Jim Rogers Sees Disaster Ahead

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Fox Business News’ David Asman and Liz Claman interviewed Jim Rogers today regarding his expectations for the markets.

Rogers said we have substantial tax increases in store next year. He also stated we’ve had recessions every 4-6 years since the beginning of the republic. He added that next year is four to six years so we’re overdue. Rogers stated recessions have always happened and happened for different reasons.

Rogers warned about thinking it’s different this time.

When challenged whether this was a real recovery, Rogers responded that in Washington they call it a recovery. Rogers stated “The market has been going up – they (Washington) tell you the recession started in 2007 – six years from 2007 is 2013.” We’ve always had one and next time it’s going to be worse, according to Rogers.

Liz Claman asked Rogers what he was, a) doing to prepare for the recession, and b) deal with the weakness/volatility that we’ve seen. Rogers said one thing he’s noticed about the U. S. market is that everyone comes out with good news and stocks go down. He added that he’s been investing a long time and he’s noticed that when good news comes out and stocks go down something is wrong and you should be very worried.

Rogers said he doesn’t know what is wrong, but we had one of the best first quarters in history, and now good news is coming out and stocks are going down.

When asked what he was doing with his money, Rogers said he was short a few stocks around the world including in emerging markets and European stocks. He added that he’s long commodities (mainly agriculture, but has some of everything) and some currencies. He added that he owns gold and silver, but is worried about not being hedged in his gold position.

Regarding the emerging markets he was shorting, Rogers mentioned India which has a 90% debt/GDP ratio. Rogers also said he was worried about his Euro holdings.

Rogers said he believes the U. S. dollar is terribly flawed but it could go up if things go badly around the world.

Rogers predicted there would be huge problems in agriculture soon and the interview continued with his thoughts regarding this and the reasons he prefers living in Singapore.

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