Jim Rogers: Next Recession Will Be Much Worse
Posted: Tuesday, May 11th, 2010
Legendary investor Jim Rogers gives his analysis on currency markets, inflation, and commodities, and provides solutions to the economic problems in the US.
While optimistic that the US dollar is an okay place to be in the short-term for technical reasons, Rogers says the currency is terribly-flawed over the long-term. He believes inflation is here, as prices are already going up.
"Prices are going to get worse because Mr. Bernanke and the people in Washington are spending gigantic amounts of money which we don't have, and someobody has to pay for this. There's no free lunch."
Stocks, Rogers says, are rising because of the money being flooded into the market. He sees oil prices staying high or going much higher unless new oil reserves are discovered.
Rogers predicts a much worse recession to come. "The world is going to run out of trees at the rate Mr. Bernanke prints money, " he says. Rogers forecasts turmoil in the currency markets, in the next year or two, that's going to affect all of us. "Problems in the currency markets frequently lead to problems in our daily lives, " he comments. Rogers urges people to learn about currencies.
The way out, according to the investment guru, are for the US to abolish the central bank, the source of the problems, and stop spending.