Jim Rogers : Europe should accept Reality

Jim Rogers on Fox Business News - 17 Aug 2011

Jim Rogers : we are going to default someday I've said and there are many ways to default you can give people worthless paper you can pay people back but if you give worthless money that's defaulting there are a lot of ways of defaulting without actually refusing to pay your debt , we are the largest debtor nation in the history of the world .... not anytime soon what will probably happen first the currency will continue to be debased , Mr Bernanke is out there printing money as fast as he can he will start printing at even faster again , you saw what he said , he said he is going to keep interest rates at very low for two more years , Laure the only way you can do that is to manipulate the market to be popping money into the market you can't just say it I am going to do it you have to do something , so he continuing to printing money he will debase the currency and all the people who own bonds will get back paper money that will be worth less .... and regarding Europe Jim Rogers had this to say " Laure the only way out of this is to accept reality , people who are bankrupt let them go bankrupt stop trying to deny reality , in the early 1990s the Japanese did this they refused let anybody fail they propped up zombie banks and zombie companies and 21 years later they still have a problem , The Japanese stock market is down 75 percent actually 80 percent from where it was 21 years ago this is not going to work let people fail and start over ....



Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%.