Monday, April 22, 2013

America will default within thirty years

Jim Rogers : Thirty years from now America will certainly have been through a period of default. There’s more than one way to default, you can print money, pay people off, pay them off with worthless currency. You have a default. You’ve defaulted, but you’ve paid off the debts, but the people who receive that worthless money are not very happy. And that’s going to happen in the US. You’re going to see institutions that we’ve known in the US for decades are going to disappear, or totally turned over. Lehman Brothers had been around for 150 years. Bear Stearns had been around 80 odd years, or something. You’re going to see more of that. You’re going to see more universities disappearing. Some of the Ivy League schools are essentially bankrupt, or we’ll find out that they’re bankrupt. So you’re going to have huge, huge turmoil, many museums, hospitals, art galleries, many things that we’ve known and loved, are going to be in serious trouble, disappear, and in the meantime you’ll have new companies, institutions rise.

Jim Rogers is a bestselling author, financial commentator and successful international investor. Rogers was a co-founder of the Quantum Fund (considered to be the first truly international fund of its kind) and is the creator of the Rogers International Commodities Index (RICI).