Neither of the two contenders for president understands the economy and they are likely to cause more problems than they would solve, investor Jim Rogers, CEO of Jim Rogers holdings, told "Squawk Box Europe" on Friday.
"Neither one of these guys understands what's going on, they don't understand currency markets, economies, they don't understand the world," Rogers said. "Both of them are going to cause us more problems than they're going to solve."
Democratic nominee Sen. Barack Obama pledged to reverse the economic failures and blamed the Republicans for the poor shape of the U.S. economy in his speech on Thursday formally accepting to run for president for his party
But Rogers said this was unlikely.
"He's talking about spending a lot of money … I don't consider that very good, going deeper into debt. The United States is already the largest debtor nation in the history of the world. I'm not sure that that's going to solve anything," he said.
(Click Here for a Video of Jim Rogers' interview)
Republican presumptive candidate Sen. John McCain chose Alaska Gov. Sarah Palin as his running mate.
'Bailing Out their Friends on Wall Street'
Deep changes are needed in the U.S. system and big Wall Street banks should not be rescued by the authorities when they run into trouble, to avoid moral hazard, Rogers told CNBC Europe.