The US faces high inflation because of the weak dollar and the Federal Reserve's policy of printing money to counter the effects of the crisis, legendary investor Jim Rogers told CNBC Thursday.
Price rises in the US are already steeper than the inflation rate reported by the government, Rogers added.
"There's no question the US is vulnerable to hyperinflation down the road or certainly the inflation we saw in the 1970s, I would expect that to come back in the foreseeable future, certainly in the next few years," he said.
"The true inflation rate in America? It's certainly at least 6 or 7 percent, the US government lies about it, as you know, everybody who shops knows that prices are up, everybody except the US government, and I wish we knew where they shopped so we can shop there too and get good prices."
Rogers repeated his view that the Fed's quantitative easing program is "debasing the currency" and said he was "extremely worried" about the fate of the dollar over the long term.
Asia is the region where investors should go, as countries in that region have strong reserves while once-strong economies such as the US and the UK are now in debt, he said. But investors should do their homework.
"If you don't know where China is on the map you shouldn't invest any in Asia… but if you know a lot about Asia and know what you're doing, you should probably have a lot in Asia," he said, adding that stock markets aren't attractive now.
"I'm not buying shares in any country right now, most stock markets around the world are up through the roof, especially in Asia," Rogers said.
- Video: Jim Rogers on US Inflation, Commodities