While the coronavirus outbreak triggered the deepest crisis in decades, “overreacting” politicians have only exacerbated the situation, legendary investor Jim Rogers has told an international forum hosted by Russia.

“This is probably the worst [crisis] that I have seen in my lifetime, because everything collapsed and you had politicians and media and everybody overreacting in my view, and everybody closed down,” he told the 12th annual ‘Russia Calling’ Investment Forum in Moscow, when asked if he sees any parallels with previous financial crises.

The business event is being held online this year for the first time due to the pandemic.

“We’ve had many epidemics in history, but never before did they close McDonalds, never before did they close all the airlines,” Rogers noted, adding that this overreaction has ruined many economies and the lives of many people.

The investor believes that the current crisis is markedly different to previous ones as never in history have governments spent, printed or borrowed so much money. While the current situation might be good for the markets, he noted that it cannot be good for the future due to skyrocketing debt.

“I caution all of you, it’s been 11 years since we’ve had a serious bear market… and I would suggest to you that maybe next time when we have a serious bear market it’s going to be the worst in my lifetime,” Rogers told the participants of the forum.

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