Jim Rogers: Let Greece Fail, It’d Be Good for the Euro
I love this guy. In the clip below, he dishes out his patently-straightforward analysis of the Greek debt problem. He demands accountability from the Greeks (and anybody else asking for a bailout), and dismisses concerns that sovereign CDS traders are the problem – “Were they the ones who increased deficits to 12% of GDP?”
Other talking points:
- Will China let their currency float?
- U.S. equities are “overdue” for a correction
- He’s been long the dollar for 5-6 months and it’s still working.
- Calls himself a “horrible stock market timer and trader”. This, from the guy who co-founded the Quantum Fund with George Soros, which saw returns of 4200% over the first 10 years.
hat tip Dollar Collapse.
7 Comments
Dear Mr J.Rogers,
If we let Greece getting bankrupt yes it is good for the Euro, but it is bad for the Greece people for they will become poorer.
This is because of the following:
1) Greece has no money-making industry for export
2) Their former industries disappeared owing to globalization
3) Starting a new industry in Greece is very difficult because of competition and patent force of foreign industries
4) Bail-out or lending money is a temporary solution beause of 1),2),)3,)4)
5) Instead of this lending objectives Greece should be supplied with money-making industries including last technology and not on basis of out-sourcing by foreign industries.
Money-making industry will give a healthy support to the GDP.
Sincerely,
D.Dieudonné
In reaction on your comments Mr. Dolf Dieudonné
my comments to you.
It’s not that the Greek people get poorer! It’s that they have spend all there is in advance. It was so easy to live rich from borrowed money ( money from other people) that everybody forgot to save for a rainy day.
That’s why you have still the industry you always had; nobody thought of using the borrowed money for investment in the future to pay back the interest and the principal.
Your government is an extraction of the will of the people and they did the same thing see how to get the most borrowed money from the EU regardless of the Maastricht treaty rules and made all kinds of coverup up their action.
Which by the way start hunting them right now!
Just like in the rest of the world the truth will be brought up on the table.
The government of Greece should have used the money for your 1),2),3),4) that would have made it very much worthwhile and simultaneous created enough to repay at least the interest.
Don’t count on the EU there are much more obstacles to overcome and it will be a rough road ahead, each of the 16 member of the EU should hold up their own shorts and not count on the others. To blame the speculators is the most cheap and irresponsible act what can be thought of.
The truth of the matter is that from the moment Greece came in the EU start spending and not taking the responsibilities to the borrowing and that was over the last 12 years. With special Bookkeeping tricks the money was hidden and reporting was done with other numbers on the books That’s what hunting the Greece now and who is responsible for that right now. NOT the Speculators they came in in a later moment!
Don’t blame anybody els but the Greek responsible person(s) and the people who consumed, without protesting, the borrowed money and made them self to have a good live ( for a while).
The party is over and let Greece default( go Bankrupt) this might a reason to be expelled out of the EU. That’s not a bad thing this might be a blessing in the sky! Start over and learn from the past do what you have to do and create a country that adds value to their own people and the rest of the World.
To be the first of the pack means you are able to pick the most ripe fruit and do well!
Kind Regards and have a nice day!
J.Dupré
Mr J.Dupré,
Our visions are contrary. I think we have to go to the time when and why the EU was founded. By that time I had my work in Portugal, a country with low technical development with regard to e.g.houses, buildings,roads, airports. One of the main reasons of the erection of the EU was to be a stronger commercial unity in view of countries like US. Indeed in order to work off the retardation of countries like Portugal subsidies had been supplied by the EU.
However, on the longer run the free market initiated by the EU with globalization opportunities hurt many industries in this country. Some of them have disappeared. Therefor I think that it is unfair to let these countries bankrupt today and to my opinion the EU has the obligation to help.
Best regards,
Dolf Dieudonné
@Dolf Dieudonné
Greece recieved around 25 billion € in subsidies a year from the EU a year.
The Greece government cheated all the budget rulles of the Maastricht Treaty and made a mess of everything from taxes to public sector wages. And now you think those country’s that did keep they’re house in order need to pay up…
You can’t bailout everybody without creating huge debts and / or destroy the currency. The whole west has lived on borrowed money and stimulants much to long, all on the back of future generations that are already getting a huge bill they didn’t rack up. What you are saying, that we owe Greece and later Portugal a bail out, is asking for economic serfdom for the people of EU. Leave that to our corrupt politicians!
@Dolf Dieudonné
Sorry did not want to use your name…
In this interview Bill discusses the stock market, corruption inside our banking system and government, the king player in the derivatives world, lessons learned as a fund manager, Ponzi schemes gone bad, latest antics of the Federal Reserve and more.
http://tinyurl.com/yjptoe3
Goldman Sachs, Wall Street and Michael Lewis on CBS 60 Minutes
http://tinyurl.com/ydc3lfz