Real-Time Quote
US News
Page 1 of 2 | Next Page
Show Entire Article

100% Chance of Crisis, Worse Than 2008: Jim Rogers
CNBC.com | November 09, 2011 | 04:26 AM EST

The world is definitely going to face another financial crisis stemming from problems in Europe, Jim Rogers said Wednesday.

"We're certainly going to have more crises coming out of Europe and America; the world is in trouble. The world has been spending staggering amounts of money that it doesn't have for a few decades now, and it's all coming home to roost," Rogers, CEO and chairman Rogers Holdings told CNBC.

He added that the crisis would be much worse than the one markets saw in 2008 because the debt is much higher now.

"Last time, America quadrupled its debt. The system is much more extended now, and America cannot quadruple its debt again. Greece cannot double its debt again. The next time around is going to be much worse," Rogers said.

"In 2002 it was bad, in 2008 it was worse and 2012 or 2013 is going to be worse still – be careful," he added.

Rogers said he was long the euro despite the euro zone facing deep crises, but said all paper money was now under duress.

"I own several paper currencies. My theory is that if things get better I will make money in commodities, and if they don't get better I'll make money in commodities because they'll print more money and stocks will be going down a lot," he said.

"I own the euro because everyone is beating it down so badly and the US dollar too," he added.

Page 1 of 2 | Next Page
Show Entire Article
Real-Time Quote
omniture pixel