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.”
What do you think? We want to know!
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Posted by CNBC's Lee Brodie
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Trader disclosure: On June 11, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long ONC; Joe Terranova is long USB; Joe Terranova is long TCBI; Joe Terranova is long SBUX; Joe Terranova is long WMB; Joe Terranova is long SJM; Joe Terranova is long UPL; Joe Terranova is long NXPI; Joe Terranova is long LPX; Joe Terranova is long WFM; Joe Terranova is long AAPL; Joe Terranova is long EMC; Joe Terranova is long SNDK; Joe Terranova is long IBM; Joe Terranova is long CNX; Joe Terranova is long HYG; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long D; Steve Grasso is long FRO; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MO; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long XLU; Steve Grasso is long ZAZA; Steve Cortes is long BONDS; Steve Cortes is long DEO; Steve Cortes is long SVU; Steve Cortes is short XRT V. S&P; Steve Cortes is short XLF V. XLE; Steve Cortes is short AUSSIE $; Steve Cortes is short MS; Steve Weiss is short X
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