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» »Unlabelled » Financial armageddon looms for U.S. as fall budget crisis approaches

June 9, 2011WASHINGTON – The U.S. is approaching a financial crisis worse than 2008, Jim Rogers, chief executive, Rogers Holdings, warned CNBC Wednesday. “The debts that are in this country are skyrocketing,” he said. “In the last three years the government has spent staggering amounts of money and the Federal Reserve is taking on staggering amounts of debt. “When the problems arise next time…what are they going to do? They can’t quadruple the debt again. They cannot print that much more money. It’s gonna be worse the next time around.” The well-known investor believes the government won’t shut down in August if agreement isn’t reached on raising the debt ceiling, but he did say “draconian cuts” are needed in taxes and spending, especially military spending. “We’ve got troops in 150 countries around the world. They’re not doing us any good, they’re making enemies. They’re costing us a fortune,” he said. Rogers said he is “not long anything in the U.S.” and short on American tech stocks. He owns Chinese stocks as well as commodities and would love the world price of silver and gold to come down so he could “pick up the phone and buy more.” He said he owns Chinese stocks, currencies and commodities, adding the Chinese yuan will be a safer currency than the dollar. “The U.S. is the largest debtor nation in the history of the world,” he said. “The debts are going through the roof. Would you keep lending money to somebody who’s spending money and not doing anything about it? No you wouldn’t.” The pound sterling lost 90% of its value when it was no longer the world’s reserve currency, he said, and the dollar will, too. He called Federal Reserve Chairman Ben Bernanke a “disaster” who has “never been right about anything” since he’s been in Washington. -MSNBC

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