Investor Jim Rogers predicts lost decade to USA
Front page / World / Americas
06.10.2008

Jim Rogers, a renowned global investor, criticizes the plans to support bankrupt banks and described the events happening currently in Washington and New York as an ill omen for not only the USA alone, but for the whole world. One should clean the financial system, and not look for any ways of how to support it further, the specialist said in a recent interview with Handelsblatt.

If issuing banks and finance ministers are exhausted after the collection of the huge emergency package, the markets will face even bigger problems next year, Rogers believes.

The investor said that it could be a good opportunity to let all investment banks, which were previously well-managed but had no respect to banking business principles, go bankrupt. Those banks had the whole world involved in the current crisis, Rogers said.

It will take America a lot of time to overcome the consequences of the crisis, the expert added. Jim Rogers compared the current state of affairs with Japan of the 1980s – this time period is known in the history of Japan as “the lost decade.â€