Saturday, April 24, 2010

Jim Rogers: Let Greece Go Bankrupt

Billionaire investor and commodity expert Jim Rogers continues to urge the European Union to allow Greece to go bankrupt in order for the euro to be considered a serious currency.

If Greece is bailed out, it would show Europe isn't willing to regulate its member countries, and are willing to allow them to be fiscally irresponsible.

Rogers said, "The way to solve this debt problem is not with more debt. The idea that you would solve a problem with too much debt and too much consumption with more debt and more consumption, that defies comprehension.

"If Greece went bankrupt, it will clean up the system, (the) euro will go down for a while but then in my view, the euro will be a very strong currency."

Rogers added that there isn't a need for more regulation, but rather for more competent regulators. He called Obama's drive to regulate the markets even more as "ludicrous." Rogers says this was the cause of the financial crisis in the first place.

Precious metals and agriculture is considered the most solid places to put your money by Rogers, and he continues to hold to that theme.

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