Jim Rogers, the chairman of Rogers Holdings who once criticized former Federal Reserve Chair Alan Greenspan’s loose credit policies for creating serial asset bubbles, says the central bank will “ruin us all” trying to solve economic problems by encouraging more debt.

“The central bank of America has no clue as to what it is doing,” he told newswire Bloomberg News. ”Interest rates are at levels we have never seen in history.”

The Fed this month raised interest rates for the third time in the past 10 years on signs that the jobs market was improving and inflation was near its 2 percent target. The central bank had cut its target rate to nearly zero percent as the 2008 financial crisis erupted with the bursting of a massive real estate bubble in the U.S.

Rogers said the U.S. should have allowed poorly run companies to go bankrupt as a way of