‘We are going to have a horrible time,’ Jim Rogers tells Boom Bust as global debt skyrockets
He talks to RT’s Boom Bust about the state of the global economy and what could be over the horizon. Never before in world history have interest rates been so low, Rogers says. The US’ central bank, the Fed, increased its balance sheet by over 500 percent in less than a decade. Japan’s central bank prints money and buys ETFs and bonds.
“These are astonishing statements and facts… this is insanity, that’s not how sound economic systems are supposed to work.” According to the trader, in 2008 we had problems because of too much debt.
However, “since then the debt has skyrocketed everywhere and it’s going higher and higher. We are going to have a horrible time when this all comes to an end.”
“Eventually, the market is going to say: ‘We don’t want this, we don’t want to play this game anymore, and we don’t want your garbage paper anymore’,” Rodgers explained.
When that happens then central banks will print even more and buy even more assets.“And that’s when we will have very serious problems… We all are going to pay a horrible price someday but in the meantime it’s a lot of fun for a lot of people.”
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