We Have Made Some Terrible Mistakes In The Past 40 Or 50 years

We have made some terrible mistakes in the past 40 or 50 years. We have gone from being the only creditor nation in the world to being the largest debtor nation in the history of the world. We have created huge excesses.

You don’t just wake up one day and say okay that’s over, that’s fine, let’s move on to the next thing. We are going to have to take some pain, admit our mistakes, have some bankruptcies, cut spending with a chainsaw at the government level. It’s not going to be fun. The more we put it off, the worse it gets.

Jim Rogers is an author, financial commentator and successful international investor. He has been frequently featured in Time, The New York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The Financial Times and is a regular guest on Bloomberg and CNBC.