Jim Rogers : Europe should do like Scandinavia not like Japan

Jim Rogers Reuters Interview Aug. 8

Jim Rogers : I own the Euro I bought it June of 2010 , I wouldn't buy it now , I am setting and watching I am certainly not selling it , I expected it to go up , if you want to buy a currency I rather buy the US dollar today of those two but I am not doing either , but I am not buying Euro now , no .... I doubt (The Euro) will be around in ten years either but I own it at the moment , they are certainly making plenty of mistakes , the idea of printing more money and buying worthless bonds instead of forcing people to go bankrupt is ludicrous , that's how you destroy an economy that's how you destroy a financial structure that's how you destroy the Euro ....they are certainly taking big measures , but they are doing the wrong things they should be making Greece go bankrupt they should be taking big losses , the creditors should be taking big losses they should be forcing the Greeks and others to stop spending to cut spending with a chainsaw that's the only way you are going to solve the problem , no matter what projections you look at Deborah all of them show the debt in these countries will be higher in five years not lower that's destroying the economy of Europe and the Euro ... suppose you are an honest Austrian tax payer you saved your money all your life you have not done anything wrong , all of a sudden you got a call from your government saying Hey we got to bail out some Italians who have been setting on the beach drinking wine , wouldn't you be a little agitated ? that's not good morality not that politicians care about morality it's terrible economics it does not solve the problem it pushes the problem into the future , it dos not solve the problem ...what's needed is reality , face reality Deborah when somebody is bankrupt they are bankrupt do not deny and try to prompt them up that's what the Japanese have done for two decades you heard the term zombie companies zombie banks in Japan they won't let anybody fail it is twenty one years later and the Japanese stock market is down 75 percent from where it was 21 years ago that's not a typo Deborah 75 percent setting around and prompting up people and denying reality does not work , the only thing that works is what happened in Scandinavia 21 years ago , they saw there were problems they took their losses , they had horrible pain for three years but since then Scandinavia have boomed Japan has declined

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%.