Commodities guru Jim Rogers says he's started adding to his short positions for the first time in 18 months since even more market and currency turmoil is on the way.

"I am shorting a stock market index in the U.S., I am shorting an emerging market index and I am shorting one of the large Western international financial institutions," Rogers says.

"That is mainly because the emerging markets have grown the most during the past few months of this big recovery, so that is where some of the excesses are developing," he told the Economic Times.

"As for the large Western bank, it is a bank which people think is extremely sound. If I am right, there are going to be more currency problems and more turmoil in the markets, it will have to come down."

“I am just shorting this major Western financial institution because it’s very highly priced and if the markets are going to consolidate, it will be one of the first to get hit because as there will be consolidation because of currency turmoil and financial market turmoil.”

Rogers says that if the world economy gets better, commodities will get better stronger and faster than stocks — and if the world economy does not get better, commodities are still a better place to be than equities.

The inability of regulators and Congress to keep up with new products in financial markets helped trigger the nation's deep financial crisis, the former and current treasury secretaries will testify today, the Miami Herald reports.

In prepared remarks to be given before the Financial Crisis Inquiry Commission, former Treasury Secretary Henry Paulson said excesses in financial markets and weakened lending standards were partly to blame, but so were regulatory failures.