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03-02-2024, 11:35 PM
It has been the longest time in American history without a recession, and all the signs point to the worst crash of our lifetimes coming, according to Jim Rogers, Chairman of Rogers Holdings.
“It's been the longest [period] in American history that we've gone without a recession,” Rogers told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News. “It doesn't mean there will have to be a recession, but we always have. And I see the various signs that something is going to go wrong soon.”
Rogers is a best-selling author who is best known for co-founding the Quantum Fund and launching the Soros Fund Management with George Soros, which averaged an annual return of 20% from 1970 to 2011.
There are signs that a bear market is coming, Rogers said. If it happens, it will be the worst in our lifetime, Rogers pointed out, giving his forecast for the timeline in this interview with Michelle Makori.
"In 2008, we had a big problem, but the debt everywhere has skyrocketed since then. So the next recession has to be the worst in my lifetime because the debt is so much higher now than it has ever been before in my lifetime. Even China has a lot of debt now.”
The U.S. began 2024 with its national debt surpassing $34 trillion. The number of Wall Street experts highlighting this issue has also been growing. JPMorgan Chase CEO Jamie Dimon recently warned that the U.S. economy is heading towards a financial crisis due to escalating national debt. Dimon projected a looming "hockey stick" surge in debt and noted that the crisis could be ten years out as he spoke at the Bipartisan Policy Center last week. "It is a cliff, we see the cliff. It's about ten years out, we're going 60 miles an hour [toward it],” he said.
However, Rogers’ timeline is much more pressing as he sees the worst crash of his lifetime happening much sooner. Watch the video above to get Rogers’ timeline on when to expect this crash.
Given that it is an election year, things might get complicated, but there comes a point when things get out of control, Rogers added. “I'm afraid I see the signs.”
How to prepare for the coming crisis
Aside from boosting individual gold and silver stashes, there are some concrete assets Rogers suggests looking at in this environment.
Rogers sees a potential opportunity shorting the Magnificent 7 — Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA, and Tesla, which he sees as overvalued, but hasn’t established when he would execute a short trade. “Those are on my list to short because those are the ones that are being exploited and have very high valuations,” he said adding that he is not shorting yet.
Rogers is also sitting on “a lot of cash,” mainly in U.S. dollars, as he looks for opportunities. “The U.S. dollar is not a sound currency anymore. We're the largest debtor nation in the history of the world. But everybody thinks it's a sound currency, and they think it's a safe haven. So when problems come, people race to a safe haven,” he clarified.
The Chinese market and the agriculture sector are other investment options Rogers is highly interested in. For insights on what sectors he is exploring, watch the video above.
Are we on the brink of WW3?
Rogers admitted that he fears regional conflicts escalating into a major global war.
“We have small wars now, and historically, small wars somehow or another wind up turning into big wars. We would think that people would learn the lessons of history, but they never do,” he warned. “I don't like the signs that I see. I would like to think that we're smart enough to stay away from war. But, mankind has never been smart enough to avoid wars.”
When asked whether the world is on the precipice of escalating into a global war, he said he sees “the signs moving in that direction.”
And even though Rogers did rule out an end-of-the-world type scenario, he cautioned that the younger generation will have a lot of problems on their hands. "I promise you that we're going to have 2025. But it's a good time to be an old American because of all of these problems that America's going to have in the future. I'm not going to be around. It's not a good time to be a young American," he said.
Some people will do well in the next several decades while others suffer, Rogers added. Watch the video above for the legendary investor’s insights on how to succeed.
China to take back Taiwan
There are several potential triggers for a wider conflict, including the Israel-Hamas war spilling over, escalation in the ongoing war in Ukraine, and the China-Taiwan tensions.
Looking ahead, Rogers believes Taiwan is going to be part of China. “I can look at the globe, and I know that Taiwan's going to be part of China again someday. Will it be by war? I hope not. China seems to be smart enough to just wait because they know it's going to be theirs again someday, and I hope they will just wait,” he said.
On how this all could play out and for other global situations Rogers is watching, watch the video above.
Rogers is still bullish on China’s economy, which is facing many challenges, such as slower-than-expected growth, the real estate crisis, deflation, export declines, and high youth unemployment.
This week, the Hong Kong court ordered the liquidation of China Evergrande, the world's most heavily indebted real estate developer. This decision impacts China's real estate sector, but the outcome hinges on the Chinese mainland's response to the Hong Kong court's decision.
Rogers highlighted that he is looking for opportunities in the Chinese market. To get his specific sector picks, watch the video above.
Bitcoin’s Existential Threat
The legendary investor also weighed in on the possibility of Bitcoin getting banned by governments. He outlined under which scenario that would be possible. Watch the video above for insights.
“It's been the longest [period] in American history that we've gone without a recession,” Rogers told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News. “It doesn't mean there will have to be a recession, but we always have. And I see the various signs that something is going to go wrong soon.”
Rogers is a best-selling author who is best known for co-founding the Quantum Fund and launching the Soros Fund Management with George Soros, which averaged an annual return of 20% from 1970 to 2011.
There are signs that a bear market is coming, Rogers said. If it happens, it will be the worst in our lifetime, Rogers pointed out, giving his forecast for the timeline in this interview with Michelle Makori.
"In 2008, we had a big problem, but the debt everywhere has skyrocketed since then. So the next recession has to be the worst in my lifetime because the debt is so much higher now than it has ever been before in my lifetime. Even China has a lot of debt now.”
The U.S. began 2024 with its national debt surpassing $34 trillion. The number of Wall Street experts highlighting this issue has also been growing. JPMorgan Chase CEO Jamie Dimon recently warned that the U.S. economy is heading towards a financial crisis due to escalating national debt. Dimon projected a looming "hockey stick" surge in debt and noted that the crisis could be ten years out as he spoke at the Bipartisan Policy Center last week. "It is a cliff, we see the cliff. It's about ten years out, we're going 60 miles an hour [toward it],” he said.
However, Rogers’ timeline is much more pressing as he sees the worst crash of his lifetime happening much sooner. Watch the video above to get Rogers’ timeline on when to expect this crash.
Given that it is an election year, things might get complicated, but there comes a point when things get out of control, Rogers added. “I'm afraid I see the signs.”
How to prepare for the coming crisis
Aside from boosting individual gold and silver stashes, there are some concrete assets Rogers suggests looking at in this environment.
Rogers sees a potential opportunity shorting the Magnificent 7 — Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA, and Tesla, which he sees as overvalued, but hasn’t established when he would execute a short trade. “Those are on my list to short because those are the ones that are being exploited and have very high valuations,” he said adding that he is not shorting yet.
Rogers is also sitting on “a lot of cash,” mainly in U.S. dollars, as he looks for opportunities. “The U.S. dollar is not a sound currency anymore. We're the largest debtor nation in the history of the world. But everybody thinks it's a sound currency, and they think it's a safe haven. So when problems come, people race to a safe haven,” he clarified.
The Chinese market and the agriculture sector are other investment options Rogers is highly interested in. For insights on what sectors he is exploring, watch the video above.
Are we on the brink of WW3?
Rogers admitted that he fears regional conflicts escalating into a major global war.
“We have small wars now, and historically, small wars somehow or another wind up turning into big wars. We would think that people would learn the lessons of history, but they never do,” he warned. “I don't like the signs that I see. I would like to think that we're smart enough to stay away from war. But, mankind has never been smart enough to avoid wars.”
When asked whether the world is on the precipice of escalating into a global war, he said he sees “the signs moving in that direction.”
And even though Rogers did rule out an end-of-the-world type scenario, he cautioned that the younger generation will have a lot of problems on their hands. "I promise you that we're going to have 2025. But it's a good time to be an old American because of all of these problems that America's going to have in the future. I'm not going to be around. It's not a good time to be a young American," he said.
Some people will do well in the next several decades while others suffer, Rogers added. Watch the video above for the legendary investor’s insights on how to succeed.
China to take back Taiwan
There are several potential triggers for a wider conflict, including the Israel-Hamas war spilling over, escalation in the ongoing war in Ukraine, and the China-Taiwan tensions.
Looking ahead, Rogers believes Taiwan is going to be part of China. “I can look at the globe, and I know that Taiwan's going to be part of China again someday. Will it be by war? I hope not. China seems to be smart enough to just wait because they know it's going to be theirs again someday, and I hope they will just wait,” he said.
On how this all could play out and for other global situations Rogers is watching, watch the video above.
Rogers is still bullish on China’s economy, which is facing many challenges, such as slower-than-expected growth, the real estate crisis, deflation, export declines, and high youth unemployment.
This week, the Hong Kong court ordered the liquidation of China Evergrande, the world's most heavily indebted real estate developer. This decision impacts China's real estate sector, but the outcome hinges on the Chinese mainland's response to the Hong Kong court's decision.
Rogers highlighted that he is looking for opportunities in the Chinese market. To get his specific sector picks, watch the video above.
Bitcoin’s Existential Threat
The legendary investor also weighed in on the possibility of Bitcoin getting banned by governments. He outlined under which scenario that would be possible. Watch the video above for insights.
