Jim Rogers explains oncoming ‘Financial Armageddon’

Despite the positive market reaction to the eurozone's latest rescue, at least one veteran businessman thinks the deal is a mistake. In fact, he thinks it’s only making things worse. According to Quantum Fund co-founder, free market advocate, author, and regular lecturer of finance at the Columbia University Graduate School of Business Jim Rogers, the EU’s decision to recapitalize its banks won’t do anything to fight off the oncoming “financial Armageddon.”
 
“Just because now you have a way to get them (the banks) to borrow even more money, this is not solving the problem, this is making the problem worse,” Rogers said during an interview on CNBC on Friday.

“People need to stop spending money they don’t have. The solution to too much debt is not more debt. All this little agreement does is give them (banks) a chance to have even more debt for a while longer,” he added.
 
“What are you going to do in two, three, four years when the market suddenly says ‘no more money’ and the Germans don’t have more money, and the American debt has gone through the roof?” he asked.
 
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