Investment guru Jim Rogers believes another recession will be due in about 2012, but the difference next time will be the inability of central banks to throw cash at the problem.
Rogers, who started the pioneering Quantum fund with George Soros in 1970, says there has always been a recession every four to six years in the US "since the beginning of time".
"When the next one comes the world is going to be in worse shape because the world has shot all its bullets," he told CNBC.
"Is Mr Bernanke going to print more money than he already has? No, the world would run out of trees."
While second-quarter earnings have largely been better than expected, Rogers says this does not necessarily mean the recovery is stronger than anticipated.
"I am sure some of it is expectation management, but remember what the comparison is," Rogers adds.
"We are talking about the second quarter of 2009, when we thought the world was coming to an end.
"Worry about next year; do not worry about the second quarter now. That is history."
While Rogers believes last Friday's pan-European stress tests into the health of banks was just public relations, he still owns the euro. He took a hard line on inflation.
"We do have inflation in the world. Most central banks should resign," Rogers adds.
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