Jim Rogers says US nearing downgrade, worse recession, 'because we're printing and spending money we don't have'

As the government has already spent staggering amounts of money, when the problems arise next time, it cannot print that much more.

Speaking in an interview with India's ET Now, Rogers said he expected a downgrade of America's credit status. "America should already be downgraded. It should have been downgraded years ago. These people, the rating agencies, have got it wrong for 10-15 years now. America is bankrupt".

S&P said in April, the United States had until 2013 to come up with a credible plan for addressing its financial problems.