Posted on 2020-03-30 15:53:00
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Governments worldwide are trying to stop the spread of the Covid-19 virus, which now threatens the global economy. RT talked to legendary investor Jim Rogers about the financial consequences of the outbreak.
Many people are going to suffer very badly, as the effects of this pandemic are going to last for a long time, according to Rogers.
“I told RT earlier that the next time we are going to have a financial problem it’s going to be the worst…” said Rogers, adding that it appears we are headed toward “the worst financial crisis of our lifetimes” and “we will know in a few months.”
According to the legendary investor, lots of industries like airlines and travel are going to suffer. Companies with big debts are especially vulnerable at this time, Rogers explained, and those participating in international trade in particular will have serious problems. “Some of them will be bankrupt,” he said, noting that major airlines and shipping companies will probably be bailed out because it would otherwise be “embarrassing for the countries.”
Talking about the financial markets’ turmoil, Rogers said, that most markets were not ready for the global health crisis and did not know what was coming. However, the reason behind such a mayhem is “not just the virus, it is certainly much more” than that.
Rogers also has a piece of advice for investors, suggesting they invest their money “only in what they know a lot about.”