Rogers typically holds both long and short positions, but his perception of global currencies' instability has led him to pull out all his shorts, he said. The last time he can remember doing so was before the market fiasco in 1987.
Rogers called the US dollar a "terribly flawed currency," adding that it could be the starting point for the next currency crisis.
"I would suspect that somewhere along the line...someone's going to say, 'I'm going to start selling mine before everybody else does,'" Rogers said. "That's when you have a currency crisis."
But instead of pouring money into stocks, Rogers said investors should turn toward commodities. This sector will lead the recovery if the global economy improves, and if it doesn't, they'll still be the best place because of inflation, he said.
China: He has been buying into the country for 20 years
Natural resource economies, such as Brazil and Australia
Bonds: "That's how I'm going to protect myself, eventually, is short bonds."
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Disclosure information was not available for Rogers or his company.