Jim Rogers: Let Spain, Greece Go Bankrupt

Jim Rogers, chairman of Rogers Holdings , offers insight on bailouts in Europe and why they won't work. He also shares his view on the U.S. economy. " New York city went bankrupt the world did not come to an end , Mississippi went bankrupt once the world did not come to an end, Detroit is bankrupt, the world has not ended end. What happens is you reorganize and start over it's been happening for few thousands years Bill , there's nothing new. you know who loses money? the bondholders lose money the bankers lose money " Jim Rogers explains "and that was wonderful they let Lehman Brothers go bankrupt if they didn't we will be still suffering they will still trying to bail out everybody inside " he added

Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%.

Jim Rogers : The Spanish bailout is going to make the collapse even worse

Jim Rogers : "The Spanish bailout is doing nothing more than pushing the problem out to the future. It is making the situation worse. "The solution to too much debt is not to take on more debt. It is the most insane thing I have ever heard. It is going to make the collapse even worse. You should be careful and worried," "The way the system should work is when you fail, you fail, and competent people are required to come in reorganise the assets. What we are doing in the West now is taking assets from the competent people, giving them to incompetent people, and saying 'now you compete with the competent people with their money'. It is absurd economics and it is absurd morality," "That would be a good lesson for the Europe and the West as a whole. Then the euro would be a very strong currency and we should buy as much as we can," - in CNBC
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Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%.