Whereas the coronavirus outbreak triggered the deepest disaster in many years, “overreacting” politicians have solely exacerbated the state of affairs, legendary investor Jim Rogers has advised a global discussion board hosted by Russia.
“That is in all probability the worst [crisis] that I’ve seen in my lifetime, as a result of every little thing collapsed and also you had politicians and media and all people overreacting for my part, and all people closed down,” he advised the 12th annual ‘Russia Calling’ Funding Discussion board in Moscow, when requested if he sees any parallels with earlier monetary crises.
The enterprise occasion is being held on-line this yr for the primary time as a result of pandemic.
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‘I don’t like saying it, however one thing will change the US greenback’: Investor Jim Rogers says century of USD reign is ending
“We’ve had many epidemics in historical past, however by no means earlier than did they shut McDonalds, by no means earlier than did they shut all of the airways,” Rogers famous, including that this overreaction has ruined many economies and the lives of many individuals.
The investor believes that the present disaster is markedly completely different to earlier ones as by no means in historical past have governments spent, printed or borrowed a lot cash. Whereas the present state of affairs is perhaps good for the markets, he famous that it can’t be good for the longer term as a result of skyrocketing debt.
“I warning all of you, it’s been 11 years since we’ve had a severe bear market… and I might counsel to you that possibly subsequent time when we’ve a severe bear promote it’s going to be the worst in my lifetime,” Rogers advised the members of the discussion board.
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