Friday, May 10, 2013

Nobody is Paying Attention to the Debt

"I would start with the debt in the United States government. You might say “oh, they’re paying attention”, I would say balderdash. You know, my entire life I’ve heard congress talk about deficit spending, bemoan deficit spending, and talk about the debt. Back in the 1980s there was something called the Grace Commission, which was specially commissioned to study what to do about the deficit and the debt. And it passed laws, congress passed several laws since then, saying there will be no more deficit spending, or there will be no more debt, there will be no more, this will change, blah blah blah. And then they turn around and they ignore the laws. This has been going on for a long time. You might say people are paying attention, I would say that’s claptrap, they’re just talking, they have no intention of doing anything about it, and even if they “do something”, what they do is say “ok, instead of having increased spending, we’ll have less increase, we’ll still increase, it’ll just be less.” I mean, no, nobody’s paying attention to it." - Source, Investors Guide:

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).