In his recent interview with Wealthion, Jim Rogers discussed markets, debt, and the dangerous complacency gripping investors. His advice? “Be very, very careful.”

Rogers has sold nearly all his U.S. stocks. Why? “I sold all my US stocks recently uh because I know I’ve seen this party before.” He’s wary of the euphoria, noting, “It’s easy to make money… well that’s great wonderful. I hope it stays easy to make money for lots of people for the rest of history. Never has.” His skepticism extends to the Fed’s ability to keep the party going: “Even the Fed doesn’t have unlimited amounts of money that can save us all. And in fact, if the Fed ever tries to save us all, it usually makes things worse.”

The veteran investor is horrified by America’s fiscal recklessness. “The US is the largest debtor nation in the history of the world,” he said. “I sit and look at the numbers and I say, can’t they read in Washington? Don’t they know what’s happening?” He fears a repeat of Britain’s 1976 collapse: “In 1925, Britain was the richest, most powerful country in the world. 50 years later, they were bankrupt.”

While Rogers is mostly in cash (“I have my most of my cash in US dollars”), he’s doubling down on precious metals. “I own a lot of gold and silver. I bought more silver last week… I am not a seller of gold and silver. I hope that someday my children have all the gold and silver.” As for silver’s lagging performance? “The only thing I can answer is because we don’t seem to have an inflation boom… I’m a buyer of silver.”

On Trump, Rogers offers a mixed view: “Mr Trump could be fabulous… I just hope he doesn’t ruin us all.” On tariffs, he’s blunt: “Tariffs are basically a tax… paid by the consumers.” And on China’s slowdown, he observes: “China did have this huge property bubble, and it has popped.”

Rogers’ closing words were dire: “Be careful, be very very careful… More and more people are getting exuberant and confident, and that often leads to problems.”