Commodities expert Jim Rogers recently said in an interview that there is nothing to stop financial Armageddon from happening. Even if governments do something now, according to Rogers, it is too late to stop the coming disaster.
Of course governments and central banks aren't doing anything to deal with the mounting, unsustainable debt loads, and that ensures there will be a day of reckoning, one that is rapidly approaching.
Rogers commented on the recent announcement by EU leaders concerning empowering banks to have access to bailout funds to recapitalize.
"Just because now you have a way to get them (banks) to borrow even more money, this is not solving the problem, this is making the problem worse,” Rogers said CNBC.
Instead, what Rogers rightly looks for is for there to be some bankruptcies, which would point to debt being lowered.
“What would make me very excited is if a few people went bankrupt or a few people started paying off their debt. We are going to have financial Armageddon anyways, when the rest of the world is not going to give these people any more money,” Rogers said.
Since the economic system is doing nothing to cleanse itself, there will be a financial Armageddon as Rogers points out. It's too late for anything to be done to stop it.
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