, Jim Rogers Blog: Billionaire Investor Jim Rogers Predicts Global Bear Market Collapse

Tuesday, December 12, 2017

Billionaire Investor Jim Rogers Predicts Global Bear Market Collapse

As creator of the Rogers International Commodities Index (RICI), Rogers has seen the ins and outs of global markets, central banks and government institutions. Like so many other renowned investors, he isn't completely sold on bitcoin and cryptocurrencies as long-term holds.

“Governments don't like cash because it's expensive and because they can't control you as much,” Rogers told Stansberry. “Everyone's going to get rid of cash. Governments could issue their own cryptocurrency to control people. Governments like to have all the power themselves.”

Rogers thinks cashless societies are the future – whether bitcoin is the solution or not.

“People in China don't have paper money,” Rogers said. “They buy a cup of coffee, put their phone on the sensor, and it's paid for. They look at me funny when I say I have cash and want to pay. They say, 'We don't want to take cash. Cash is not efficient.' My children will never go to a bank, post office, or maybe even to a doctor when they're adults. The computer and the Internet are going to change money as we know it.”

Stansberry and Rogers didn't hold back in predicting a global economic collapse in the near future given insurmountable consumer debt levels.

“The next financial problem will be the worst in my lifetime because there's so much debt,” Rogers said. “The debt is much higher than in 2008. America is the largest debtor nation in the world. Japan has staggering debt. They have a declining population and debt that's going through the roof. If I were a 10-year-old Japanese, I'd get myself an AK-47, and I'd leave.”

The conversation wasn't all business and finance. Rogers touched on his previous relationships – including those with his ex-wives and business partners.

“I have not seen nor spoken to [Quantum Fund co-founder] George Soros in 37 years,” Rogers said. “You might as well ask me about my first wife. I don't know what he's up to. Occasionally, I read about him in the press. I've been a little bit better with money than I have with women. I got a good woman now, but I've certainly made plenty of mistakes.”