LEGENDARY INVESTOR JIM ROGERS: "LET AIG GO BANKRUPT, NOT AMERICA"

From a CNBC interview:

"Suppose AIG goes bankrupt, it is better that AIG goes bankrupt and we have a horrible two or three years than that the whole US goes bankrupt," Rogers said. "AIG has trillions of dollars of obligations, let them fail, let the courts sort it out and start over. Otherwise we'll never start over." . .

Bailing out the banks is going to increase the debt spiral and finally cause the destruction of the world's biggest economy, Rogers said. . .

"The idea that you have too much debt, too much borrowing and too much consumption and you're going to solve that problem with more debt, more consumption and more borrowing? These people are nuts." . .

"Power is shifting now from the money shifters, the guys who trade paper and money, to people who produce real goods. What you should do is become a farmer, or start a farming network," Rogers said.

- Jim Cramer video: "It's amateur hour at our darkest moment."