Article Image

IPFS News Link • Economy - International

Jim Rogers: Brexit Blowback "Worse Than Any Bear Market You've Ever Seen"

• http://www.zerohedge.com,

In an interview with Yahoo! Finance, the legendary investor had some candid and quite unnerving things to say about the global market in the aftermath of Brexit.

"This is going to be worse than any bear market that you've seen in your lifetime. 2008 was pretty bad because of debt, well the debt all over the world is much, much higher now. Stocks in the US for instance have been going sideways for 18 months, 24 months. That's called distribution by many people, so when you have distribution for a year and a half, it usually leads to bad things."
If that was too upbeat, Rogers unveils his bear scenario:

"The bear scenario, the bad scenario is that Scotland now leaves and takes the oil money, the city of London gets whacked by Europe, they lose a lot of income. The UK already has huge international debts, and it has balance of trade problems, budget problems, so the bear case is the pound disappears and England becomes Spain, or Poland, or Italy or something."


midfest.info