Jim Rogers : the debts are staggering. we can never pay off these debts

June 09 2011 : Famed global investor Jim Rogers , chairman/CEO of Rogers Holdings on a One-on-One interview with CNBC's Maria Baltiromo discussing the economy, rising debt, China's growth prospects and oil prices.

Jim Rogers : "well, Maria, the debts in this country are skyrocketing. you know, in the last three years the government has spent staggering amounts of money and the federal reserve has taken on staggering amounts of debt , when the problem arise this time and we had recessions every four to six years from the beginning of time, the next time, what are they going to do? they can't quadruple the debt again, they can't print that much money. so it's going to be worse the next time around.I do not like particularly saying that I' am like you, I am an American taxpayer, but you have to face facts. "
"if they close down the government, i suspect the dollar will go up. people would realize, they're not going to spend money. they're not going to close down the government. i would hope somebody would understand we are facing a crisis. the debts are staggering. we can never pay off these debts. we've got to do something. the market's not putting up with his much longer"
"they should cut spending of a draconian manner. cut taxes, cut spending to the bones. we have troops in 152 countries. they're not doing any any good and costing us a fortune. many, many other thing we're wasting money on. that should be stopped








Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%.