Renowned investor Jim Rogers has forecast the next financial crisis will be the worst in our lifetime where governments and countries could "disappear" and said people should start to "get very worried".
In a podcast interview with MacroVoices Erik Townsend, billionaire commodities investor Rogers (pictured) forecast firms disappearing, in the same way that Lehman Brothers and Bear Stearns failed during the 2008 financial crisis, and said the same could happen but on a much bigger scale.
Rogers said: "Get prepared because we are going to have the worst economic problems we have had in your lifetime or my lifetime and when that happens a lot of people are going to disappear.
"In 2008 Bear Stearns disappeared, Bear Stearns had been around over 90 years. Lehman Brothers disappeared. Lehman Brothers had been around over 150 years. A long, long time, a long glorious history, they have been through wars, depression, civil war, they have been through everything and yet they disappear.
"So the next time around it is going to be worse than anything we have seen and a lot of institutions, people, companies, certainly governments and maybe even countries are going to disappear. I hope you get very worried."
A turning point for the next financial crisis could be a trade war between US President Donald Trump and China, Mexico, Japan or Korea, which he forecast would lead to disaster. On his first day of office, Trump said he would impose 45% tariffs against China.
"History is very clear that trade wars always lead to problems, often to disaster, sometimes even to real war, a shooting war.
"[The US dollar] is going to go too high, it may turn into a bubble, at which point I hope I am smart enough to sell it [as] the market forces are going to cause the dollar to come back down when people realise this is causing a lot of turmoil and economic problems in the world, and it is damaging the American economy.
"At that point the smart guys will get out. I hope I am one of them."
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