Jim Rogers: Market turmoil ahead

Investor: U.S. economy will slow down
Investor: U.S. economy will slow down

    JUST WATCHED

    Investor: U.S. economy will slow down

MUST WATCH

Investor: U.S. economy will slow down 03:15

Story highlights

  • Rogers advice: Don't invest in anything unless you, yourself know about it
  • Rogers doubts U.S. economic improvement given government gridlock
  • On US government: they're going to make mistakes and everybody is going to be worse off
  • Rogers is a known critic of the U.S. Federal Reserve Chairman Ben Bernanke

Investor Jim Rogers tells CNN to expect choppy investment waters in the years to come.

"I would be very careful. The next couple years we're going to have turmoil and problems in most financial markets," Rogers told CNN's Andrew Stevens.

"Don't invest in anything unless you, yourself know about it. Don't listen to some guy you see on TV -- even if it's me," added Rogers, who co-founded the Quantum Fund with George Soros. "You only stay with what you know and if all you know is money in the bank, put the money in the bank."

With worried investors and a re-elected U.S. President, Rogers said he doubts much is set to change as the U.S. Congress faces impasse on the ominous 'fiscal cliff', the December 31 deadline of automatic spending cuts and tax increases that threatens to send the American economy into recession.

"We have the same president, the same Senate, the same House, the same central bank, the same everything. There's not going to be much change. They're all going to fumble around and grapple with it," Rogers said, "But in the end, they're going to make mistakes -- you and I, and everybody else in the world are going to be worse off. The debt is going to go higher, the spending is going to go higher and they are going to make mistakes."

Expert: Fiscal cliff will be avoided
Expert: Fiscal cliff will be avoided

    JUST WATCHED

    Expert: Fiscal cliff will be avoided

MUST WATCH

Expert: Fiscal cliff will be avoided 04:45
PLAY VIDEO
Back to business for Obama
Back to business for Obama

    JUST WATCHED

    Back to business for Obama

MUST WATCH

Back to business for Obama 06:10
PLAY VIDEO
Fiscal cliff awaits Obama and the world
Fiscal cliff awaits Obama and the world

    JUST WATCHED

    Fiscal cliff awaits Obama and the world

MUST WATCH

Fiscal cliff awaits Obama and the world 03:27
PLAY VIDEO

Rogers is a known critic of the U.S. Federal Reserve Chairman Ben Bernanke and his policies of quantitative easing. With the aim to bring down interest rates and the creation of new money, Rogers believes quantitative easing devalues the currency altogether.

"This is not something that's scientific...look it up -- it's historic," he said. "All you have to do is read economics and all you have to do is read history. Eventually your currency becomes less and less attractive to foreigners... there's more currency turmoil."