Bailing out the banks is going to increase the debt spiral and finally cause the destruction of the world's biggest economy, Rogers said. "I think it's astonishing, they're ruining the US economy, they're ruining the US government, they're ruining the US central bank and they're ruining the US dollar," he said. "You are watching something in front of our eyes, very historically, which is basically the destruction of New York as a financial center and the destruction of America as the world's most powerful country."