I think it’s astonishing, they’re ruining the US economy, they’re ruining the US government, they’re ruining the US central bank and they’re ruining the US dollar.
You are watching something in front of our eyes, very historically, which is basically the destruction of New York as a financial center and the destruction of America as the world’s most powerful country.
Japan’s economic “lost decade” was caused by trying to bail out the banks, and the West risks running out of money if it doesn’t let the bad banks fail now.
Systemic risk is going to be the same in 10 months, 5 years or 10 years if the fundamental problem is not solved.
The idea that you have too much debt, too much borrowing and too much consumption and you’re going to solve that problem with more debt, more consumption and more borrowing? These people are nuts.
Wall Street and the City of London are going to be “disastrous” for years, like in the 1950s and 1960s, and in 30 years, finance will “dry up and wither away” as we are entering a “long period of hard times.”
Power is shifting now from the money shifters, the guys who trade paper and money, to people who produce real goods. What you should do is become a farmer, or start a farming network.
March 3, 2009
Jim Rogers: Let AIG Go Bankrupt, Not America
[If true, “real goods” probably involves more than just farm/food products. My guess it will include security, water, shelter, sanitation, communication, and transportation as well. Probably in about that order.–Joe]