jim rogersInternational investor Jim Rogers, chairman of Rogers holdings, thinks the US stock market is headed for a major correction as the Federal Reserve begins to curtail its quantitative easing program.

“This is the first time in recorded history that all the major world’s central banks are printing staggering amounts of money,”  said Rogers. “Now the world has this huge artificial ocean of liquidity. The people getting the money are having a wonderful time. But when it ends, it will be very nasty. The idea that the solution to too much debt is more debt is mind-boggling.”

Most economists believe the economy has been in a recovery since June 2009. The S&P 500 has tripled since March 2009. “We’re overdue for another problem. When this artificial sea of liquidity ends, we’re going to pay a terrible price.”

The Dow Jones industrial average stands at 17,629 in the S&P 500 at 2062. Across the world financial markets are watching  for what is about to happen in Greece. On Tuesday Greece asked for a new bailout to help with the country’s debt situation.

Rogers believes that Greece declaring bankruptcy is inevitable and is a proponent of “getting it over with, so they can start over.”

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