Rogers: Inflation threat extremely serious

MUMBAI - Investor Jim Rogers, chairman of Rogers Holdings, said the threat of inflation is "extremely serious" and the world is in an ongoing bear market for financial assets.

Rogers, who predicted the start of the global commodities rally in 1999, is betting on a decline in stocks and gains in commodities, he said in an interview with Bloomberg-UTV in Mumbai. He's also bought the euro and the US dollar and said agricultural commodities are "extremely cheap" on an historical basis.

The Federal Reserve this week said Europe's debt crisis may hinder growth in the United States, the world's largest economy. Global stock markets have plunged amid the fallout from the European crisis, which saw euro nations and the International Monetary Fund back up Greece with an almost $1 trillion bailout.