Jim Rogers: "In a global crisis, the US would be in a much worse position than Turkey"

Rogers said that the US would be in a much more difficult situation than Turkey in a possible global crisis.

Rogers, an 81-year-old financial expert who is closely followed for his predictions in the financial markets, pointed to the high public borrowing in the US and stated that they think they will have serious problems in the next 1-2 years.

Rogers said, "You know, we had a big problem in 2008 because of too much debt. Since 2009, debt has increased dramatically almost everywhere. So I think that in the next 1-2 years we will face the worst economic problem I can face in my lifetime."

Commenting on the Turkish economy, Rogers said, "I am still a fan of Turkey. Your government realizes that the currency has a value or should have a value. (Ultimately) it will be good for Turkey. You are in a place in the world where trade can be done very well. So I'm more optimistic about Turkey than I am about a lot of other countries."

Rogers said that in a possible global crisis, the US would be in a much more difficult situation than Turkey.

"We cannot live with inflation"

Jim Rogers stated that emerging economies are in better shape against a possible global financial crisis and said, "(In a possible global financial crisis) Emerging economies will not be as affected as Western (economies). Emerging markets will not suffer as much as the US, Japan and some other countries."

Stating that developed economies continue to print money, creating the current high inflation environment, and that something needs to be done to reduce inflation, Rogers said, "We cannot live with inflation."

Commenting on the BRICS group of countries consisting of Brazil, Russia, India, China and South Africa wanting to create their own currency, Rogers said that the world needs something to compete with the US dollar, but it will not come out of BRICS.

"Britain will have very serious problems"
Drawing attention to the increasing public debt of the British economy in the recent period, Rogers said, "They have gone to a large amount of public borrowing in recent years. That's why they will have very serious problems."

Stating that developed economy governments aim to take cryptocurrencies under their control, he said that cryptocurrencies to be created by central banks will be a currency belonging to states.

Stating that investors should invest in the field they know best in the current economic environment, Rogers said:

"When you go through hard times and your money loses its value, gold and silver are among the best ways of protection. I don't see cryptocurrency as a way to protect yourself because most people don't know about cryptocurrency. Everyone knows what gold is. Gold has been in circulation for thousands of years."

"Trade wars will get worse"

Famous investor Rogers claimed that politicians are trying to blame the deterioration in Western economies on immigrants and foreigners, "All governments will blame foreigners. They will all say 'because of foreigners'. So the (economic) strife will get worse. The trade wars will get worse."

Rogers argued that there is a big housing bubble in China and warned that the global housing bubble is coming to an end.

"When the housing bubble bursts, it takes time to clean up what's left behind"

Jim Rogers said, "The housing bubble is everywhere; China, New Zealand, parts of the US, many countries. When the bubble bursts, it takes time to clean up what's left behind. This will create problems in many countries."

Rogers said that in the current global economic outlook, consumers should look for ways to reduce their debts as much as possible.

Emphasizing that everyone should be extremely careful in the investment environment, Rogers said, "If you can afford it and understand agriculture, buy yourself a farm. Try to keep your debts as low as possible."