"The central banks will try anything that they can think of. They do not have a clear idea about what they're doing," he told Universidad Francisco Marroquín (UFM) in Guatemala during an interview published on UFM's YouTube channel.

UFM awarded honorary doctorates in business to Rogers and to Spanish investor Francisco García Paramés on May 7.

Rogers has little optimism for the global economy. He sees a new recession ahead, worse than the last one due to the continued growth in public debt since 2008, especially in the American and Chinese economies.

He also told UFM that he thinks that the EU will stop issuing the €500 note as a mechanism to control citizens rather than as a way to avoid money laundering, as bank authorities have alleged.

"With interest rates so low, a lot of people are choosing to save money outside of the banking system. The €500 note makes this easier. Eliminating it will lower the incentive for people to save in cash," he explained.