Investor Jim Rogers predicts U.S. recession within next year

By Marilyn Malara  |  March 5, 2016 at 9:29 AM
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LONDON, March 5 (UPI) -- Businessman and investor Jim Rogers said the United States will undergo an economic recession within the next 12 months.

In an appearance on Bloomberg TV, the Rogers Holdings chairman told anchor Guy Johnson the U.S. economy is overdue for a downturn.

"It's been seven years, eight years since we had the last recession in the U.S., and normally, historically we have them every four to seven years for whatever reason -- at least we always have," he said. "It doesn't have to happen in four to seven years, but look at the debt, the debt is staggering."

Rogers' comments come shortly after Wall Street economists at JP Morgan predicted a 33 percent chance of a downturn within the next year, with a recession being 100 percent certain within the next three years.

Rogers also predicted the strengthening of the U.S. dollar as investors drop the yen, euro and others for the perceived "safer" currency. However, the former George Soros partner said it will not be a long-term fix.

"It might even turn into a bubble," he said of the Dollar. "I mean, if markets around the world are crashing, let's just say that scenario happens, everybody's going to put their money in the U.S. dollar -- it could turn into a bubble."

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