Jim Rogers is quite possibly more populist than Barack Obama. It’s easy to say that neither candidate will do much to change America when you’re worth billions and have fled to China. Jim, what’s your solution? Tell us, please. You don’t fix the problem by moving overseas.

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.

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