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It seems like investors are pretty scared of BP (BP), so would this be a position you might be interested in for the short term? Rogers: I'm a horrible, horrible, horrible short-term trader. I'm the world's worst. So I'm watching BP with great interest because somewhere along the line, there's
going to be some kind of investment in BP. Whether it's the bonds or stocks or who knows what. But at the moment I'm doing nothing except watching. So what happens to the world economy as you see it? Rogers : We're certainly going to have another recession in the next two or three years. We've had recessions every four to six years since the beginning of time. So by 2012, we're getting ready to have another one, if history's any guide. I suspect it will happen before then, because there are still so many imbalances in the world which have to be sorted out. What's the biggest positive and the biggest negative that you see in the big macro picture right now for the world economy? Rogers: The gigantic debt imbalances. Throughout history, when you've had these kind of imbalances, they usually worked their way out in the currency market. It used to be the gold market when we had the gold standard. We've been seeing currency dislocations for two or three years. We're going to see a lot more. Everybody who gets involved with you should learn about currency because we're going to see many, many, many, more currency problems in the next two or three years. And that's going to affect us all, including stock markets and including economies.
-- Written by Alix Steel in New York.