(Bugout.news) Renowned investor Jim Rogers has a frightening warning for the world: A financial Armageddon is approaching fast, and it’s a collapse that is being assisted by incredibly moronic central bankers, he says.

“We’re all going to pay a horrible price for the incompetence of these central bankers,” he said Monday in an interview with CNNMoney‘s Nina dos Santos. “We got a bunch of academics and bureaucrats who don’t have a clue what they’re doing.”

Rogers, an American investor who is based in Singapore, said that the world’s central bankers are trying their best to prop up and stabilize financial markets, but it is hopeless. He says that unconventional monetary tactics and strategies – like negative interest rates – may support a small stock rally in the short term but there will be deep trouble later this year and into 2017.

“This is going to be a disaster in the end,” he said. “You should be very worried and you should be prepared.”

CNNMoney noted further that central bankers around the globe have been increasingly turning to negative interest rates to bolster inflation and support for their economies. However, Rogers – current chairman of Rogers Holdings and Beeland Interests and who co-founded the Quantum Fund, allowing him to retire at age 37 – said central bankers are merely trying to rescue stock markets and brokers keep their expensive cars and houses.

“The mistake they’re making is, they’ve got to let the markets sort themselves out,” he said. “It’s been over seven years since we’ve had a decent correction in the American stock market. That’s not normal … Markets are supposed to correct. We’re supposed to have economic slowdowns. That’s the way the world has always worked. But these guys think they’re smarter than the market. They’re not.”

Rogers has made fortunes many times over by investing where others were fearful of investing.

“He made a name for himself in the 1970s after co-founding a top-performing fund with George Soros. He has also penned a range of investment books and become a fixture on the international speakers’ circuit,” CNN/Money reported.

On his new web site, he noted further:

The central banks get themselves deeper and deeper into it, they do not know what they are doing and that is becoming very clear to most of us. Yes, they will keep trying to do everything they can to make markets go higher but the more they do the worse the situation gets. We will all pay a horrible price for the incompetence of these central bankers.

In an earlier post, he predicted that markets in the United States and Europe would be hit the hardest.

“I sold short the United States stock market because I expect it to be the worst affected and maybe some of the European markets. China is also going to be affected but I sold short in the West and I own China,” he wrote.

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