The latest Jim Rogers Newsletter revealed that all three credit rating agencies have come out with concern over the American debt. Many people attribute this to all of the spending on wars.

What are the rating agencies doing? The United States is already bankrupt. Congressmen should be worried about cutting spending dramatically, not paying attention to the credit rating agencies.

We have troops in 125 countries all over the world. The aren’t doing anything except making enemies. We should cut all the money we are wasting on that. But it won’t be enough. The United States would need to cut even more.

If you were the United States Largest creditor, wouldn’t you want some assurances about the quality of that debt? Countries are already starting to lend less to the United States, and eventually they will completely stop.

The Jim Rogers newsletter also said that the Fed will come back with QE3. They may not call it that. They may call it “cupcakes”. It doesn’t matter what they call it, it is coming.