New York City went bankrupt, the world didn’t come to an end. Mississippi went bankrupt once, the world hasn’t come to an end. Detroit’s bankrupt, the world hasn’t ended.
So if banks in ailing Spain and Greece go bankrupt, bondholders and bankers will lose money.
What happens is you reorganize and you start over.
It’s been happening for a few thousand years. There’s nothing new about it. - in CNBC
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.