Famed investor Jim Rogers believes Central Bankers have no idea how to do their jobs and we’re all going to pay the price for their moronic choices.
“We’re all going to pay a horrible price for the incompetence of these central bankers,” he said Monday in a TV interview with CNNMoney’s Nina dos Santos.
“We got a bunch of academics and bureaucrats who don’t have a clue what they’re doing.”
The Singapore-based American investor said central bankers are doing everything they can to prop up financial markets, but none of their plans of action will work.
Rogers admits that some very unconventional practices will likely cause the stock market to rally in the near future, only to run into massive problems heading into 2017.
“This is going to be a disaster in the end,” he said. “You should be very worried and you should be prepared.”
Among the most unconventional of practices have been negative interest rates, which are being used to prop up inflation and support various economies around the world.
“The mistake they’re making is, they’ve got to let the markets sort themselves out,” he said.
“It’s been over seven years since we’ve had a decent correction in the American stock market. That’s not normal … Markets are supposed to correct. We’re supposed to have economic slowdowns. That’s the way the world has always worked. But these guys think they’re smarter than the market. They’re not.”
Jim Rogers is no stranger to heading towards the unknown, he made a name for himself in the 1970s when he co-founded a top-performing fund with George Soros. He has often invested in areas where others have shied away and it has paid off handsomely.