"We are probably going to have one last rally but that will be it," he predicted. "Then we are coming to the end of the line. Be worried."

Jim Rogers on the Worst Recession in His Lifetime
Famed investor Jim Rogers shared his view about the U.S. economy in an interview with Business Today, published Monday. Rogers is George Soros' former business partner who co-founded the Quantum Fund and Soros Fund Management.

He was asked if right now is "the beginning of an impending recession, the worst ever like it's been predicted by some." Rogers replied:

"Well, before this is over, yes, it's going to be the worst in my lifetime."

"In 2008, we had a problem because of too much debt," he explained. "But since 2009, the debt everywhere, everywhere, has skyrocketed. So the next problem has to be the worst in my lifetime because the debt has gotten so, so, so much worse."

However, he noted: "Having said that, there's a huge amount of pessimism around right now, and normally when there's a lot of pessimism, something happens and people get happy for a short time."