Europe better have controlled default now than uncontrolled chaos later on

Jim Rogers :.... it does need capital. they've got all these greek bonds, these irish bonds,they got all these PIIGS bonds as they call them now , no they all need capital. the only solution that will work is if they can all gather in a room and say, okay. we're going to have to write off loans. we are going to have to take big losses. you, whatever bank X, you'll suffer. we're going to put a ring fence around all of you and support all of you to keep this system alive so that people can take money out of the banks so checks can clear, etcetera. but they're going to be huge losses taken. if they don't do it now, you know, the market makes them do it in a year or two, David, Gary, then it's going to be uncontrolled chaos. right now you could have controlled default.  if you did it now. if you don't, if you wait a while, it's going to be uncontrolled default. - in CNBC




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%.