Central banks worldwide are using heavy artillery to calm the financial markets.
But they do it in vain, warns investor legend Jim Rogers in an interview with CNN Money.
He predicts a financial "Armageddon."
- We're going to pay a terrible price with these bankers incompetence. We have a bunch of academics and bureaucrats who have no idea what they are doing, says the American, Singapore-based investor to the site.
Negative interest rates have increasingly become the central banks means of accelerate the inflation economy. Rogers sees a downfall in the short term, but there will serious problems later this year and in 2017, he predicts.
- Central banks are just trying to save the stock markets, and helping agents keep their Lamborghinis. (...) This will ultimately be a disaster. You should be very worried, and you should be prepared, he says.
The error Rogers believes are being committed, is according to CNN Money that the markets are not allowed to fix themselves.
- It's been over seven years since we had a proper correction of the US stock exchanges. It is not normal. The markets are supposed to be corrective. It is intended that we should have economic downturns. That's the way the world has always worked. But these people think they are smarter than the market. They are not, he says.
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