According to Jim Rogers, the situation is aggravated by overly emotional response from politicians and media. “Pandemics have happened before, but nobody ever closed down McDonalds, flights were never grounded”, — he said
The crisis, caused by the COVID-19 coronavirus infection pandemic, has turned out to be the worst over many years, as Jim Rogers, head of Roger Holdings Inc. said at VTB Capital’s "RUSSIA CALLING!" Forum. The investor said that “excessively emotional” response by politicians across the world was the main reason for this.
“This is the worst crisis of my lifetime. Because everything crashed. And politicians and media responded to the situation with excessive emotions. Pandemics have happened before, but nobody ever closed down McDonalds, flights were never grounded. And today politicians and media are responding very emotionally, aggravating the situation even more. The response is worse than the pandemic”, — said Rogers (the Forum is broadcast by RBC).
The head of Roger Holdings also warned that the volume of debt in the world is rapidly growing, since no other crisis saw “such spend and such borrowings”.
“In 3-4 years people will wake up and think “Wait, where did this debt come from?! Who is going to pay it back?”, — said Rogers, calling the current situation unprecedented.
He also warned that in the long term major problems will arise due to the Central Bank of Japan and other countries keep ramping up monetary volumes, running the printing press non-stop.
According to Rogers, during the combat with the pandemic states have spent and printed so much money that there is little potential left to continue, including struggle to rebuild the economy, hit by COVID-19. The next “bear market” will be the worst in the lifetime of anyone present at the Forum, warned Rogers.
According to Johns Hopkins University, the total number of people, infected with COVID-19 across the world has already climbed over 45 million, and almost 1,2 mn of those have died. The US, the world’s largest economy, has the most infected and deceased — almost 9 mn and over 228 thousand correspondingly.