The U.S. economy is due for a fresh downturn and this time around, the economic contraction will be worse than the one in 2008, says noted investor and famed commodities bull Jim Rogers.
"Every 4-6 years throughout history we've had an economic slowdown in the United States, so we're overdue," Rogers tells Fox Business.
"We still have serious problems throughout the world. The U.S. is in fact in worse shape than Europe. Europe is getting the press these days because the debts are coming due but America is the largest debtor nation in the history of the world."
‘You Opened My Eyes to the Catastrophic Enormity of This Financial Debacle’
Debt ceiling ‘medicine will become the poison,’ according to famed economist. Brace for economic meltdown. Watch the Aftershock Survival Summit Now, See the Evidence.
So keep an eye on the macroeconomic indicators, Rogers warns, because they won't be pretty.
(Getty Images photo)
"The next time we have an economic slowdown it will be terrible. I would expect it to be around 2012 or 2013."
"The next slowdown is going to be worse than in 2008, which was worse than in 2002."
The U.S. economy officially emerged from the Great Recession in 2009 although the economy has hardly been robust.
Unemployment rates remain high while economic growth rates are coming in at tepid rates.
While jobless rates showed slight improvement in October, the Conference Board’s household sentiment index fell to 39.8 in October, the lowest level since March 2009, according to Bloomberg.
"The outlook continues to deteriorate," Yelena Shulyatyeva, a U.S. economist at BNP Paribas in New York, tells Bloomberg.
"It's not good for confidence when people see their main asset, their homes, decline in value. Our best-case scenario is we'll muddle through."
© 2013 Moneynews. All rights reserved.