Jim Rogers - America Following in Footsteps of Japanese Bailout Mistake
On CNBC's Squak Box Wednesday, Jim Rogers reiterated his call for Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson to resign for artificially undergirding poor performing "zombie banks" that should have been allowed to fail.
Citing the debacle of the Japanese government 18 years ago when they made the same mistake, Rogers said their stock market is still 75 to 80 percent lower than it was then.
The Japanese government decided at that time they weren't going to let poorly run banks fail, and they've reaped the consequences of those actions ever since. That could very well be the fate of the U.S. in the years to come.
For now, along with the Swiss franc and Japanese yen, Jim Rogers is continuing to invest in agriculture, and also other strong performers like Asian water treatment companies.
As Rogers points out, we shouldn't go in the failed footsteps that have kept Japan in a state of no growth for decades.
Other Jim Rogers Articles:
Jim Rogers: We're Facing an "Inflation Holocaust"
Jim Rogers: History Reveals Bailouts do more Harm than Good
Jim Rogers: Government Bailout a Huge Mistake
Jim Rogers: People Don't Understand Commodities
Jim Rogers Says Commodities Should Come Back Strongly
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