The same thing happened in Scandinavia in the early 90`s. Everybody went bankrupt they had a horrible time but they wrote everything off, they started over and Scandinavia has boomed for the past 15 or 20 years. This solution we are trying in the US and in Europe is not going to work. It never has.
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.