Jim Rogers: Things deteriorate rather than improve

„Things are deteriorating, not improving.“ Thus, the billionaire investor Jim Rogers is responsible for the recent allegations of improving the situation from President Barack Obama, the Minister of Finance Timothy Gaytnar and Federal Reserve Chairman Ben Bernanke.
„Whitewash of the problem of the United States will not allow it,“ says Rogers. „The idea that you can resolve a problem with too many commitments and too much consumption of more duties and consumption can hardly be explained. I can not believe that older people can say such things.“
History shows that the only way to resolve the financial crisis is when someone can go bankrupt, be allowed to go bankrupt, „says Rogers. „Then come competent people acquire assets, reorganize things and start over.“
Rather it is the outcome, instead of „to be suffered pain, and then follow the reorganization and starting from scratch,“ as Sweden, South Korea and others have done in the past, „says Rogers. U.S. at the moment is the Japanese model, he said.
Maintaining banks live zombies and rescue of their creditors will only continue the pain, predicts the famous financier. „What happens is that the press and the government spends a lot of money,“ says Rogers. „The problem is not solved, they deepen.“
„The problem over the past two years came from industries that are heavily regulated – banking, insurance and mortgage loans,“ says Rogers. „Now what? Regulation to be strengthened? The problem is not in the regulations and regulatory authorities,“ said the investor.

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