In America, we’ve had states go bankrupt, cities, counties. This has happened before. It didn’t end America, didn’t end the US Dollar. You let entities collapse, go bankrupt. This happens all the time. This happened throughout history. That’s all you have to do, let them go bankrupt, let the people who made the bad loans take their losses and start over from a sounder base. But just pushing into the future and letting debt go higher and higher will mean it’s going to end very, very badly and then you know, five years from now, you may have a complete collapse of the Euro, the European Union and for that matter, all the Western world. - in Reuters
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.
