 Jim Rogers discusses the Eurozone crisis on Max Keiser’s Oracle on February 27, 2009.
On the collapse of Latvia and Iceland, and how it may affect Western banks:
It’s ($1.2 Trillion debt) certainly going to swamp a lot of European banks. Many European banks went over there and sold all sorts of undercut mortgages to unsophisticated Central Europeans and now they’re going to pay the price. You think Latvia and Iceland are going to be the only places with changes of government, I’m sorry to tell you there are going to be a lot of changes of government. There’s going to be civil unrest in many places around the world.
On Austira banks loaning 70% of their GDP (Over $200 Billion Euros) to Eastern Europe:
Many of the Austria banks are in serious trouble now.
The banks got swept away with what a good idea it was.
The only way to get out of this is to take our pain for a year or two or three. Throughout history banks have been going bankrupt. Let them go bankrupt. this is horrible economics and terrible morality.
On European and US bailouts:
I’m suggesting you let the rich people go bankrupt. This is welfare for the rich. Let them go bankrupt.
The world doesn’t have enough money to bailout everybody.
Max Keiser’s Oracle Predictions:
Jim Rogers Responds:
I don’t think the IMF is going to issue a new currency. What the IMF is probably going to do is sell all of their gold and pass it out to as many people as they can. And that would be the end of the IMF. And, Thank goodness. The IMF has been a disaster.
 Watch Jim Rogers on Max Keiser’s Oracle February 27, 2009 (Part 1):
Part 2:
It Took 22 Years to Get to This Point
Speaking to author and podcaster Dana Parish, former Centers for Disease Control and Prevention...
The United States just made a decision that could lead to World War 3. The current ruling class...
Russia has just announced that conscription in the former Soviet Union is "unnecessary" as...
This article was originally published by Michael Snyder at The Economic Collapse Blog. This...
Commenting Policy:
Some comments on this web site are automatically moderated through our Spam protection systems. Please be patient if your comment isn’t immediately available. We’re not trying to censor you, the system just wants to make sure you’re not a robot posting random spam.
This website thrives because of its community. While we support lively debates and understand that people get excited, frustrated or angry at times, we ask that the conversation remain civil. Racism, to include any religious affiliation, will not be tolerated on this site, including the disparagement of people in the comments section.
he is right jim rojers!