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Because bailouts and printing money only add to the debt burden, Rogers said.
"What I see happening is more and more bailouts, higher and higher and higher debt," he said. "We’re going to have a worse recession next year and 2014 because the debt is high. ... In 2007 and 2008, the recession was worse because the debt was higher; 2013 and 2014, the debt is up to the ceiling. The recession is going to be worse. This is not going to be fun."
Rogers sees oil as a good investment over the long haul.
"The price of oil may well go down for a while. China is slowing down, India is slowing down, a lot of places are slowing down," he said. But "over a decade the price of oil is going to go through the roof. The surprise is going to be how high the price of oil stays and how high it goes. That doesn’t mean it cannot go to $70 in the meantime. But if it does, you should buy a lot of oil."
And gold. "If it goes down, I’ll buy more," he said.
But would he buy stocks?
"Not that I can think of," he said. "If stocks collapsed around the world I would have to buy a lot more stocks. I would buy stocks again, but I don’t see that happening. I’m telling you, the economy is going to be bad next year. Why buy stocks in the face of something like that?"
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