Veteran investor Jim Rogers has warned the US is nearing a financial crisis which will be worse than 2008, unless the government initiates draconian cuts.
The commodities guru told CNBC the Federal Reserve will pay the price for taking on "staggering" levels of debt.
Rogers said the US will struggle to reduce its soaring deficit, even if the Federal Reserve implements a third wave of quantitative easing.
"When the problems arise next time they cannot quadruple the debt again," said Rogers.
"They cannot print that much more money so because of this I believe it is going to be worse the next time around."
He added the policies implemented by Federal Reserve chairman Ben Bernanke have been a "disaster" and he has "never been right about anything".
Rogers does not hold any long positions in the US and added the Chinese renminbi is a safer currency bet than the dollar.
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