Jim Rogers as reported in investmentweek.co.uk has said

he is 100% sure the world will face another financial crash prompted by the eurozone debt crisis, adding this time it will be worse than 2008’s collapse.

The interview was given to CNBC and Jim went on to say:

the upcoming crisis could be worse than the Lehman Brothers collapse three years ago due to astronomically higher debt levels in economies.“In 2002 it was bad, in 2008 it was worse and 2012 or 2013 is going to be worse still – be careful,” he warned.

“The world has been spending staggering amounts of money it does not have for a few decades now, and it is all coming home to roost.

“We are certainly going to have more crises coming out of Europe and America; the world is in trouble.” said Rogers.

He said borrowing more cash to fix the problem was no longer a solution for indebted nations.

“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,” he said.

Rogers told CNBC he believed the only solution to the global financial crisis was to allow “everyone to go bankrupt”.

“Get everyone in a room and decide you will go bankrupt. You will survive and we are going to ring-fence you. We will make sure your cheques clear. Everyone’s deposits are going to be ok, the system is going to survive,” he said.

However, he warned letting Greece leave the euro would be a disastrous decision because the country would go back to its “same old ways”.

“They would start printing money, no one would lend them money and inflation would go through the roof. The Greek economy would get worse and worse. That is not good for Greece and it is not good for the world.

“It would be better off if we can hold the euro together and reorganise. People are bankrupt and when people are bankrupt you might as well face reality.”