In 2002 it was bad, in 2008 it was worse and 2012 or 2013 is going to be worse still - be careful.
The world has been spending staggering amounts of money it does not have for a few decades now, and it is all coming home to roost. We are certainly going to have more crises coming out of Europe and America; the world is in trouble.
Last time, America quadrupled its debt. The system is much more extended now, and America cannot quadruple its debt again. Greece cannot double its debt again. The next time around is going to be much worse. - in Investment Week
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.