not my first rodeo. I saw 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 loses US dollar advantage
Rogers also The US dollar will lose its advantage“The war between Russia and Ukraine accelerated it,” he said.
A veteran investor said: But unfortunately, Washington has changed those rules. Washington often says you can’t spend US dollars if they don’t like you, and people say “wait a minute”. The international medium of exchange should be neutral. That’s not the way it’s supposed to work. ”
He argued that it showed that the U.S. government would “take your money away” if it didn’t like you. emphasized and elaborated as follows:
Many countries, even their allies, are looking for something to compete with [with the U.S. dollar] It can happen to them, so suddenly Washington could say you were done, you know.
Rogers also commented on Bitcoin, confirming that he did not buy Bitcoin BTCHe said that if cryptocurrency succeeds as a currency, Government outlaws Because they don’t like competition.
What do you think about Jim Rogers’ warning? Let us know in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation to buy or sell, or a product, service, or company recommendation or approval. Bitcoin.com We do not provide investment, tax, legal, or accounting advice. Neither the company nor the author is directly or indirectly liable for any damage or loss caused or alleged to be caused by the use or dependence of the content, products or services described in this article. ..
