Jim Rogers predicts woe for UK in switch to commodities

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He said: "The City of London and Wall Street are not going to be great places to be in the next two or three decades.

"It's going to be the people who produce real goods. Throughout history we've had long periods when the financial centres were in charge.

"But we've also had long periods when people who produced real goods were in charge — the farmers and the miners."

Rogers has been preaching the importance of commodities for more than a decade.

He said: "The United Kingdom, which is one of my favourite countries, has North Sea oil drying up and that's been one of their major sources of income.

"They also had a source of income in the City of London, which is also drying up."

He added: "So they're losing two of their major sources of income.

"I see nothing on the horizon which Britain has to sell which will replace those two gaping holes, and therefore the pound sterling's going to be in serious trouble.

"Britain is already a huge debtor nation; it is piling up even deeper debt."