The Financial Armageddon Will Happen Despite EU Deal

The Financial Armageddon Will Happen Despite EU Deal Jim Rogers : “Just because now you have a way to get them (the banks) to borrow even more money, this is not solving the problem, this is making the problem worse, people need to stop spending money they don’t have. The solution to too much debt is not more debt. All this little agreement does is give them (banks) a chance to have even more debt for a while longer.

What would make me very excited is if a few people went bankrupt or a few people started paying off their debt. We are going to have financial Armageddon anyways, when the rest of the world is not going to give these people any more money. “What are you going to do in two, three, four years when the market suddenly says ‘no more money’ and the Germans don’t have more money and the American debt has gone through the roof.” -Rogers told CNBC Asia on Friday.

- in CNBC 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%.

Mer fra Jim Rogers