Jim Rogers is interviewed on Newsmax.tv on the 9th of August 2011.
He discusses the fiscal situation in the US, whether we are entering a new recession or we are in a depression. He also complains about all the mistakes the federal reserve has done by bailing people out.
If the market collapses further, he would cover his shorts and consider buying real assets (commodities). He expects Bernanke to print more money (but probably not call it quantitative easing) and that will lead to some real problems.
He's worried that gold went up too fast, expects a short term correction but does not plan to sell its gold and silver holdings.
Crude Oil may go down further, but if he does he'll buy more although he believes agricultural commodities should perform better.
He also explains his views on treasuries that he does not consider as a safe heaven and he's even shorting them.
Then they discuss the Chinese economy, where policy maker are trying to cool down the economy and reign in inflation (contrary to the US).
Finally, they talk about the US credit ratings, and he does not expect the US to get its AAA rating back during his life time and see more downgrades coming.