IU.com: Beyond commodities, what asset classes should investors consider?

Rogers: Commodities are the only place I know where the fundamentals are improving. The fundamentals at Citibank are not improving; the fundamentals for commodities continue to improve, and that's where I'm focusing. Perhaps currencies—if you know what the Japanese yen is, you might consider investing there, or the Swiss franc or the Canadian dollar. But other than that, for the most part, I haven't bought any stocks except in China last fall.

The only bubble I see developing in the world right now is in long-term government bonds in the United States. The idea that somebody would lend money to the United States for 30 years in U.S. dollars at 4 or 5 or 6 percent interest is incomprehensible to me. I'm not short bonds right now because the government keeps driving them up—I don't know how long they're going to do it—but I do suspect and hope that sometime in the next year or two, I'll be shorting U.S. government bonds, because that's the only bubble I see developing.

IU.com: Are we still waiting for the other shoe to drop with regard to the financial crisis?

Rogers: In my view, yes. What we are doing now is making the situation worse. The idea that you would solve a problem of too much debt and too much consumption with yet more debt and yet more consumption? That defies comprehension, for me. Now, I'm not a politician, or obviously I'd think this was brilliant.

It's making the situation worse, and in two or three years—or maybe even next year—we're going to be facing a much, much worse situation.

IU.com: One last question: What's your favorite BRIC country?

Rogers: That whole BRIC thing is some kind of marketing sham—there's no validity to it at all. The only one I own is China or maybe Brazil. I've owned China for 10 years; whenever it collapses, I buy more. I hope I continue to do that.

Courtesy: Hardassetsinvestor.com

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