The head of the European Central Bank should be running the Federal Reserve because he is doing a better job at protecting his economy, investor Jim Rogers, CEO of Rogers Holdings, told "Squawk Box Europe" on Friday.

European Central Bank President Jean-Claude Trichet can be depended on to fight inflation, which is a worse evil than recession, Rogers told "Squawk Box Europe."

The economic stimulus packages announced in the U.S. and Japan this year will plunge the countries in a prolonged period of economic decline, because they will create inflation and will prevent the cleansing of the economies he said, adding "recessions are like forest fires."

"I'm afraid we're just extending things out and we, too, are going to have a lost decade," Rogers said. "We've been having investment bankers going bankrupt for a few hundred years. There are a lot of 29 years-old out there are driving Maseratis, let them turn in their Maseratis."