Jim Rogers "apocalyptic" forecast: Get ready for the worst financial crisis

The legendary investor, Jim Rogers, has been sitting in a conversation with Business Director Henry Blodget for the weekly episode of The Bottom Line. Rogers predicts a collapse of the market in the coming years, the worst that he himself has seen in his life.

Blodget: What Will Happen?

Rogers: I learned very fast in my career, that I should not invest in what I want. I have to invest in what is happening in the world. Otherwise, I will go bankrupt. It will happen what is happening. Some investments in America will be transformed into a bubble. The bubble is coming. Then there is a collapse and for this we have to worry. But, Henry, that's good for you. Because someone has to refer to what is happening. So you have job security. You are lucky.

Blodget: It is true that the number of readers increases in incidents, but then falls completely when everyone collapses. Then when will it happen?

Rogers: By the end of this year or next year.

Blodget: At the end of this year, or next year?

Rogers: Yes, yes. Write it.

Blodget: And what will it cause?

Rogers: It's interesting, but these things always start from where we are not seeing. In 2007 in Iceland. Then people said, "Iceland? Is it a state? They have a market? "And then Iceland collapsed. Then Bear Stearns. Then Lehman Brothers. They are spirals. They always start from where we are not being saved. I do not know. It may be a pension fund in America, a country we do not see, or war - it is impossible to be the war - but it will be something.

Blodget: And how big can this incident be ?

Rogers: It will be the worst of your life.

Blodget: I've seen some very serious in my life.

Rogers: It will be the biggest of my life and I'm bigger than your age. It will be a very difficult thing. We have had financial problems in America every four or seven years since the beginning of the republic. Eight years have passed since last. It's coming. In 2008, we had a debt problem. Henry, the debt: he is nothing compared to what is happening today.

Blodget: I'm worried.

Rogers: You gotta be.

Blodget: Can someone save us?

Rogers: What is going to happen is that it will raise interest rates. Then, when things get really worse, people will call: "You have to save me. Western civilization is in risk. " And the FED (US Federal Reserve), consisting of bureaucrats and politicians, will say, "Well, it's better to do something." And, they will try it if it will not work.

Blodget: And, we are in a situation in which Western civilization seems to be collapsing even with the market that collapses all the time.

Rogers: That's why I moved to Asia. My sons speak Mandarin language because of what's coming. You will see the government go bankrupt.