Barack Obama has two policies to speak of, Jim Rogers told attendees at the World Money Show, both of them a disaster for the economy.

"First, he wants to tax capital, just when capital is at its weakest. And second, he wants to protect American jobs."

"The best hope for America is that everything Obama has said so far has just been rhetoric," Rogers says.

Rogers points out that taxing capital to prop up failing businesses is taking money from the competent and give it to the incompetent.

He also figures that the wave of corporate defaults and the U.S. debt level mean that any currency rally will be short-lived.

"Bet against the dollar,” Rogers advises. “And bet against long-term U.S. bonds as well.”

The recent collapse in commodity prices is only temporary, Rogers believes.

"Even if commodities fall for a year or two, it's not the end of the bull market," he says. "Buy gold, cotton and sugar,” and keep an eye on African oil stocks, especially in Angola.

Some call Obama a Marxist, Brookes News economic editor Gerard Jackson writes in Seeking Alpha. “To me, (he) is beginning to look more and more like Juan Peron.”

“When faced with the disastrous consequences of his interventionist economic policies Peron's response was to insist on more of the same, just as Roosevelt did,” Jackson says.

“What can I say, other than: Hola! Argentina.”