American billionaire: The biggest financial crisis is coming in, not comparable to the one in 2008

American billionaire Jim Rogers, a business partner of legendary George Soros since the 1970s, warns that a new financial crisis is coming, “the biggest in his life,” much tougher than 2008.

In an interview with the Business Insider, Jim Rogers, 75, predicted a collapse of the financial markets in the near future, which will be more devastating than any other crisis so far.

Already a bubble is formed. It will soon explode

Asked what will happen with the financial markets, Rogers replied that some of the stocks in America are turning into a bubble that will explode, so we should be worried. The billionaire assured his interlocutor, Business Insider CEO Henry Blodget, that he is one of the lucky ones who will keep their job because someone has to report the crisis.

Invited to say exactly when this new crisis will come, the billionaire simply said: Later this year or next year.

And what will trigger the crisis? – was the next question.

“In 2007, Iceland went bankrupt, but people then said ‘Iceland’? Is that a country? Do they also have a market?’. Then followed Ireland, Bear Stearns, Lehman Brothers. Crises are always like spirals, they always start where you do not look,” Jim Rogers explained.

Thus, according to the businessman, it could be a bankrupt pension fund, it could be some country we’re not watching, it could be a war – less likely to be a war, “but it’s going to be something .”

Even the Chinese have debts now

But how big will this crisis be? – naturally came the next question. “It will be the greatest of my life, and I’m older than you. It will be very serious,” Rogers said.

”We’ve had financial problems in America — let’s use America — every four to seven years, since the beginning of the republic. Well, it’s been over eight since the last one. In 2008, we had a problem because of debt. That debt is nothing compared to what’s happening now.

In 2008, the Chinese had a lot of money saved for a rainy day. It started raining. They started spending the money. Now even the Chinese have debt, and the debt is much higher.” the billionaire explained.

Is there a way to escape?

Regarding the solutions to this crisis, Jim Rogers said they would try a way out: “They will try. What’s going to happen is they’re going to raise interest rates some more. Then when things start going really bad, people are going to call and say, ”You must save me. It’s Western civilisation. It’s going to collapse.’ And the Fed, who is made up of bureaucrats and politicians, will say, ”Well, we better do something.’ And they’ll try, but it won’t work. It’ll cause some rallies, but it won’t work this time.”

The billionaire also said we would see political parties, traditional institutions, museums, hospitals, universities, financial firms disappearing.

Jim Rogers isn’t the only one talking about the next crisis. Noam Chomsky, a well-known economist, historian and linguist, warns that another financial crash is on the horizon, claiming that Donald Trump-fueled rally in capital markets is coming to an end.

“As soon as Trump was elected, and since, stock values in financial institutions escalated to the sky,” Chomsky said.