But say wind and solar don't make it on your list?

Rogers: No, of course it does ... but wind and solar are not economically competitive at these prices. Now if prices go higher and higher of course, they'll be very competitive and, of course, governments love wind and solar, so they will subsidize. If you can find competent people in that business, you'll make a fortune.

I know I've been harping on gold, silver, and oil but what is your favorite commodity? The one you think that has the most upside long term?

Rogers: If I were looking for new commodities now I would start by looking at the things that are depressed. Natural gas, you picked an obvious place to start, I would look at things like rice, rice is very depressed ... silver's cheaper than gold on a historic basis.

I would start looking at those places. I always like to start with the things that are the most depressed, doesn't mean I'll buy them, doesn't mean that they should be even looked at but that's where I start. I don't like to start with the things that are making new highs. By the way, there are plenty of great investors who do invest that way, they are momentum players. They jump in and get on a moving train, I'm scared to death to get on a moving train and if I do I always get hurt.


Check back for my next Q&A with Jim Rogers on currencies and the fate of the U.S.


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-- Written by Alix Steel in New York.

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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