100% Chance of Crisis, Worse Than 2008: Jim Rogers

CNBC

The world is definitely going to face another financial crisis stemming from problems in Europe, Jim Rogers said Wednesday.

"We're certainly going to have more crises coming out of Europe and America; the world is in trouble. The world has been spending staggering amounts of money that it doesn't have for a few decades now, and it's all coming home to roost," Rogers, CEO and chairman Rogers Holdings told CNBC.

He added that the crisis would be much worse than the one markets saw in 2008 because the debt is much higher now.

"Last time, America quadrupled its debt. The system is much more extended now, and America cannot quadruple its debt again. Greece cannot double its debt again. The next time around is going to be much worse," Rogers said.

"In 2002 it was bad, in 2008 it was worse and 2012 or 2013 is going to be worse still – be careful," he added.

I recall seeing Rogers herald some dramatic 'doomsday' assessments previously, granted. But I post this because he makes a good point in that if there is another financial crisis, world governments are going to be far less capable of dealing with it due to being ladened and burdened with so much debt. Simply, who is going to bail out banks and sovereigns if this crap goes down???? Even if it were possible that central banks collectively around the world printed the money needed, it would have a disasterous impact surely? With the Eurozone starting to spin out of control, and European leaders bascially powerless to contain it, it really has to bear on one's mind what is going to become of all this, and not just on the European continent, but around the world. I suggest a global financial and economic collapse, but that is just my opinon on the outcome some time down the track.