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On Monday, investors breathed a sigh of relief after the EU agreed to lend $125 billion to Spain’s banks.
But billionaire investor Jim Rogers wasn't relieved. He thinks the bailout is misguided – even the worst possible thing that could have happened.
“Let them go bankrupt. Let them all go bankrupt!” he exclaimed on CNBC's Fast Money Halftime Report.
Rogers believes that bailouts aren't helping solve the woes of Europe one bit.
“The way system is supposed to work – when you fail you fail – competent people come in and take over the assets. But what they’re doing is taking assets from the competent people and giving them to the incompetent people – it’s absurd economics and absurd morality.”
Not only does he think it’s absurd, he’s all but certain the EU is making a bad situation worse.
“The solution to too much debt is not more debt! This is most insane thing I’ve ever heard. It’s going to make the collapse, when it comes even worse – be careful. No, don’t be careful," he added. "Be worried.”
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