Friday, June 29, 2012
Strap Yourselves In: Jim Rogers Explains Why We Are Going to Have 'Financial Armageddon'
Becket Adams writes at The Blaze June 29:
Leaders of the 17-nation eurozone announced on Friday a plan to rescue their failing banks with cash normally reserved for fledgling governments. When the “recapitalization” (i.e. bailout) plan was unveiled, markets responded very, very well.
However, despite the positive market reaction, at least one veteran businessman thinks the deal is a big mistake. In fact, he thinks it’s only making things worse. According to Quantum Fund co-founder, free market advocate, author, and regular lecturer of finance at the Columbia University Graduate School of Business Jim Rogers, the EU’s decision to recapitalize its banks won’t do anything to fight off the oncoming “financial Armageddon.”
“Just because now you have a way to get [EU governments] to borrow even more money, this is not solving the problem, this is making the problem worse,” Rogers said during an interview on CNBC on Friday.
Read more here.