Rogers: Let the banks fail

Bailing out the banks is not a solution to the debt crisis, and eurozone leaders should let troubled banks fail, said investment veteran Jim Rogers.

Rogers told CNBC he expects the European Central Bank to follow in the Federal Reserve's footsteps and begin quantitative easing. "What they are doing in Europe is saving the day, not saving the system," said Rogers. "Just pumping up and bailing out another bank is not the solution, we need to let the banks fail." The investor said some measures could be taken to protect shareholders, but bondholders should bear the brunt of the crisis. "Yes you can rate test banks. You can get all of them together in a room and say you are going to fail, you are going to survive and we will work w...